BSA: Net receipts hit high in February

| March 31, 2009 | 0 Comments

Figures published by the Building Societies Association (BSA) revealed a record in net receipts for February after savers sought a safe haven for their cash.

The BSA said net receipts into building societies were £1.6 billion in February 2009 - which represents an increase of 18% compared with February 2008.

Brian Morris, Head of Savings Policy at the BSA explains that despite interest rates being at a record low, people are still keen to save, “probably in response to the uncertain economic outlook and reduced job security.”

Earlier this month, the BSA reported that over one million people opened a new building society savings account last year.

According to the BSA, an additional 1.2 million accounts (net of closures) were opened during the 2008 year.

As a result, an extra £9.9 billion was held by building societies in December 2008 than in January the same year.

In related news, a recent report by found that Britain is engulfed in a ’savings crisis’ with one in four adults having saved nothing in the past two years.

The poll also found that over a third (36%) of Brits now have less money in their savings than they did in 2007.

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