UK saving again

Savings over the first quarter of 2006 were higher than at any point since 2001, figures from the Building Societies Association (BSA) have shown.

The three month total was almost exactly double the amount banked in the UK during the same period of 2005.

If wholesale funds are added to retail funds, the amount saved by building societies grew almost five times faster this year than in 2005.

“Savings inflows into building societies remain strong,” said Adrian Coles, director general of the BSA.

“The first quarter’s figure was over four times that of 2005 and the highest Q1 inflow since 2001.

“The slightly uncertain economic environment has seen many households turning to building societies for competitive products and a safe home for their savings.”

Britons are also sitting up and taking notice of the best savings accounts on offer, placing £603 million in Isas during March compared to £499 in the same month last year.

“It is also notable that net inflows to ISAs were up by 20 per cent in March compared to a year ago,” Mr Coles said.

© Adfero Ltd

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