Building societies record highest ever savings

Savings in building societies are at their highest ever level, according to the Building Societies Association (BSA).

The organisation’s figures show building societies had an unprecedented total of net receipts in September 2007, more than doubling the figure of a year previously.

Last month net receipts for the year stood at £2,821 million, while in September 2006 the sum was £1,001 million.

"The September net receipts figure represents the highest monthly inflow that building societies have ever experienced," confirmed BSA director-general Adrian Coles.

He continued: "With savers searching for the best home for their money, the wide range of attractive savings products that societies offer proved to be very competitive."

Mr Coles went on to explain that the increased inflow could be attributed to the Northern Rock bank crisis.

Gross advances were down from £5,047 million in September 2006 to £4,230 million in the corresponding month this year.