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Savings on the up in building societies

More and more savings are being received by Britain's building societies - with £1.35 billion of inflow received in February.

This is an astonishing rise over the £782 million marked twelve months ago - and marks the biggest single February increase for eleven years.

Consumers worrying about the financial implications of the credit crunch could be a factor in the nest eggs being added to.

Brian Morris at the Building Societies Association (BSA), which released the figures yesterday, said: "High interest rates and attractive products have encouraged people to save with societies.

"The continuing economic uncertainty and volatility in stock markets have provided further incentives to put money in cash savings."

Savvy savers were also found by BSA to be putting funds into tax-efficient accounts - with a big yearly rise marked for building society-held Isas.

Around £130 million was put into these accounts in February - up from £123 million the year before.

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