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Building society account openings rise

Building society account openings rise

Category: Savings

Updated: 03/03/2009
First Published: 02/03/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Well over a million new accounts were opened in 2008, building societies have reported yesterday.

Despite low interest rates, building society savings accounts have remained popular with consumers, with an additional 1.2 million accounts opened in the last 12 months.

Figures also showed that there was a small net outflow of funds from building societies in January 2009, totalling £390 million, although seasonal factors should be taken into account.

Adrian Coles, director general of the Building Societies Association, said: "Outflows have occurred in six Januaries out of the last ten. Adjusting for this normal seasonal factor there was a healthy net inflow of £722 million, once again illustrating the popularity of building society savings accounts."

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