Building society account openings rise - Savings - News - Moneyfacts


Building society account openings rise

Building society account openings rise

Category: Savings

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

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 It is now over 6 months old so the content may be out of date.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."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.

Start saving for Christmas… 2017!

Christmas is just around the corner and our annual festive splurging is starting to step up, but are you prepared? It may be too late to start saving for this year’s festive spend, but it’s never too early to start for next year’s!