Friday 30th May 2008
The British Bankers Association (BBA) has revealed that April 2008 set a new record for payments into UK savings accounts.
Almost £6 billion was deposited over the course of the month, with the organisation noting that a large portion of this was in the form of contributions to individual savings accounts (Isas).
The total represents about twice that paid in during the previous month, when deposits stood at less than £3 billion.
Meanwhile, the record high represents an upswing from September 2007 when a low of less than £1 billion was paid in.
The BBA comments: "Personal deposits rose strongly in April with the banks receiving a record net inflow."
According to the organisation, this is "partly reflecting stronger Isa deposits than in previous years, but also reflecting a response to the higher rates of return currently available on high street accounts".
BBA statistics director David Dooks adds that the research also detected a drop in equity release plans and house purchases being arranged.
He notes an increase in remortgaging activity as homeowners look to switch to more favourable terms in an attempt to reduce their outgoings.
Financial services provider Birmingham Midshires has also noticed a desire to save among Britons.
Research conducted by the firm found that one in 100 consumers have put away more than £10,000 in the past three months.
A further 14 per cent have saved £5,000 or more, while 63 per cent - almost two-thirds of all Britons - have managed to put aside at least some funds for the future.
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