/24-7PressRelease/ - LONDON, UK, April 12, 2008 - Savings in building societies reached their highest level in February since 1997, as more and more consumers are depositing cash due to the economic uncertainty and volatility in the UK money market. Building societies had net receipts of 1.35 billion pounds in February 2008, up from 597 million in January when savings were typically slow due to the festive seasons.
'Saving' is now witnessing an increasing trend. The level of deposits in building societies has slowed from around 2 billion pounds in November and December and a record 3 billion in October when the inflow got a boost by an exodus from troubled bank Northern Rock. for last two months saving remains high by historic standards.
The head of savings policy at the Building Societies Association, Mr Brian Morris said: "The continuing economic uncertainty (related to credit crunch) and volatility in stock markets have provided further incentives to put money in cash savings." Major banks including HBOS and Lloyds TSB have said they are in process of attracting more savings as customers adopting a prudent attitude towards saving.
The Building Societies have increased their saving pool in last 3 months in spite of the worsening economic climate as more people are now concerned about a safe return. Saving has increased significantly and this healthy trend will definitely usher a new era in the UK economy.
Financial experts are warning to squeeze down the use of credit cards to make the total debt volume under control.
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