(1888PressRelease)
September 25, 2007 - London (longdogfinance) : Higher interest rates and subdued equity markets might be casting an affect on the amount of savings by the Brits. Brits contributed a record amount into building society savings accounts this August.
The figures from the Building Societies Association show that there were net receipts valued £1,389 million in August 2007, a rise of more than three times when compared to the figure of £399 million net receipts in August 2006. However, net receipts to cash individual savings accounts fell a little for the same period.
The Bank of England has raised its base rate of interest for the five times in a row since August 2006, making mortgages, secured loans and personal loans a little expensive. Coupled with high interest rates and subdued equity market, Brits might be saving more for the future.
Currently, there are 59 building societies in the UK. More than two and a half million Britons are buying their own homes with the help of loans provided by these societies.
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