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April sees record deposits in building society Isas

By Sarah Engle, Mon 2 Jun 2008 - Published in Banking

The highest ever monthly deposits into cash individual savings accounts (Isa) accounts helped to make April a record-breaking month for building societies, according to the Building Societies Association (BSA).

The month saw an inflow of over £2 billion into building society Isas.
Adrian Coles of the BSA said: "Savers are increasingly recognising that the very competitive saving products that building societies offer represent excellent homes for their cash in these uncertain economic times."

Mr Coles also said that the increased funding available to building societies means that, unlike some other financial institutions, they have money available for mortgage loans.

Figures from the BSA show that net lending by building societies in April 2008 was £666 million compared to £1,114 million in April 2007.

Meanwhile, the Bank of England has revealed that the number of loans approved for house purchase in April was lower than in March.