Building societies 'safe for investment'

By Sarah Engle, Tue 27 May 2008 - Published in Banking

There are a number of benefits to putting savings in a building society, an expert has claimed.

Steve Urwin, senior marketing executive at Newcastle Building Society, said accounts with such organisations are both safe and competitive.

"Building society accounts offer a safe place for savings in addition to competitive returns. Savings are protected by the investor protection scheme, in addition to housing their money in a trusted institution," Mr Urwin said.

And consumers should remember to take advantage of annual Isa allowances, so to be able to save in a tax-free way, he added.

Recent research conducted by the building society found that consumers are now being more cautious about which institutions they put their money in. Indeed some ten per cent prefer to keep their spare cash at home.

A report from This Is Money revealed that consumers are increasingly choosing to invest in building societies, thanks in part to the credit crunch.

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