Record month for building society savings - BSA

Gross mortgage lending by building societies in February was £1,214m, compared to £3,861m in February 2008. Building societies had a net receipt of £1,595m in February 2009 compared to £1,353m the previous year. BSA members had a net withdrawal of £108m from cash ISAs in February 2009, compared to a net receipt of £130m the same month in 2008. "The record February net receipt of £1.6bn shows that building societies' attractive savings products are helping them to compete for deposits," says Brian Morris, head of savings policy at the BSA. He adds: "Despite the Bank Rate being so low peo...