Building societies raise record ISA cash

However, net lending levels among building societies have fallen by 40% over the past twelve months due to the continuing credit crunch. Building societies had net receipts of £1,820m in April 2008, up 35% from £1,351m in April last year. The BSA says cash ISAs were a primary driver of the record savings figures, with around £2.05bn deposited in April. The amount deposited in ISAs is higher than overall figures because some withdrawals from other savings accounts were made to make deposits into an ISA. Adrian Coles, director general of the BSA, says: “Savers are increasingly recognising...