Building societies have suffered their first month of customer deposit withdrawals since the financial crisis began.
Figures from the Building Societies Association, show that the public withdrew £170m from building societies last month compared with the record £2.8bn placed with mutuals in the wake of Northern Rock’s collapse in September 2007. The sudden outflow suggests a shift in public perception of building societies. The BSA noted in July that savers viewed societies as 'ried and trusted compared to other, more volatile, investment opportunities'.
Daily Telegraph
No comments yet