Posted by: John | November 17, 2008

Flight back to mutuals?

Just listening to `You and yours` and hearing what looks like a flight back to the mutuals with a representative from the Penrith Building Society. In short, savers who are worried about the banks (particularly those with over £50,000 to save and either want to spread it around or put say the surplus of £49,999 somewhere else than a bank) have opted for the safe haven of mutuals. I guess a local building society would be attractive to local savers as it invests directly in their local community both in terms of income and jobs.

It will be interesting to hear if this is being carried across to other societies?

http://www.penrithbuildingsociety.co.uk/news_item.php?NID=24

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Responses

  1. It was reported a couple of months ago by the Newbury that they had just had their best month ever for deposits and were having difficulty lending it all out! Many of these new deposits were of £35,000 (so that tells you how long ago it was – just before the deposit guarantee rose).


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