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Building societies are a 'safe option', customers told
27 May 2008
Savers a being urged to use building societies in times of economic uncertainty to ensure that their money is safe, claims Newcastle Building Society.
Building societies are not as reliant on funding markets as banks are and will therefore not face the same situation as Northern Rock did because of the credit crunch, according to the north-east building society.
Steve Urwin, senior marketing executive at Newcastle Building Society, said: "Building society accounts offer a safe 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. Savers wanting complete peace of mind can opt for fixed rates so they know exactly the return to expect."
A record high number of deposits were made into building societies in September last year reflecting the more secure nature of saving, according to reports.
Research by Fool.co.uk revealed that one in seven people are not convinced their bank will endure the current economic slowdown.
