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Uncertain times push savings `to record August high`

21/09/2007

Despite uncertain financial markets, the amount saved by Britons hit a record high for the month of August, according to new figures.

As more consumers become worried about debt problems, £1.4 billion was placed into building society savings accounts to deal with potential debt troubles, figures from the Building Societies Association (BSA) show.

During August, the total deposited into savings accounts was almost four times that deposited in August 2006 and nearly double July`s total. However, the amount deposited into individual savings accounts totalled £124 million in August 2007, down from £150 million a year earlier.

Adrian Coles, director-general of the BSA, said: "We believe that successive increases in interest rates and subdued equity markets have encouraged savers to put more money away. We expect this to continue while rates remain high and savers recognise the wide range of good value building society savings products available to them."

According to Credit Action, the total UK personal debt is increasing by £1 million every four minutes.

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