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Savers&#39 boost for societies as the markets seesaw

Gross advances by building societies increased by £380m last month to £2.3bn from £1.9bn in September, says the Building Societies Association.

Net advances leapt by 55 per cent to £487m from £315m the previous month. This was their highest figure since July, when they stood at £589m.

The BSA says lending by its members have benefited from the Bank of England&#39s recent base rate reductions.

Building societies attrac-ted an extra £425m in savings last month, with deposits totalling just over £1bn compared with £656m in September. This amount included £365m saved through cash Isas.

Loan approvals by BSA members increased by £266m to just under £2.3bn from £2bn.

BSA director general Adrian Coles says: “October&#39s net receipts for building societies are up for the third month running, with a significant increase of 65 per cent on September&#39s figures.

“The figures show that customers are finding building societies&#39 savings accounts very attractive, and a secure option at a time of stockmarket uncertainty and a low Bank of England base rate.”

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