Savers pull yet more cash out of the banks

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The British Bankers' Association today said savers withdrew £100 million from banks in February, having taken out £2 billion the month before.

The exodus came after the Bank of England cut interest rates to a 315-year low of 0.5% - all but wiping out the returns savers used to enjoy.

The BBA also reported an increase in mortgage lending between January and February amid pressure on banks to re-enter the market. There were 28,179 mortgages approved last month, up from 24,278 in January but down 31% on a year earlier.

BBA statistics director David Dooks said: "Most new mortgage lending is being done by the High Street banks but demand is being moderated by the impacts of the recession.

"Remortgaging activity has slowed in recent months, while higher numbers of loans approved for house purchase simply reflect the banks' greater market share."