By Jennifer Hill, Personal Finance Correspondent

LONDON (Reuters) - Investors are continuing their "flight to safety", but playing it safe can be a risky business.

Savings inflows to building societies have set a new record, the latest figures from the Building Societies Association (BSA) show.

Some 1.26 billion pounds flooded into cash savings accounts in March, up 70 percent on a year ago.

That is the latest in eight months of outstandingly high savings figures for building societies, which has helped them ride out problems in wholesale money markets, from which they receive around 30 percent of their funding.

"Against the current uncertain economic climate, building societies are seen as tried and tested, traditional and trusted," says Adrian Coles, director-general of the BSA.

"Together with the competitive rates of interest they offer, these attributes mean societies continue to attract record levels of savings."

But contrary to popular belief, savings accounts are not always a low risk option -- and could even be seen as a risky choice for long-term savers.

That is the view of Jonquil Lowe, author of "Save and Invest", a book from consumer group Which?