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If you have a mortgage making overpayments on this to save you money in the long term is far better than any earnings you’d make on any savings accounts.
Unless you want investment advice?
The best piece of advice anyone here could give is to not take investment advice from random people on the internet.
Money saving expert website is good.
Personally, I would say it depends how much you have. If it’s “just” a few thousand, I would put it in an easy access saver that you can get with any bank, the rate is terrible but it’s better than nothing. Then if you need it in an emergency you can get to it with no hassle/punishment.
If it’s more than that, then I’m out of my depth!
I would recommend looking through the UKPersonalFinance flowchart as it’s a very popular resource for sorting out and securing your finances: https://flowchart.ukpersonal.finance/
Of course a qualified (and accredited) financial adviser will always be able to provide professional advice if you wanted someone to go through all of your finances - depending on budget of course.
Think of the feeling and comfort it gives you every time you look at your balance knowing you have a safety net that you can fall back on if you should get in to difficulties further on in life and aim to keep it that way, avoid doing anything risky with it to chase a return as you can easily be back at square one if you make the wrong choices.
The place to start should be thinking about what your savings goals are. Do you want to build up a safety net/rainy day fund? Short term savings for a particular expense (car, computer, holiday etc)? Longer term savings for larger purchases (car, house etc)? Paying off an existing mortgage? Paying off short term debt (credit card etc)? Paying off longer term debt (loans, student finance etc)? Saving for retirement?
Each of those will lead to you doing different things with your money, and will help narrow your search to what financial product you need.
Inversely (depending on the mortgage rate), not overpaying on the mortgage is sensible as it’s the cheapest form of debt you can take currently - so having the money more readily available may be more beneficial.
Personally, I’d put it in a pension if you can, invest it in stonks, find a bank offering a good %, or throw it in premium bonds if you’re talking 10k+
I think all of this should only happen once you’re comfortable that your short-to-medium term savings goals have been met/are on track and that you have a plan in case of emergencies (car break down, home repairs, unemployment, etc)
But always take financial advice from a qualified and trusted person, not random people on a forum
gotta love a good stonk
Haha I was just about to say this
I agree with this. But also, r/wallstreetbets is just a click away…… Not saying you should, buuuut…
Nah buy seriously. It’s all about your own personal appetite to risk. I have (luckily) a little bit of available credit on Credit Cards for worst case scenario & overdraft to allow me to strategically sell investments if needed.
Try the UKPersonalFinance subreddit and have a look at their flowchart of advice.
Edit: already been posted above
I guess we need some sort of idea or direction the OP wants to go in because we haven’t got any information about how much money we’re talking here or what their situation is like currently.
Yolo it all into GME.
I have no idea what goes on there and find the culture there generally repulsive
As you say it comes down to risk appetite but what if your investments are currently in the red and can’t wait for gains?
Then I extend my credit lines
Didn’t they arrange for shed loads of donations for gorillas or something recently? But yeah, the culture doesn’t seem nice over there regardless.
They sure did. People adopted a load of gorillas and the owner was absolutely dumbfounded.
I don’t think it’s that bad over there. I think there are definitely worse parts of the internet. There are good parts of it, and if you skip past all of the nonsense posts with derogatory comments etc, there is some pretty sound Due Diligence done on some of the companies.
It’s worse than it used to be, because more people have jumped on there since the hype and people want to hype GME etc up again so that they can get out at the crazy highs they may have been lumbered in at.