Best place to put your money in current climate?

bostonerimus

VoxNonIncerta said:

bostonerimus said:

15k is a sensible amount to keep in the bank if you are on an average salary. So pop it into a saving account to get some interest. I assume you are debt free other than the mortgage and maybe low interest student loans. Then increase your workplace pension contributions, assuming you are sensibly invested in a DC pension

No debt. Have an Armed Forces pension under the 1975 scheme and only a little left on a my mortgage. Working full time it's just really to minimise inflation eating away at it. Everyone saying that it's only temporary but historically I think it's going to take longer than people think.

You are better off than most, so either just leave the money in the bank for emergencies or use it to increase your workplace pension and get the tax benefit plus, hopefully, some long term growth.

Simes122

VoxNonIncerta said:

With inflation at an est 11.7% and the best easy access savings account at 1.5% isn't that a real time depreciation of 10.2% so where can you put savings (15k) to offset this? I've paid the maximum I can as an overpayment into my mortgage this financial year so anymore incurres charges I believe. I could commit to a 3 year fixed scheme but they only seem marginally better rates. Any advice is greatly appreciated. 

Stick it in premium bonds and use for your mortgage overpayment next year.  It’ll be worth as much next year against your mortgage as it is today.  Fortunately our mortgage debt does not rise with inflation.