Where should I save or invest in 2022?

EasyToAssemble01

When it comes to finances, I'm admittedly inexperienced. The recent financial news has caused more confusion for me on the safest place for me to put my money right now. Currently, I simply have money parked in a standard bank account (I know, I know), which I haven't felt urged to move. So many savings rates are offering such low returns, it barely seemed worth it, hence the inertia on this. I'm also dithering on whether I want to lock my money up for a few years, or whether I want access to it. I'm earning a regular salary, but the financially-paranoid part of me wonders "what if I need access to funds in the next few years".

Nevertheless, I feel I should do something constructive with the savings I have. So - with everything that's happening in the economy - where might be some ideal places to start putting this money to make it work a little better for me? Will savings rates start going up? Is now a good time to bet on UK investments due to the Pound being low? What other options might there be?

Albermarle

What is your pension situation ? Adding more to it is usually a good option for the long term.

So many savings rates are offering such low returns, it barely seemed worth it
They are going up quickly, so certainly is worth it.
Compare The Best UK Savings Accounts | moneyfacts.co.uk

I'm also dithering on whether I want to lock my money up for a few years, or whether I want access to it.
There are a lot of alternatives inbetween ' afew years' and 'easy access'

 Is now a good time to bet on UK investments due to the Pound being low? Nobody knows as we can not see into the future.
 What other options might there be?
Normal suggestion is to have a diversified globally based investment. Suggest you start to do some reading , you can start here.

 Investing in stocks for beginners: how to get started - MSE (moneysavingexpert.com)

Retireby40

Albermarle said:

What is your pension situation ? Adding more to it is usually a good option for the long term.

So many savings rates are offering such low returns, it barely seemed worth it
They are going up quickly, so certainly is worth it.
Compare The Best UK Savings Accounts | moneyfacts.co.uk

I'm also dithering on whether I want to lock my money up for a few years, or whether I want access to it.
There are a lot of alternatives inbetween ' afew years' and 'easy access'

 Is now a good time to bet on UK investments due to the Pound being low? Nobody knows as we can not see into the future.
 What other options might there be?
Normal suggestion is to have a diversified globally based investment. Suggest you start to do some reading , you can start here.

 Investing in stocks for beginners: how to get started - MSE (moneysavingexpert.com)

If they are dithering on locking money away long term, their pension probably isn't going to work for them. After all they could be locking their money away for 20+ years or more. 

Bigwheels1111

If nothing else put some of your savings if not all in easy access or notice pots to get some interest.
Ive not bothered with the pot’s yet just gone with Al Ryan 2.35% & Gatehouse 2.0% but think the rate is moving as site says.

We're sorry, our Easy Access Account is currently under review. 

I don’t have a private pension, just the state one.
I want an income from my savings, 5% 5 years fixed with interest paid away each year would be good.
Looks like it might be just round the corner with 4.5% % 4.55% available today.
If the November boe rise is say 1% then 5% plus should be available for savings.
I will take a loss for now for the next 2 or 3 months as rates are so volatile.
5% is the sweet spot for me any higher and I’m on cloud nine.

Albermarle

Retireby40 said:

Albermarle said:

What is your pension situation ? Adding more to it is usually a good option for the long term.

So many savings rates are offering such low returns, it barely seemed worth it
They are going up quickly, so certainly is worth it.
Compare The Best UK Savings Accounts | moneyfacts.co.uk

I'm also dithering on whether I want to lock my money up for a few years, or whether I want access to it.
There are a lot of alternatives inbetween ' afew years' and 'easy access'

 Is now a good time to bet on UK investments due to the Pound being low? Nobody knows as we can not see into the future.
 What other options might there be?
Normal suggestion is to have a diversified globally based investment. Suggest you start to do some reading , you can start here.

 Investing in stocks for beginners: how to get started - MSE (moneysavingexpert.com)

If they are dithering on locking money away long term, their pension probably isn't going to work for them. After all they could be locking their money away for 20+ years or more. 

It is usually worth mentioning it though. We see many posters asking questions about what to do, who have never even considered that pension/increased contributions can be one route forward.