The interest on borrowing is usually higher than the interest earned on savings, so it might be better to pay off high interest loans and debt. We discuss this in more detail here.
If your mortgage allows you to make additional payments, you can use savings to cut years off the term and potentially save a lot of money in interest. Some banks offer offset accounts, where any additional funds sitting in the account reduce the interest paid on the original sum owed.
Unless you need fast access to your savings, you'll usually earn more interest if you move your money from a regular savings account into fixed rate savings (also called Fixed or Time deposits).
Investing your money, rather than saving it, comes with greater risk - but may be worth considering to help you achieve longer term savings goals. You may also be able to invest sustainably, in line with your personal values. That makes it possible to invest with a conscience and potentially make a profit at the same time.
Investing is a serious topic, so we've got more information to help you decide if it's right for you. Learn more about investing now.
Check out some of our savings accounts and see if there's one that's right for you.
And if you need more inspiration, we've got even more tips on how to build up your savings.
Having a specific goal to save towards can help you stay focused in the near and long term.