How to invest 3 months salary worth of savings

[Polyethyl]

My DH and I have finally achieved 3 months worth of salary in our joint savings account.
Now that we've hit that goal, what do we do with it?

Mortgage paid off, no debts, good pension. You can't get a joint names ISA. And as this is our emergency fund, in case of a rainy day, it shouldn't be put into shares. So do we just leave it in the savings account and watch inflation nibble away at it?

Premium bonds are still good even if less good than last year.

Thank you
The real fun will start next month, when I can finally stop being sensible. When the couple of hundred pounds I would normally put in my savings account can instead be invested more riskily.... so I'm also reading up about shares. For my first non-cautious investment!

Have some of it instantly accessible and some on 3-5 days notice.

Personally I split between two current accounts plus NS&I premium bonds.

It will cost you money (due to inflation) but it's purpose is to be insurance for when things go wrong.
An emergency fund is not an investment.

An emergency fund is not an investment.

This is very, very true. You need it accessible. I think the two previous posts are very sensible.

Instant access savings account, so the day your company goes bust and doesnt pay you, you can move some over to pay the bills the following day.

Ours is split between instant chess cash ISAs, we put the same amount in each one.

Having spent so long saving up to achieve the goal it does feel quite marvellous to be able to think "what next".

So it seems premium bonds and ISAs cannot be in joint names. Having clawed this savings account together jointly I don't think swapping into one of our names will please either of us. So perhaps we will just leave it in its savings account.
Banking opportunities v. Marital dynamic!

So my thinking has turned to next month, when we'll have a couple of hundred spare to do something more interesting with. I've seen vanguard being praised on this board. So I'm reading about that now. Hopefully you can start small with only a few hundred and drip money in over future months.

Look at pension, such as one you may with work.
Look at S&S ISA, such as with Vanguard using a global diverse fund.
Look at SIPP (Self Invested Personal Pension)
Over many years you will likely use all of these depending on how good your workplace pensions are.

Listen to podcasts and watch videos from UK financial planners... they will teach you the basics about pensions and investments.

In Her Financial Shoes
That Mint Podcast
Meaningful Money
Maven Money
Money to the Masses
Retirement Cafe

Both put half of it into your own premium bonds account. You might win big!

Marcus instant access will give you 0.5% - better than most savings accts/ISA which are around 0.1%

Presumably you trust each other so just put half into an instant access ISA in your name and half in his. That covers up to £40k and is protected from tax for life (assuming you don’t need to spend it) you can also move it into a S&S ISA in the future if you want to/need to again without any tax impact.

Thank you

I’ve just hit that savings target as well, OP! I’ve used the Moneysavingexpert website to get an idea on which accounts are paying the most interest. Some current accounts are offering good saving rates at the moment as an incentive to open a new account, so that could be worth a look- it wasn’t something I had thought of.

I have my emergency fund in premium bonds, but also keep £200 spare so wouldn't have to wait 3-4 days before it's paid out.