Where's the safest place to put money these days?

[QuiteAtALoss]

Just thinking about the possible recession about to hit - would you put money into your mortgage, or into savings? I have little knowledge on this.

Paying a bit off of the mortgage is far better in the long run.
Might sound silly, but I used to round up my payments to the nearest whole £ as I couldn't afford much.
Took several years off ,

Nice idea actually!

You first need to make sure you have an emergency fund. Depending on the security of your income, this should be somewhere between 3 and 12 months of basic bills. Premium bonds or the best instant access account you can find.

After that, it's probably best overpaying your mortgage, but keep an eye on interest rates and any early repayment penalties.

If your mortgage interest rate is ultra low, it might not be worth doing, but recent rate rises has tipped the balance the other way on that now.

Mortgage, savings basically means you're losing money because you're losing buying power due to inflation.

EFTs are a good / safe (as safe as it gets) investment if you're looking to invest your money.

When you say safest do you mean least high risk? Or what's the best thing to do with your money?

In terms of money being safe, the financial services compensation scheme protects your money in case of a bank or institution collapsing, This is as long as you didn’t have more than £85,000 with a single institution.

In terms of best place it depends on the amount of money and any any debts you have. Paying off the debt with the highest rate of interest first is pertinent

Under Floorboards??