Where’s the best place to put savings while you decide what to invest in?

[Imaan]

Assalamu allaikum,

I would like to know where or what type of account is the best place to just leave savings safely while I decide what to do with them in terms of investing. They are currently in a mainstream bank, so want to remove it from there asap, but don’t want to just invest in anything risky just yet and just want something a bit safe for the time being.

Also if I decide to start an investment for a child is it better to start off small and add to it monthly, or begin with a lump sum and then keep adding monthly.

If you have a few children, is it better to save all their money collectively in one account and apportion it when needed or just do a separate savings accounts for each child?

[mtcu]

Aleykum selam,

@Imaan

I would like to know where or what type of account is the best place to just leave savings safely while I decide what to do with them in terms of investing.

The best place would be a checking account at an islamic bank.

@Imaan

Also if I decide to start an investment for a child is it better to start off small and add to it monthly, or begin with a lump sum and then keep adding monthly.

If you already have that money, it is better to invest it all at once instead of waiting and investing only a part of it every month.

@Imaan

If you have a few children, is it better to save all their money collectively in one account and apportion it when needed or just do a separate savings accounts for each child?

I personally think that it does not matter, if you want to give all the same amount.

[Imaan]

Jazakallah hu khairun