With interest rates at record lows and unlikely to improve any time soon, if I had $25,000 sitting in a savings account I would consider putting it to work in the share market instead.
After all, the local share market has provided an average annual return of 5.5% over the last 10 years according to Russell Investments.
While there's no guarantee that the market will provide a return of that level again over the next 10 years, I feel reasonably confident that it will.
It is for this reason that I would suggest investors skip savings accounts and term deposits and focus instead on investing it in some quality shares.
Three shares which I think are worth considering are as follows:
CSL Limited (ASX: CSL)
In my opinion this biotherapeutics giant would have to be one of the best long-term buy and hold investment options on the Australian share market. Due to its industry leading immunoglobulins business and fast-growing influenza vaccine business, I believe CSL is positioned perfectly to deliver above-average earnings growth for at least the next decade.
GetSwift Ltd (ASX: GSW)
I think investors with a high tolerance for risk and an interest in small-cap shares should consider an investment in this logistics platform provider. The cash-rich and debt-free GetSwift recently raised capital with a significantly oversubscribed placement. The company plans to use these funds to accelerate its growth and expand into other lucrative verticals.
Ramsay Health Care Limited (ASX: RHC)
Like healthcare sector peer CSL, I think this private hospital operator would be a fantastic buy and hold investment option. As the global population ages, I believe demand for healthcare services will increase substantially. I feel this puts Ramsay and its global network of private hospitals in a strong position to deliver solid earnings growth for decades to come.
