Although the Reserve Bank of Australia has hinted that the next move for rates will be higher, it seems unlikely that the central bank will act any time soon.
Unfortunately for savers this could mean another year, or perhaps even more, of interest rates at a record low.
Because of this, if I had $20,000 sitting in a savings account I would consider taking it out to invest in the share market.
After all, the local share market has provided investors with an average annual return of 9.1% over the last three decades according to Fidelity.
Here is where I would consider investing this money evenly:
Altium Limited (ASX: ALU)
Thanks to the rise of the Internet of Things, the number of connected devices worldwide is expected to grow exponentially over the next few years. As the devices almost always require a printed circuit board inside them, I believe demand for Altium's award-winning printed circuit board design software will rise considerably.
CSL Limited (ASX: CSL)
Demand for CSL's immunoglobulins and specialty products has been growing at an extraordinary rate in recent quarters, leading to management forecasting net profit after tax growth in FY 2017 of between 18% and 20% in constant currency. In FY 2018 I expect more of the same and believe this strong demand will be sustained, complementing the impressive progress of its fledgling influenza vaccine business.
Ramsay Health Care Limited (ASX: RHC)
This global private hospital company is easily one of my favourite buy and hold investment options on the ASX. Due to its vast global network and the expected strong demand for healthcare services over the next few decades due to ageing populations around the world, I believe Ramsay is in a great position to deliver above-average earnings growth for at least the next decade.