My income exceeds my expenses, so I save money monthly. I tend to move countries every 2–6 years. Until I settle in a place where I expect to stay at least 5–10 years, I rent my home. By the time I settle and I'm ready to buy, I may only need a small mortgage or even none at all (depending on where I'll be). I was previously living in Sweden and Canada, I currently live in the UK, I might live in Germany next.
I have my savings spread over savings accounts in three different currencies and a small amount in an index fund. All those accounts hold deposits I can access at any time. I don't know when I may be ready to buy a home. Perhaps in one year, perhaps in six years, perhaps later. In other words, the investment horizon is highly uncertain.
With interest rates effectively zero, my savings are slowly losing value.
Considering that I don't know when I may want to access the bulk of my savings to buy a home (either outright or as a down payment with a mortgage), how can I improve?
Fixed-term savings accounts pay a little bit more interest (perhaps enough to offset inflation) but won't be much use if I end up buying a home before the term is out.
Index funds may be worth a lot more 2–5 years from now than today — or a lot less. It would seem like a gamble to put a lot of my savings into those when I don't know when I want to access them.