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I've been saving up a lot of money for years at this point, usually as an emergency fund or when I need larger purchases or want to take a vacation like I did last year with going to Japan. But I feel like the money is sitting there most of the time and could be better spent for something or maybe invested? Idk, should I buy gold or something?
banks usually offer savings accounts exactly for this purpose. they are very low percentage, so you don't get much income from it (unless the saving are like upwards of tens of thousands USD). the main benefit is that its usually enough to offset inflation
Fully online banks offer a significantly higher percentage with the downside being you have no physical place to withdraw from in an emergency (most have strict ATM limits). I keep an emergency fund in a big corpo bank so I can get it anywhere in the country, then all the other money is in a fully online savings account.
This is much better than it all sitting in a checking account gaining nothing, but maybe not quite what they meant if they already do this.
gold never goes out of fashion but liquidating it in an emergency could be hard.