One of the most secure and popular ways to save money is saving with a building society (Bausparen). The agreement is usually valid for 6 or 10 years and you have to pay minimum 10€ or more monthly. As extra bonus you receive an annual premium from the government.
Another option to save money is to open a savings account ( Sparbuch). Standard savings accounts are the most secure way – but the interest will hardly cover inflation, so you might be actually loosing money there. For short-term parking of money it is still a good possibility.
Funds and other financial products offer far higher yield than savings accounts. The risk is higher – but you can go for a good mix of investments to balance risk and return. However – extensive advice from bank is required. Austria has special laws for investments – in general keeping the investment for a minimum of three years is required in order to save some tax.