What would you do with 50k

BeSafe_2

Hello people
I hope someone wiser and suvvier than me can advice.
I've only a bank account, no credit cards nothing and I know very little about products. However I do know that I cannot leave the 50k on this account and I am not sure where to start.
I would like a "new" Bank but which one?
I am told I should get ISA again not sure how. 1 before end of march, than another 1 soon after for the 2012.
Out of the 50k I would like 10k to be put aside with some higher interest for a fix period. Help Which One?
And what to do with the rest? A saving account on "new" bank?
Oh yeas I do not have any pension or health or life insurance. I do have however a mortgage.
Can anyone advice? Do people still go into high street branch and sit in from of human being and ask about products? (please dont tell me this is what I should do.......)

xylophone

"I would like a new bank"- do you mean that you want an additional current account or that you want to close your current account and open one elsewhere?

With regard to the £50,000.

Assuming that you are a UK resident, you can indeed open a cash ISA now (maximum subscription of £5340) and one after 6 April (maximum subscription of £5640.)
http://www.moneysupermarket.com/savings/cash-isas/?source=GOO-131772D3&p=0&keywords=isasPhrase&ef_id=zg29z9B6MjYAADLkFkwAAAAP:20120312164506:s

The £10000 to put aside, perhaps a fixed rate bond.
http://www.money.co.uk/savings-accounts/fixed-rate-bonds.htm

The balance? Some in the best on line instant access you can find, the rest to make a lump sum repayment on your mortgage? (If permitted by the lender).

Or you might consider starting a pension plan?

Or you might consider starting to save into a stocks and shares ISA?

With regard to life insurance, do you have dependants?
Is your mortgage covered in the event of your death before redemption?

atush

Xylo has said everything I was going to, so just Ditto.

Isas, Fixed rate bonds, pension, mtg.

psychic_teabag

See Martin's ISA guide : http://www.moneysavingexpert.com/savings/ISA-guide-savings-without-tax

You say you want to put £10k aside in higher-interest for a fixed period. There's a case for choosing that to be your ISA money. So £5k in a fixed-term ISA before end of March, and another £5k after 6th April. Which one - whichever pays the highest interest, really. The rates are quite competitive at the moment, since banks and things are eager for your money. Use comparison sites to find the best rates.

For the rest. Well, probably start by putting it into an instant-access savings account, since your current account probably isn't paying any interest. Again, the best interest rate you can find is usually a good guide. Online accounts tend to give the best rates. You want to aim for around the 3% mark.

Longer term, it might be better to pay off your mortgage rather than save the money. It all depends on interest rates, penalties, that sort of thing. Consider pensions and investing in the stock market, etc. Whether you need life insurance depends on your situation (dependents) - does your mortgage come with one or require one ? But you don't want to rush into any of these, so do some reading and ask questions on here.

You say you want a new bank. Which is your current bank, and what's the problem ? Any bank / building society would be delighted for you to come in and speak to them, so they could sell you their products. It might be worth doing so, if they can educate you a bit for free, but don't sign up for anything they try to sell you - unlikely to be the best value. For independent advice you'd have to see an independent financial adviser (IFA) but they'd expect to be paid for their time, in one way or another.