£50k 'life savings'...where to

GDBD59

Hi folks....newbie-type questions. I only have an ISA (now expired) & conventional bank accounts, but realise with the poor interest rates they are hardly worth having. I have approx £50k I can invest, & probably won't need access to it in the next year.
I don't have a Lawyer, nor have I dealt with any financial advisor.
Any recommendations please?

G

somethingcorporate

check out https://www.unbiased.co.uk for a local IFA.

1 year is not long enough to consider investments, you need to look at 5-10 years minimum. If you may need money in the next year or two then look to lock it away in decent saving / regular savings / ISA equivalents.

dunstonh

It is unlikely an IFA would offer value in this respect.

1 year is too short a time to invest. So, that means sticking to savings accounts. An IFA would just look at the same lists you can on this site to see who comes out top.

innovate

If you need the money within a year or two, you are looking at savings, not investments.

Much depends also on your age whether any IFA would get excited about £50K - - if you have 20-30 to retirement, they probably will be very interested. If you are soon to retire or have already retired, they probably aren't. And if they are, be wary!

You can easily manage £50K savings yourself - put the max into a cash ISA, and the rest into the best interest paying account (may be two, if you want to split your money).. You'll have to review your interest rates every 12 months or so, and move your money again if there are better rates about.

xylophone

I only have an ISA (now expired)

What exactly do you mean by this?

GDBD59

xylophone wrote: »

What exactly do you mean by this?

Thanks for the replies folks. What I meant re ISA was the year-term ended in March, & I haven't done anything since. It's got £10.7k in it.
Also, - I'm in my 50's.