Best Banks for Lottery Winners
We all dream of winning the lottery, many of us dream about what we’ll spend our new-found riches on, but we don’t stop to think about whether our current bank accounts would be a good match for all that money.
If you’ve just won a large jackpot, you’ll want to make sure your winnings are protected and will benefit from a higher rate of interest than what you’ll find on normal current accounts. That’s why many winners will choose private accounts over standard current accounts. These can come in the form of accounts provided by high street banks, or specialist private banks which only deal with the wealthy.
These banks require applicants to have a minimum amount of money or savings before they can open an account. Many of these banks are used by the elite and wealthy, such as politicians, footballers, the Royal family, and more.
HSBC Private Banking
HSBC’s private banking account is for the ultra-rich. They provide a variety of services and benefits, such as: Wealth and succession planning, so you can plan how your money will be spent over the long term. Credit advisory services which can help for real estate financing and more. However, this account is only available if you have investment or borrowing needs of £4 Million or more – so you’ll need to have won a serious jackpot to be eligible!
Santander Private Banking
Santander’s private banking account is a bit less gated than the HSBC one, with availability thresholds of savings and investments over £500,000, or a gross annual income of £250,000. This makes it much more viable for jackpot winners, as you don’t necessarily need to have investments. The benefits of these bank accounts are plenty, with your own private banker who is your single point of contact regardless of your financial needs, as well as enjoying the privileges of the Santander World Elite Mastercard.
Virgin Money Private Banking
Virgin Money’s offering is available to individuals with annual earnings of at least £75,000, joint incomes or investable assets of £100,000. While this may not be the case for a lot of winners, Virgin Money are happy to discuss the circumstances on a case-by-case basis. The benefits you receive from Virgin are as follows: interest on your current account as well as an optional savings account. Full access to private managers to help with complex financial situations, and a private team to assist with day-to-day banking.
Lloyds Private Banking
Lloyd’s private banking accounts are available to customers with £250,000 or more in savings or investments. Alternatively, if you have a mortgage of £750,000 or more with Lloyds Bank, you’re also eligible. There are many benefits received by taking out a Lloyds private banking account, including, specialist lending which can give you bespoke lending options and personally arranged overdrafts up to £5000, and more if you contact a relationship associate.
Private Banking Firms
While there are many private banking accounts available through the main high-street banks, you may opt for a specialist private banking firm, however many of these firms have very high thresholds so it’s worth making sure you do your research before applying for these.
Investing your money can be a great way to spend your winnings and can make it easier for you to be eligible for some of the more high-end private banks, as some of these banks do require you to have multiple investments.
Be in a chance of winning one of our top jackpots and perhaps being able to become a customer of one of these private banks by playing The Health Lottery. Every lottery ticket bought supports local good causes helping to fight health inequality across Great Britain.
Information correct at the time of original publication (01 April 2022). This article is for information only and does not constitute financial advice.