So you win the lottery! Who's holding your money?

Financial Chat
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Let’s pretend you win the lottery and am now a multi-millionaire.

Which bank is holding your money?

Do you go with Coutts (to play it safe) or just chuck it into Monzo or Natwest?

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Metro :rofl:

Joking aside. Probably either Coutts or HSBC Private Bank.

I wouldn’t just put millions of pounds into a standard bank account.

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Lol I’d never even keep more than £500 in Monzo.

Id probably just stick with nationwide or something.

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I had always assumed that as part of the winning process, they give you the name of some financial advisors and also put you in touch with the private banking arms of various banks

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Well I would assume.

But you have free roam to put it in whatever bank you please.

If you want you could chuck all the money into a Co-Op Cashminder Account :sweat_smile:

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Probably NS&I to begin with until I have better ideas.

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Is that the account they give you if can’t qualify for a current account like the Foundation account with Natwest/RBS?

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First thing I’d do is to try and get as much as possible in to tax free accounts like SIPPs, ISAs and Premium Bonds.

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They do.

They offer a lot of support for managing your finances, as well as dealing with all the associated things of suddenly becoming a millionaire - like people coming out of the woodwork wanting a share of your winnings.

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I always said I would never go public, too many bad actors around. Also better to move completely away from your current home as people won’t know you so might just assume your some successful business person rather than a lucky bleeder

Oh and the kidnap risk

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I think you can put £1m into Income bonds and you’d get 33k interest paid in monthly instalments… nice

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Approx £2,750 each month. You have applied the annual rate on a monthly basis there. It will be 1000000 x 0.033 / 12.

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I randomly asked this while sorting my mums accounts in Nationwide, and they said they wouldn’t even flinch with a few mil being dropped into your account as part of a win.

Maybe many affluent folk “bank” there :grimacing:

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This isn’t possible for me since I’ve set myself a lifetime self-exclusion from the lottery.

My play was never excessive, but I did in the past have a direct debit to play every Thunderball draw. Biggest win was £100 with plenty of small wins, but I was definitely still net down all things considered. I decided to self-exclude because it just wasn’t worth it and I didn’t want the temptation to play the odd game.

Anyway, let’s pretend I went on a game show and won big. Assuming I’m still working, I honestly think I’d just dump it in a GIA at various levels of risk and deal with the capital gains tax.

I’ll move what I can to an ISA when I have the allowance, but that would take years to do.

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I’ll take that for sitting on my botty all day

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16

I heard that they introduce you to Drummonds (part of RBS).

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I’m this fantasy I’m already a millionaire so I just call my financial planner and they deal with it.

What’s another few mill anyway? :person_shrugging:t2:

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Yeah, Allwyn introduce you to a private banker like Drummonds or Barclays Private to manage the money, and then you manage it with them.

I don’t know how many retail banks would be happy with £200m on a single account from a risk and balance sheet perspective anyway

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19

You do know Coutts is owned by NatWest?

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Different banks and licenses under the same group.

You can actually access coutts investment products straight though NatWest though.

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