We all dream of winning the lottery, and what we’d spend our new-found richeson, but we never stop to think about whether our current bank accounts would bea 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’d 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.
Wealth management vs private banking
What's the difference between wealth management firms and private banking firms?
Wealth management involves receiving advice and the execution of investments on behalf of wealthy clients. Generally, this means investing in stocks and funds. Wealth management firms can also advise with financial planning. These types of firms are generally suited for those who already have a lot of cash.
If you've won the lottery, a private banking firm is likely your best bet, as they generally cater to those who have just come into a lot of money and aren't sure what to do with it.
Take a look at our list of some of the best private banks for lottery winners below.
HSBC private banking
HSBC’s private banking account is for the ultra-rich. It provides a variety of services and benefits like wealth and succession planning, so you can plan how your money will be spent over the long term, and 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 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 account provides your own private banker who is your single point of contact regardless of your financial needs, as well as 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 circ*mstances on a case-by-case basis.
The benefits you receive from Virgin include interest on your current account as well as an optional savings account. Account holders get 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.
Barclays private banking
Barclays’ private banking is definitely one of the more exclusive clubs, with eligibility starting from those who have an investment portfolio of at least £5 million. Their offering is quite extensive however, with access to wealth advisers, investment services as well as philanthropy services if you want to support a cause that’s close to your heart.
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 Big Win.
Every ticket you buy supports local good causes helping to fight health inequality across Great Britain.
Information correct at the time of publication (5 September 2023). This article is for information only and does not constitute financial advice.
