US Banks That Handle Lottery Winners' Money

If you have just won the lottery, the chances that you are thinking about the logistics of what your win means are probably slim. Instead, you are probably already thinking about all the things that you will be purchasing, all the vacations that you will be taking, and all the people that you will be sharing your good news—and perhaps your good fortune—with.

Once you have dreamt about all these things, you will probably start the claims process. During this, you will worry about having the right financial advisor, tax accountant, and lawyer to ensure that you get what you deserve and that nobody takes any chances. One thing that you may not even be thinking about, however, is where you are going to put all your money once you receive it. In this article, we will look at US banks that handle lottery winners’ money and see where you can put your savings to best protect them.

Man Surfing on a Wave of CashThe Any Bank Argument

You may already be thinking that finding a new bank is a pointless exercise and that you can just continue using the bank that you were with before you won or sign up with a new bank. While you are correct, doing this may not necessarily be the best course of action for you—for an excellent reason.

Winning a lottery jackpot—and the vast amount of cash that accompanies it—comes with some complexities. Generally speaking, to ensure your wealth and maximise your earnings, most financial advisors will recommend that you do not keep your winnings as cash. Instead, you will probably be advised to invest your winnings (cash) in other liquid assets, such as property, businesses, or even trusts. You will, of course, also want to keep a wad of cash on hand.

This mix of assets—all of which fall into a different banking sector—is where the problem with remaining with your regular bank occurs. Standard banks and bank accounts are not geared toward juggling all these different things under one portfolio. This is not to say that they are unable to do it. However, there is a high chance that things will begin to slip through the cracks if your net worth is too large for the bank to handle.

What Is the Alternative?

While many people think that their hands are tied and that they can still only access the normal banks that they are familiar with in their neighbourhoods, being a lottery winner opens a whole new world to you—a world that includes private banks.

A private bank is either a banking institution that is entirely private or a subdivision of a larger public bank that is only open to select clients. These types of banks work closely with your financial advisors to generate a financial plan that will protect and grow your wealth.

The distinction that separates these banks from normal banks comes in two parts. The first we already mentioned above—they are only available to select clients. In most cases, to be a client of a private bank, you will need to have a net worth over a minimum amount or be able to deposit a certain amount when opening your account. These limits ensure that not everyone can use the bank and that it is restricted only to those who have a high worth.

The second, and possibly more critical distinction, is that these banks can juggle all the complexities of managing an extensive portfolio with ease. Private banks tend to hire the best attorneys, financial planners, tax consultants, and accountants. These teams work to ensure an all-around high level of professionalism and that your finances are always taken care of.

Which US Banks Can Handle Lottery Winnings?

There are several private banks in the US or with divisions in the US that can offer you unique solutions if you or your loved ones ever become lottery winners.

Private Bank – Bank of America

Bank of America has a relatively large division for the ultra-wealthy that is simply called Private Bank. To even be considered as a customer, you will need to have a minimum of $3 million in liquid assets. Once you have proven that you have the minimum requirements, the bank may offer you an account called the Wealth Management Interest Checking account. This account is designed specifically for high-net-worth people and ensures that your money will earn a decent rate while it waits for you to spend it.

Citigold Private Client

The next on the list is the private client division of Citibank—a tailor-made solution aimed at the wealthy who have a minimum of $1 million deposited across the range of available checking, saving, and money market accounts offered. As an added incentive to use their product, Citibank private clients have all their bank fees waived by the bank.

Union Bank Private

Not to be left out of the loop, Union Bank also holds a private division that gives you access to the Union Bank Private Advantage Checking account. This account offers excellent security for your wealth and is free of monthly, overdraft, and ATM withdrawal fees. To qualify for this account, you will need to have a minimum balance of $250,000 per month across the variety of Union Bank accounts offered.

HSBC Premier

To qualify to be a customer of an HSBC Premier checking account, you will need to maintain a minimum of $100,000 every month within the bank. Doing this will gain you access to personalised support regarding your finances, complimentary financial services, and access to unique HSBC products and offers. In addition, you could earn $2,000 each year if you refer somebody to HSBC.


UBS, which stands for Union Bank of Switzerland, is easily one of the biggest and most diverse private banking institutions in the world. It is no wonder then that they have an incredible Resource Management Account that offers an easy way to manage all your liquid assets, including cash and investments. The account is free as long as you maintain a minimum balance of $75,000 in your account and comes with a free financial advisor to help you plan how best to manage your wealth.


As mentioned earlier, it may be hard to give any thought to where you will put your money after learning that you have won a large lottery prize. However, this is easily one of the most important decisions that you will have to make regarding your wealth. Choosing the right bank is, therefore, an essential task that should not be taken lightly.

Thankfully, the banking institutes of the world realise this and have created a wide variety of private banks that each have their own unique advantages in managing your wealth. The banks not only help protect your winnings but also work to help grow them—ensuring their longevity and your ability to enjoy them for years to come.

So, it is essential to remember to ask your financial advisor for advice on which private bank they would recommend when planning what to do with your lottery winnings. Making the right decision on this front could leave you carefree knowing that your money is being managed professionally by a team of bankers that know precisely what they are doing. 

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