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List of US Banks That Handle Lottery Winners’ Money

The payment of money to lottery winners tends to be life-changing in most situations, especially when you win a jackpot. We have collected the most comprehensive list of banks that handle lottery winners’ money across the United States. With them, you will realize that you might not want to leave your prize at just any institution, as they are not all the same.

Which Banks Handle the Lottery Winners’ Money in the US?

In the United States, choosing a private bank can result in some advantages that you might not find in your local bank, even with all those years of fidelity programs. The financial services of private banks include investments and the proper destination for your lottery winnings. That is certainly important, especially if you are not willing to try and do everything on your own account.

Sometimes, a really good service may also include tax consultants, lottery lawyers, and all forms of specialties to help you plan your finances when you become a lottery winner. These are the most prominent ones:

  • Chase Private Client: With the high net worth status of big lottery winners, you would be free from banking fees. That can be from $150,000 and not millions if that is what you were thinking.
  • Citigold Private Client: As a member of that private division of Citigold, you also get a waiver of bank fees and specialized services from $1 million.
  • HSBC Premier: If you want premium services while not being obliged to keep a high balance from the beginning, you could have an HSBC Premier account by keeping a minimum of $100,000.
  • Private Bank of America: One of the most demanding memberships in this list is that of Bank of America to become a special client. With $3 million in the bank, you can qualify for its premium services.
  • UBS (Union Bank of Switzerland): In order to have access to its special financial management without extra charge, you will need to guarantee a minimum balance of $75,000.
  • Union Bank Private Advantage: It is possible to use its financial and advising services for free if you maintain a balance of at least $250,000.

Should You Keep Your Lottery Money in a Bank?

Keeping your lottery money in the bank is a must, which also applies to any other source of a large amount of money. First of all, it could be too risky to leave it anywhere else without guarantees. Also, and that also applies to some types of bank accounts, you would lose interest rates, and your money would be consumed by inflation little by little.

Therefore, as a lottery winner, you most probably have enough depositable funds to sustain a premium account in a private bank. The differences are enormous when it comes to services, including the support that you receive from specialists. That can be a real change in your perspective if you do not know what to do if you win the lottery after all.

Therefore, leave all conspiracies aside, but make sure to choose a reliable bank with a strong history and good services, like the ones we have listed. If you are not from the US, even if you won a national game like Powerball from abroad, you just need to do the same. Look for the most prominent banks in your region and screen them for the best services.

FAQ

What Services Can Banks Offer to Lottery Winners?
They can offer financial advice, suggestions for investments, management of your assets, lawyers, accountants, and tax consultants, among other relevant services.
Is It Safe to Keep My Lottery Winnings in a Bank?
Yes, as long as you choose a bank that has a history and a good reputation. It is not hard to find the most resilient banks in your country.
What Are the Interest Rates for Keeping Lottery Money in a Bank?
It varies from one country to another. In the United States, you could get 4% APY (Annual Percentage Yield) from your savings in a high-yield savings account.
Do Banks Limit Transferring Money From Lottery Winnings?
Rules change from one bank to another, and moving large amounts may require notifying the bank first.
Do I Pay Taxes for Keeping Lottery Money in a Bank?
You pay the regular lottery taxes on your winnings before you receive them. After those initial taxes, you will still need to pay tax on the interest income you get from it.
Can I Receive My Lottery Winnings Without a Bank Account?
You can claim small winnings at a local retailer in cash, but larger prizes need a bank account to be received.

Powerball

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Next draw: Saturday, Apr 20, 2024