Should I Put My Lottery Winnings in a Private Bank?

Or is your lottery fortune safe on the high street!

Should I Put My Lottery Winnings in a Private Bank? Once the adrenaline has died down and the last champagne cork has been popped, every big lottery winner is going to be faced with this one very important question. If you already bank at one of the high street banks then for sure they will be happy to take your winners cheque. What if that cheque amounts to tens or even hundreds of millions of dollars? In such a case the best option for any new lottery millionaire is to open an account with a private bank.

Private banks offer several major advantages over their high street competitors. Not the least of which is discretion. If you were to deposit £100 million at your local branch of Barclays, for example, would you really want everyone in the branch knowing? It is odds on that they would. Potentially this could lead to embarrassing problems later on. With a private bank though, fewer people would be in the loop about the extent of your wealth (possibly only one or two) to everybody else you would merely be a client. Almost nobody would know or even care that you were a lottery millionaire.

Service with a Personal Touch

As a client of a private bank, you would almost certainly have access to a dedicated account manager. Having your own account manager is an enormous advantage. It means that you are always in touch with someone who knows you personally, knows your account, and who is always available. No more standing in queues or looking over your shoulder at cash machines. Not having to make an appointment weeks in advance to get to see a bank manager. Your personal account manager is always at the other end of a direct phone number. The personal attention that one gets from a private bank will give you a level of confidence about your money that the high street simply cannot offer.

Advantages of Using a Private Bank?

Quite apart from the high levels of personal service that go together with membership of a private bank there are other advantages too…

  • Access to experienced wealth managers
  • A wide range of tax-efficient investment options
  • 24/7 account management 365 days a year
  • You’re not just a customer, You’re a member
  • Perks and freebies

Expect your new private bank to treat you a little bit different in other ways too. When was the last time someone at your local bank sent you a bottle of single malt whiskey for your birthday or acquired debenture tickets for you and your family at Wimbledon?

English private banks have an as long and distinguished history as any Swiss bank. The earliest banks date back to the reign of Charles II. These banks are strictly for High Net Worth Individuals, yet they are much more than a place to keep your cash. They all employ experienced wealth managers who are there to help a lottery winner grow his or her wealth. Amongst the many services that these wealth managers perform are accounting & tax planning, estate planning, will drafting services as well as other financial matters that require expert advice.

Not only for individuals, but private banks also service large companies and corporations. If you win your millions as part of a syndicate it might be a good idea for everyone in the group to all bank at the same establishment. This way you can all be sure of personal, professional and consistent advice, designed to ensure that you keep hold of your share.

Is My Money Protected in a Private Bank?

Assuming that you use a private bank that is registered in the UK (of course you will) your money is protected in the same way as at a high street equivalent. The Financial Services Compensation Scheme (FSCS) covers any money held in savings products (including any interest) in all banks up to £85,000. However, as many of Englands most famous private banks have been trading for over 300 years there is little chance of the FSCS ever being called upon.

Who Should I Bank With?

In London (and other major UK cities) there are plenty of excellent private banks to choose from. Here I have listed some of the oldest and most reputable for you to consider…

Coutts Bank

Coutts Private Bank

Founded in 1692 Coutts is one of the oldest and best known private banks in England. Their most famous client is, of course, the Queen. However, it is very unlikely that you will ever get to meet her in the lobby. To become a client of Coutts you need to have a minimum deposit of £500,000 or at least £5 million in assets. Learn how to become a member of Coutts bank by visiting their website.

C Hoare & Co

C Hoare & Co Private Bank

The oldest privately owned bank in the UK is C Hoare & Co. Established in 1672 it is still run by the descendants of founder Sir Richard Hoare. A typical client has around £500,000 to deposit, although they do accept people that they describe as having ‘excellent prospects’. Hoare’s Bank has some of the finest wealth managers in London. You can learn more about C Hoare & Co here.


UBS Private Bank

UBS is the largest Swiss banking institution in the world. It is headquartered in Zurich but maintains offices in over 50 countries around the globe. It is primarily an investment bank. It also offers a sophisticated wealth management service for both private individuals and corporations. If you would like to know more you can find out all you need to know about UBS here.

Arbuthnot Latham

Arbuthnot Latham Private Bank
Photo by Tony Charnock 07770 484888

Arbuthnot Latham started life in 1833 as a merchant bank. Now they are one of the most exclusive private banks in London. Their motto is ‘For Business, For Family, For Life’. Which is ironic as since 1981 the Arbuthnot family are no longer involved with the bank. Still, for a meagre £50,000 deposit, you can still get access to a personal advisor at Arbuthnot Latham.

Adam & Company

Adam & Company Private Bank

Adam & Company is a relatively new private bank founded as recently as 1983 in Edinburgh. They are a modern style bank that is less steeped in ‘tradition’ than some of their counterparts. This doesn’t mean that the service they offer is any less sophisticated though. Their experienced wealth managers can still offer excellent advice about where to invest your lottery winnings.

Private Banking on the High Street

Of course, if you are looking for a discreet private bank to keep your new found wealth there are options on the high street too. You are just unable to gain access in the usual way. Here I have listed a few private options from some of the more familiar names in banking…

HSBC Private Banking

HSBC Private Bank

To qualify for HSBC Premier club you need to have at least £50,000 in savings or investments or an annual income of £100,000. HSBC Premier clients can also receive a fee-free credit card with superb ‘privileges’. These can include membership of Langham’s elite 1865 Voyager club. Read more about the other benefits of HSBC Premier Club and how they can manage your personal economy.

Barclays Private Bank

Barclay's Private Bank

Unless you have £500,000 to deposit Barclays Private Bank probably won’t take your call. However, if you do then they have a lot of investment solutions and credit services that you can take advantage of. You may be wary of their rather dubious reputation, however. Found guilty of rigging the Libor rate in 2012 they were fined £290 million! You can find the Barclays Private Bank website here.

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