Bank acct for lottery winner

bengal-stripe

Phoenix79 wrote:

If the cheque is form a reputable source (ie Camelot in this case) then there will be no problem in depositing a huge sum in an account.

But......if a 'Princess from Nigeria' were to put 10 million Pound/Dollars/Euros, whatever into your account, all alarmbells would go off.

Still, people fall for that.

Tracey173

I know that Coutts have a dedicated person who goes round and visits high value winners (they visit in jeans so as not to attract the attention of neighbours), so i suppose the other banks must have as well. Wish it was me they were visiting though - maybe next year

klondyke

Slightly off topic, but I have often idly (very idly!) wondered how inheritance tax would work insofar as giving away large chunks of a lottery win as being 'out of income' rather than capital. Presumably (??) not regarded as capital while still in a current account. Ah well, don't think the matter will ever arise .....

JasonW_2

Who wouldn't love to tell their bank everything they have been dying to for years with that kind of money hitting the account. They'd be tripping over each other to be nice to you to offer all the things they refused before, or when they wouldn't even look twice at you! Grrrrr one day

Madiba_2

I recently paid a HUGE chque into my HSBC account, I then called them up and told them to upgrade me to their Premier service. They mucked it up (I was upgrading 5 accounts at once, which is probably why) so they gave me £30 for the inconvenience of having a miss-named account for 24hours. I couldnt have cared less, but they obviously want to keep my money.

Which they wont be, cos the interest rate sucks.

watcherman

If you go to Watford to collect from Camelot, Coutts are there trying to get your business...A lady's at work sister was one of 20 that won a £20M+ syndicate.

AndyR_3

Camelot have agreements with three banks, with the winners permission they can introduce to Coutts (part of RBS and the Queen's bank), Barclays Private Bank or Cater Allen Private Bank (part of Abbey National).

Some normal current accounts do have an upper limit, but whoever you bank with, if you turn up with a cheque for millions, they'll not turn you away!

A small bank of a branch I used to work at had a lottery winner as a customer. They declined Camelot's help in opening an account, and insisted they should talk to their favorite member of staff, the person in the branch who'd always helped them juggle funds when times were hard, and who had probably refunded a few more charges than she should have done. That member of staff, and that branch, hit their sales target for the year in one day.

PS - the bank in question normally charge £30 for non-standard cheques. I wonder if they'd waive that charge if you turned up with one of the large lottery cheques?

dexters_mum_2

We won a small 'jackpot' about 2 years ago, around £2900, Abbey wouldn't accept a Camelot cheque, absolutely stupid, so it went into my Natwest savings and paid for my honeymoon and part of my wedding!

lswwong

Indeed I also heard (some time ago) that Camelot has special arrangements with the likes of private banks and financial consultants (who will help you manage and invest the dosh). A referral service of sort. Winners are not obliged to take them up.

Personally, if I really want to show off, I would consider C Hoare & Co on Fleet Street as a private bank. Coutts is overrated My father had illusions of owning a Coutts leather cheque book cover - I offered to try and buy him one on eBay!

benedictadams

KTF wrote:

Yeah, I imagine it would be Coutts or a similar 'high profile' bank would be knocking on your door wanting your business.

I must be one of the few people who would never want to have a Coutts account even if i won £80 million

The idea of a limo coming to pick me up fills me with dread (the carbon emissions would be huge), when i can just walk to the local branch of the Cooperative Bank.

I'd walk into all the major high street banks, waste an hour of their time whilst being wined and dined (free meal very MSE ) and walk out again cheque in hand and invest it in institutions where they were socially aware eg Cooperative Bank