Lottery Win - where would you bank it all?
Options
beaker141
Posts: 509 Forumite
I havent won the lottery, but if our syndicate did win, say £2m each, where do you put such a large sum of money?
Given each financial institution will only guarantee upto I think 85k under FSA protection, how do you keep it all safe?
Do you have to accept the element of risk inherrent, spread it around all the financial institutions, then into stocks/shares etc?
Given each financial institution will only guarantee upto I think 85k under FSA protection, how do you keep it all safe?
Do you have to accept the element of risk inherrent, spread it around all the financial institutions, then into stocks/shares etc?
0
Comments
-
Win it 1st and then stress about it, at that figure you will get financial advice from camelot, indeed I guess a lot of people have wondered similar....me?
Whatever I won I would intend to somehow spend it all eventually rather than stress out about keeping it, depending on your age that figure isn't as much as you may think.0 -
NS&I direct saver or income bonds will have protection for the full amount (max £2 million I believe)1
-
How boring! Winning the lottery is meant to be a life-changing experience, so throw caution to the wind and live a bit....I havent won the lottery, but if our syndicate did win, say £2m each, where do you put such a large sum of money?
Given each financial institution will only guarantee upto I think 85k under FSA protection, how do you keep it all safe?
Yes, of course we mostly preach financial prudence on this site, and rightly so, but if your primary consideration, even before winning the lottery, is putting it all in savings accounts then I'd humbly suggest that your bucket list needs some work!0 -
-
You only get help from Camelot if you agree to all their publicity.
I've heard lottery winners say that they put a lot of pressure on winners to accept the publicity and advisers.
I hear the same, as I understand it, above a figure you get FA for at least a few months, if you go public the FA remains, however I haven't won the figures to worry about it just yet and definately wouldn't go public or pack up working.0 -
I hear the same, as I understand it, above a figure you get FA for at least a few months, if you go public the FA remains, however I haven't won the figures to worry about it just yet and definately wouldn't go public or pack up working.
The winners I heard interviewed said it was more stark than that - they were told they could walk out with a cheque for millions and have to learn how to manage it without any support or agree to the publicity and get loads of advice and plenty of personal support.
It was all done in the few days after winning when their heads were spinning anyway and they were made to feel that they wouldn't be able to manage, that they'd get ripped off, that the papers would find out anyway, etc. The pressure to sign up to the Camelot machine was very strong.0 -
How boring! Winning the lottery is meant to be a life-changing experience, so throw caution to the wind and live a bit....
Yes, of course we mostly preach financial prudence on this site, and rightly so, but if your primary consideration, even before winning the lottery, is putting it all in savings accounts then I'd humbly suggest that your bucket list needs some work!
Oh dont worry - the plans for spending it are discussed frequently - but the day our syndicate of 7 wins the euro millions I'm curious to know where to put it!
Alternatively - high net worth individuals, companies with cash available - where do you keep millions.0 -
Nice house, car and holiday.
£200k in NS&I products.
A series of medium risk investments in pensions, ISA and outside tax wrappers, 4% income on £1m. The rest for growth.
(Makes numerous assumptions about age, attitude to risk, size of house, future earned income and shouldn't be taken as advice).0 -
I havent won the lottery, but if our syndicate did win, say £2m each, where do you put such a large sum of money?
Given each financial institution will only guarantee upto I think 85k under FSA protection, how do you keep it all safe?
Do you have to accept the element of risk inherrent, spread it around all the financial institutions, then into stocks/shares etc?
Well firstly the Food Standards Agency offer no guarantee for money in your bank, so if you did win you might need to take their offer of financial advice :rotfl:
But i wouldn't worry about keeping it in the bank; it wouldn't take me long to get what i wanted into decent investments when i started to think about all the interest i was missing out on by it sitting in the bank!.
You would have to be pretty unlucky to loose any of it due to a bank collapsing.0 -
How boring! Winning the lottery is meant to be a life-changing experience, so throw caution to the wind and live a bit....
Yes, of course we mostly preach financial prudence on this site, and rightly so, but if your primary consideration, even before winning the lottery, is putting it all in savings accounts then I'd humbly suggest that your bucket list needs some work!
I've often wondered the same as the OP though. But say you do live life on a bucket list and spend £1m, you've still got another £1m left over. Where would you put that?
Myself personally would want to live but I can also imagine it would get boring really easily. Nice house, nice car, travel the world for a bit but what do you do with the left over money? :j0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards