Winning a big prize lottery can be a very overwhelming experience and when everything becomes normal the first thing that will come to your mind is, where you should put your lottery winnings. A bank is one of the safest places to keep a large amount of money. If you win a big lottery then you can put the winning money at Bank of America, Citibank, Union bank, HSBC bank, UBS, etc.
List of Best Checking Accounts to Put Lottery Winnings
| Checking Account | APY | Monthly Fee |
| Sofi Checking And Savings Account | 1.25% | $0 |
| Capital One Financial Corp. Checking Account | 0.10% | $0 |
| Ally Bank Checking Account | 0.10% | $0 |
| CIT Group Inc. Checking Account | 0.10% | $0 |
| Columbus B&T Checking Account | 0.07% | $0 |
| State Employees’ Credit Union Checking Account | 0.05% | $1 |
| Navy Federal Credit Union Checking Account | 0.05% | $0 |
| America First Federal Credit Union Checking Account | 0.05% | $0 |
| Security Service Federal Credit Union Checking Account | 0.05% | $0 |
| Teachers Credit Union Checking Account | 0.05% | $2 |
| Axos Bank Rewards Checking Account | 1.25% | $0 |
| Penfed Credit Union Access America Checking Account | 0.15% to 0.35% | $10 |
| Discover Bank Cashback Debit Checking Account | N/A | $0 |
| TIAA Bank Yield Pledge Checking Account | 0.10% | $0 |
| NBKC Bank Everything Account | 0.15% | $0 |
| Quontic Bank High-Interest Checking Account | 1.10% | $0 |
| Citibank Access Account Package Checking Account | N/A | $10 |
| Varo Bank Checking Account | N/A | $0 |
| Connexus Credit Union Extraordinary Checking Account | 1.75% | $0 |
| Alliant Credit Union High-Rate Checking Account | 0.25% | $0 |
| Citizens Bank Checking Account | 0.02% | $9.99 |
| Cullen/Frost Bankers Inc. Checking Account | 0.02% | $8 |
| BB&T Corp. Checking Account | 0.01% | $5 |
| HSBC USA Inc. Checking Account | 0.01% | N/A |
| USAA Checking Account | 0.01% | $0 |
| Bank Of The West Checking Account | 0.01% | $0 |
| Zions Bancorp Checking Account | 0.01% | $10 |
| First Citizens Bancshares Inc Checking Account | 0.01% | $0 |
| Associated Bank Checking Account | 0.01% | $9 |
| Suncoast Credit Union Checking Account | 0.01% | $0 |
| E-Trade Bank Checking Account | 0% | $0 |
| Mountain America Federal Credit Union Checking Account | 0% | $0 |
| Alaska USA Federal Credit Union Checking Account | 0% | $0 |
| Jpmorgan Chase & Co. Checking Account | N/A | $12 |
| Bank Of America Corp. Checking Account | N/A | $4.95 |
| Wells Fargo & Co. Checking Account | N/A | $10 |
| PNC Financial Services Group Checking Account | N/A | $7 |
| Keybank Checking Account | N/A | $0 |
| Regions Financial Corp. Checking Account | N/A | $8 |
| M&T Bank Corp. Checking Account | N/A | $0 |
| Union Bank Checking Account | N/A | $0 |
| BMO Harris Bank Checking Account | N/A | $0 |
| Huntington Bancshares Inc. Checking Account | N/A | $0 |
| First Republic Bank Checking Account | N/A | $3 |
| Discover Checking Account | N/A | $0 |
| City National Bank Checking Account | N/A | $25 |
| Signature Bank Checking Account | N/A | N/A |
| East West Bancorp Inc. Checking Account | N/A | $5 |
| Popular Community Bank Checking Account | N/A | $3 |
| People’s United Bank Checking Account | N/A | $10 |
| First Horizon Checking Account | N/A | $0 |
| New York Community Bancorp Checking Account | N/A | $1 |
| Space Coast Credit Union Checking Account | N/A | $0 |
List of Best Saving Accounts to Put Lottery Winnings
| Savings Account | APY | Minimum Balance |
| SoFi Checking and Savings Account | 1.25% | $0 |
| Synchrony Financial Savings Account | 0.85% | $0.01 |
| Capital One Financial Corp. Savings Account | 0.60% | $0.01 |
| Marcus by Goldman Sachs Savings Account | 0.60% | $0.01 |
| Ally Bank Savings Account | 0.60% | $0.01 |
| American Express Co. Savings Account | 0.60% | $0.01 |
| Discover Savings Account | 0.60% | $0.01 |
| CIT Group Inc. Savings Account | 0.31% | $100 |
| Navy Federal Credit Union Savings Account | 0.25% | $5 |
| Cullen/Frost Bankers Inc. Savings Account | 0.12% | $0.01 |
| State Employees’ Credit Union Savings Account | 0.10% | $25 |
| Members 1st Federal Credit Union Savings Account | 0.10% | $50 |
| Columbus B&T Savings Account | 0.09% | $100 |
| Citibank Inc. Savings Account | 0.05% | $0.01 |
| Charles Schwab Savings Account | 0.05% | $0.01 |
| HSBC USA Inc. Savings Account | 0.05% | $1 |
| First Republic Bank Savings Account | 0.05% | $0.01 |
| E-Trade Bank Savings Account | 0.05% | $0.01 |
| America First Federal Credit Union Savings Account | 0.05% | $1 |
| Mountain America Federal Credit Union Savings Account | 0.05% | $1 |
| Security Service Federal Credit Union Savings Account | 0.05% | $5 |
| Alaska USA Federal Credit Union Savings Account | 0.05% | $50 |
| Suncoast Credit Union Savings Account | 0.05% | $5 |
| Space Coast Credit Union Savings Account | 0.04% | $0.01 |
| Santander Savings Account | 0.03% | $0.01 |
| Zions Bancorp Savings Account | 0.03% | $0.01 |
| First Citizens BancShares Inc Savings Account | 0.03% | $0.01 |
| TD Bank Savings Account | 0.02% | $0.01 |
| Popular Community Bank Savings Account | 0.02% | $0.01 |
| JPMorgan Chase & Co. Savings Account | 0.01% | $0.01 |
| Bank of America Corp. Savings Account | 0.01% | $0.01 |
| Wells Fargo & Co. Savings Account | 0.01% | $0.01 |
| U.S. Bancorp Savings Account | 0.01% | $0.01 |
| PNC Financial Services Group Savings Account | 0.01% | $1 |
| Fifth Third Bancorp Savings Account | 0.01% | $0.01 |
| KeyBank Savings Account | 0.01% | $0.01 |
| Regions Financial Corp. Savings Account | 0.01% | $0.01 |
| Citizens Bank Savings Account | 0.01% | $0.01 |
| M&T Bank Corp. Savings Account | 0.01% | $1 |
| Union Bank Savings Account | 0.01% | $0.01 |
| BMO Harris Bank Savings Account | 0.01% | $0.01 |
| Huntington Bancshares Inc. Savings Account | 0.01% | $0.01 |
| USAA Savings Account | 0.01% | $0.01 |
| Bank of the West Savings Account | 0.01% | $0.01 |
| Comerica Inc. Savings Account | 0.01% | $1 |
| City National Bank Savings Account | 0.01% | $0.01 |
| People’s United Bank Savings Account | 0.01% | $50 |
| First Horizon Savings Account | 0.01% | $50 |
| Associated Bank Savings Account | 0.01% | $0.01 |
| Teachers Credit Union Savings Account | 0% | $0.01 |
| Signature Bank Savings Account | N/A | $0.01 |
| East West Bancorp Inc. Savings Account | N/A | $100 |
| New York Community Bancorp Savings Account | N/A | $100 |
Alternative Options to Put the Lottery Winnings
Apart from the savings and checking account, there are quite a few options available to put the lottery winnings. For example, you can invest your lottery winnings in the U.S. Treasury Securities, municipal bonds, or invest in stock markets. The USA government sells various bills, bonds, savings bonds, etc. to common people. This is an excellent investment option for lottery winners. On the other hand, you can also invest in high-grade municipal bonds. Though this type of bond might pay a lower interest rate but the earnings from high-grade municipal bonds are free from federal income taxes. If you are not comfortable with investing in government bonds then you can also invest your lottery winnings in the stock market. If you have prior knowledge of the stock market then you can consider investing in mutual funds.
List of Best U.S. Treasury Securities to Invest Lottery Winnings
- SPDR® Portfolio Long Term Treasury ETF
- Vanguard Extended Duration Trs ETF
- Invesco 1-30 Laddered Treasury ETF
- Vanguard Long-Term Treasury ETF
- iShares 25+ Year Treasury STRIPS Bd ETF
- PIMCO 25+ Year Zero Coupon US Trs ETF
- iShares 10-20 Year Treasury Bond ETF
- iShares 7-10 Year Treasury Bond ETF
- First Trust Long Duration Opp ETF
- Quadratic Deflation ETF
List of Best Municipal Bonds to Invest Lottery Winnings
- IQ MacKay Shields Municipal Insured ETF
- Invesco Taxable Municipal Bond ETF
- IQ MacKay Shields Municipal Intermediate ETF
- SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF
- VanEck Vectors High-Yield Municipal Index ETF
- VanEck Vectors Short High-Yield Municipal Index ETF
- Invesco VRDO Tax-Free ETF
- iShares iBonds Dec 2022 Term Muni Bond ETF
- Invesco BulletShares (R) 2022 Municipal Bond ETF
- Vanguard Tax-Exempt Bond Index Fund
List of Best Mutual Funds to Invest Lottery Winnings
- Centre American Select Equity Inv
- Federated Strategic Value Dividend A
- Integrity Dividend Harvest A
- Hennessy Cornerstone Value Inv
- Voya Corporate Leaders Trust B
- BNY Mellon Income Stock Investor
- City National Rochdale Dividend & Income N
- Muhlenkamp Fund
- CGM Focus
- Smead Value Fund Inv
References:
https://www.statefarm.com/simple-insights/financial/what-to-do-when-you-win-the-lottery
https://finance.zacks.com/save-money-win-lottery-8663.html