What Bank Should I Put my Lottery Winnings In?

What Bank Should I Put my Lottery Winnings In?

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 AccountAPYMonthly Fee
Sofi Checking And Savings Account1.25%$0
Capital One Financial Corp. Checking Account0.10%$0
Ally Bank Checking Account0.10%$0
CIT Group Inc. Checking Account0.10%$0
Columbus B&T Checking Account0.07%$0
State Employees’ Credit Union Checking Account0.05%$1
Navy Federal Credit Union Checking Account0.05%$0
America First Federal Credit Union Checking Account0.05%$0
Security Service Federal Credit Union Checking Account0.05%$0
Teachers Credit Union Checking Account0.05%$2
Axos Bank Rewards Checking Account1.25%$0
Penfed Credit Union Access America Checking Account0.15% to 0.35%$10
Discover Bank Cashback Debit Checking AccountN/A$0
TIAA Bank Yield Pledge Checking Account0.10%$0
NBKC Bank Everything Account0.15%$0
Quontic Bank High-Interest Checking Account1.10%$0
Citibank Access Account Package Checking AccountN/A$10
Varo Bank Checking AccountN/A$0
Connexus Credit Union Extraordinary Checking Account1.75%$0
Alliant Credit Union High-Rate Checking Account0.25%$0
Citizens Bank Checking Account0.02%$9.99
Cullen/Frost Bankers Inc. Checking Account0.02%$8
BB&T Corp. Checking Account0.01%$5
HSBC USA Inc. Checking Account0.01%N/A
USAA Checking Account0.01%$0
Bank Of The West Checking Account0.01%$0
Zions Bancorp Checking Account0.01%$10
First Citizens Bancshares Inc Checking Account0.01%$0
Associated Bank Checking Account0.01%$9
Suncoast Credit Union Checking Account0.01%$0
E-Trade Bank Checking Account0%$0
Mountain America Federal Credit Union Checking Account0%$0
Alaska USA Federal Credit Union Checking Account0%$0
Jpmorgan Chase & Co. Checking AccountN/A$12
Bank Of America Corp. Checking AccountN/A$4.95
Wells Fargo & Co. Checking AccountN/A$10
PNC Financial Services Group Checking AccountN/A$7
Keybank Checking AccountN/A$0
Regions Financial Corp. Checking AccountN/A$8
M&T Bank Corp. Checking AccountN/A$0
Union Bank Checking AccountN/A$0
BMO Harris Bank Checking AccountN/A$0
Huntington Bancshares Inc. Checking AccountN/A$0
First Republic Bank Checking AccountN/A$3
Discover Checking AccountN/A$0
City National Bank Checking AccountN/A$25
Signature Bank Checking AccountN/AN/A
East West Bancorp Inc. Checking AccountN/A$5
Popular Community Bank Checking AccountN/A$3
People’s United Bank Checking AccountN/A$10
First Horizon Checking AccountN/A$0
New York Community Bancorp Checking AccountN/A$1
Space Coast Credit Union Checking AccountN/A$0

List of Best Saving Accounts to Put Lottery Winnings

Savings AccountAPYMinimum Balance
SoFi Checking and Savings Account1.25%$0
Synchrony Financial Savings Account0.85%$0.01
Capital One Financial Corp. Savings Account0.60%$0.01
Marcus by Goldman Sachs Savings Account0.60%$0.01
Ally Bank Savings Account0.60%$0.01
American Express Co. Savings Account0.60%$0.01
Discover Savings Account0.60%$0.01
CIT Group Inc. Savings Account0.31%$100
Navy Federal Credit Union Savings Account0.25%$5
Cullen/Frost Bankers Inc. Savings Account0.12%$0.01
State Employees’ Credit Union Savings Account0.10%$25
Members 1st Federal Credit Union Savings Account0.10%$50
Columbus B&T Savings Account0.09%$100
Citibank Inc. Savings Account0.05%$0.01
Charles Schwab Savings Account0.05%$0.01
HSBC USA Inc. Savings Account0.05%$1
First Republic Bank Savings Account0.05%$0.01
E-Trade Bank Savings Account0.05%$0.01
America First Federal Credit Union Savings Account0.05%$1
Mountain America Federal Credit Union Savings Account0.05%$1
Security Service Federal Credit Union Savings Account0.05%$5
Alaska USA Federal Credit Union Savings Account0.05%$50
Suncoast Credit Union Savings Account0.05%$5
Space Coast Credit Union Savings Account0.04%$0.01
Santander Savings Account0.03%$0.01
Zions Bancorp Savings Account0.03%$0.01
First Citizens BancShares Inc Savings Account0.03%$0.01
TD Bank Savings Account0.02%$0.01
Popular Community Bank Savings Account0.02%$0.01
JPMorgan Chase & Co. Savings Account0.01%$0.01
Bank of America Corp. Savings Account0.01%$0.01
Wells Fargo & Co. Savings Account0.01%$0.01
U.S. Bancorp Savings Account0.01%$0.01
PNC Financial Services Group Savings Account0.01%$1
Fifth Third Bancorp Savings Account0.01%$0.01
KeyBank Savings Account0.01%$0.01
Regions Financial Corp. Savings Account0.01%$0.01
Citizens Bank Savings Account0.01%$0.01
M&T Bank Corp. Savings Account0.01%$1
Union Bank Savings Account0.01%$0.01
BMO Harris Bank Savings Account0.01%$0.01
Huntington Bancshares Inc. Savings Account0.01%$0.01
USAA Savings Account0.01%$0.01
Bank of the West Savings Account0.01%$0.01
Comerica Inc. Savings Account0.01%$1
City National Bank Savings Account0.01%$0.01
People’s United Bank Savings Account0.01%$50
First Horizon Savings Account0.01%$50
Associated Bank Savings Account0.01%$0.01
Teachers Credit Union Savings Account0%$0.01
Signature Bank Savings AccountN/A$0.01
East West Bancorp Inc. Savings AccountN/A$100
New York Community Bancorp Savings AccountN/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

  1. SPDR® Portfolio Long Term Treasury ETF
  2. Vanguard Extended Duration Trs ETF
  3. Invesco 1-30 Laddered Treasury ETF
  4. Vanguard Long-Term Treasury ETF
  5. iShares 25+ Year Treasury STRIPS Bd ETF
  6. PIMCO 25+ Year Zero Coupon US Trs ETF
  7. iShares 10-20 Year Treasury Bond ETF
  8. iShares 7-10 Year Treasury Bond ETF
  9. First Trust Long Duration Opp ETF
  10. Quadratic Deflation ETF
List of Best Checking Accounts to Put Lottery Winnings

List of Best Municipal Bonds to Invest Lottery Winnings

  1. IQ MacKay Shields Municipal Insured ETF
  2. Invesco Taxable Municipal Bond ETF
  3. IQ MacKay Shields Municipal Intermediate ETF
  4. SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF
  5. VanEck Vectors High-Yield Municipal Index ETF
  6. VanEck Vectors Short High-Yield Municipal Index ETF
  7. Invesco VRDO Tax-Free ETF
  8. iShares iBonds Dec 2022 Term Muni Bond ETF
  9. Invesco BulletShares (R) 2022 Municipal Bond ETF
  10. Vanguard Tax-Exempt Bond Index Fund

List of Best Mutual Funds to Invest Lottery Winnings

  1. Centre American Select Equity Inv
  2. Federated Strategic Value Dividend A
  3. Integrity Dividend Harvest A
  4. Hennessy Cornerstone Value Inv
  5. Voya Corporate Leaders Trust B
  6. BNY Mellon Income Stock Investor
  7. City National Rochdale Dividend & Income N
  8. Muhlenkamp Fund
  9. CGM Focus
  10. Smead Value Fund Inv



Last Updated on November 5, 2022 by Magalie D.

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