How do millionaires bank?


So… If I won £85,000,000 in the euromillions, how would one even go about keeping that? I’ve always wondered. .

If a bank is only protected up to £85,000 then I get that, if you’ve got say £200,000, you can just have 3 accounts, but wouldn’t keeping £85m in the natwest risks losing £84,915,000, if they ever went bump?

So would I have to have 100 separate accounts?

Or are there special accounts for millionaires? Like David Beckham or JK Rowling?

Or does his 75 billion dollars mean that Bill Gates would have to have nearly nine hundred thousand separate banking apps on his phone? :joy:

I’m not sure this will EVER affect me personally! :sob::sob:

But I still wondered.

(I do understand, when using examples like Bill Gates, that his net worth is not simply the amount of cash he has… I’m just using it as an example… Thanks.)


You’ve never heard of Gringotts?

Gawwwwd… :roll_eyes:


NS&I Would only go bust if the government went bust.

Government bonds

There are lots of options about for large amounts

You can invest certain amounts over £85k with certain banks around the world that are government backed.


Aren’t there private banks that cater for millionaires and all their assets? No way would somebody have £85,000,000 in a standard Natwest account for example.


Private banks are no safer though. All the big banks offer private banking, but you are still only protected by the relevant limits.

The only safe way, is government backed accounts, bonds or gilts.

For example Barclays Private Bank is swiss regulated so your money is only protected under the swiss scheme.

Coutts is a Private bank, but only protected by the FSCS

Some private banks around the world invest your money in government bonds of gilts etc.

A way a lot of people protect themselves, is actually to insure the difference with an insurance company, a couple on insurance companies offer it in the UK.


AFAIK you don’t just get a bank transfer of 85m. You get it fed to you in relatively large amounts.

On top of this I reckon most people don’t have 85m in cash to begin with, millionaire or not. It’s probably likely to be closer to a few million and with the rest of their worth held in business ventures.

But yeah I reckon you’d probably be better served by hiring a private financial advisor if you do win the lottery for that amount, although I don’t see the banks collapsing.

You could always lobby to increase the protections that banks offer too, I suppose. For instance, paying off the Tory party to pass new regulations on banks that helps ensure that they don’t collapse.


There is plenty of new regulation due in the next year or so, including requirements on banks to have more reserves.


They should probably scrap that regulation in a feeble attempt to keep our economy with high inner investment :sweat_smile: at least while brexit pans out

(Paul) #9

Most people who win this level of money will go to a financial advisor. Very reasonable that they have no idea how to manage 85m.

I would imagine that most will invest a large portion of this money. I highly doubt that people will take out 100s of bank accounts to split the money this would be an admin nightmare and the money wouldn’t work as hard as it could.


I would :stuck_out_tongue: Then the rest I’ll leave to a financial adviser. It’s even sillier to leave everything to a random person you don’t know. Remember the big cases of brokers and financial advisers losing millions ? Every month of so you hear in the paper someone suing someone for millions.

(Derpa Derp) #11

If you don’t know about Pork Belly futures are you even a millionaire?

That’s where I keep my monies :sunglasses:

(Paul) #12

True but you can still use them to learn about how to manage money. Personally I am to much of a control freak to just let someone else deal with it but I would want to get advice and learn how to effectively manage this level of wealth.


Answer’s quite simple. Only an unsophisticated UHNWI would hold all £85,000,000 in cash.

You would at most hold a small fraction of your net worth in cash (in which case, this would be at a private bank) and the remaining spread across the various asset classes (securities stored in a global custodian account, property, …).

In which case, the FSCS limit doesn’t really matter.


Coutts is part of RBS, even uses RBS/NatWest online banking systems (different skin on it) and will share the RBS/NatWest bank license and FSCS protections.
They also provide a personal banker for high net worth people to manage and advise on the right portfolio of products to keep.

(Don't Bullshirt Me, I know what the Fork is going on here!) #15

Metro Bank also have a private banking division.

I know 3 people who use it and all very happy with them


I’m aware of that, but that doesn’t change the fact a lot of rich people use Coutts as their private bank.


Why bank with an ordinary retail bank rather than a blue-blooded bank like C. Hoare & Co. or Adam & Company, if you’ve got the required investable assets?

(Don't Bullshirt Me, I know what the Fork is going on here!) #18

One of the people I know used to work for Courts and said the service from Metro is pretty much the same but costs a lot less

Remember you don’t get rich by spending money :stuck_out_tongue:


True but you get to flash a nice card.

All the banks have ‘black cards’ now, so I think Coutts have introduced the UK’s only white debit card.

(Don't Bullshirt Me, I know what the Fork is going on here!) #20

Metro bank private cards are Black but not flashy. I never really liked the look of the Coutts card personally. I need Black Metal (or Tungsten if I ever make it to Amex Black)