If you win $100 million in the lottery in a lump sum, how do you put it in the bank? What kind of account?

Question

What kind of account d you need to set up? Are accounts insurable for 100 million?

Answer 1

I would buy lots of really big fire proof safes, and keep my money at my house.

Answer 2

You seperate it into several $100,000 regular savings accounts (because that is all the FDIC will insure for one account) then you have the interest set up to be moved into an overflow style checking account as it is earned. Now you can life off of that checking account for the rest of your life and you can dip into the other savings accounts if you need to hell that is alot of money.

Answer 3

There are a lot of investments available that can earn you a regulra stream of 10-15% ($10-15 million a year). Most are only available to those who can deposit at least $500k, which you clearly could. I would diversify amongst several of these and live very happily off of the interest forever.

Answer 4

Deposit up to the FDIC limit into several accounts. Use tax free accounts initially. See a financial manager for other types of instruments that are more benificial.

Answer 5

FDIC insures $100k in a regular bank. Your best bet would be to look at hiring a accountant to help you. Can I borrow $100k? I promise I'm good for it!

Answer 6

Set up Trust Funds.

Answer 7

Personal banking. where the bank invests you money and guarantees a return

Answer 8

in a high interest savings account

Answer 9

how bout you give 1 million first....I believe it could be on your regular checking or savings....it depends on the bank you choose..

Answer 10

Think Swiss.