Allwyn – the operator of The National Lottery – confirmed that it had received a claim for the £177million EuroMillions jackpot prize, which was won by a single UK ticket-holder in the draw on Tuesday, 26 November, 26
The UK winner of the EuroMillions £177million jackpot claimed their prize today – but what would that amount of cash earn if you put it away?
Allwyn – the operator of The National Lottery – confirmed that it had received a claim for the £177million EuroMillions jackpot prize, which was won by a single UK ticket-holder in the draw on Tuesday, 26 November, 26.
As with all major prizes, the EuroMillions jackpot claim will now go through the process of validation, which includes checks to ensure the Games Rules terms and conditions. Once the ticket has been validated and paid, the ticket-holder will then decide whether or not to go public and share their news.
Once the money is received, then the lucky winner will immediately become the third biggest National Lottery winner of all time and be the nineteenth UK winner of a prize worth over £100million. The winner will also be the fourth EuroMillions UK jackpot winner of 2024 so far. Even though everyone knows what they would buy first if they won a sum such as this, it is likely you would not spend it all in one day. This means the extra cash left would go into your savings.
According to research by Stocklytics, if you put the entirety of your winnings into a savings account with an interest rate of 5.23% – currently the best rate offered on the market at the moment – then you could earn an impressive £ 9.26million over the course of one year. That breaks down to approximately £771,425 per month, and £25,361.25 per day.
Stocklytics says that to put this into perspective, this daily interest “eclipses” the average UK graduate’s annual salary. At the same rate, a graduate earning £21,000 per year would make just £1,098.30 annually in savings interest, while someone on a £35,170 salary would earn £1,839.39 annually.
For further context, the starting salary for a newly qualified nurse in the UK is £29,969 per year, while the minimum starting salary for a teacher in England is £31,650. Starting salaries for police officers vary by force and rank but typically range from £28,551 to £33,348. It’s important to note that although the £ 177 million winnings are tax-free, the interest you make on savings is not, so you will pay tax on it.
You can share your lottery winnings with family and friends or give to charity without you or them paying tax on it at the time of giving. However, your estate could be subject to inheritance tax when you die.
Allwyn says that when a lottery winner claims their prize, they have access to all the support and advice they may require to help with their decisions about the cash. They will also continue to receive support and specialist advice from experts for as long as they need it.
Support for the winner includes access to a financial panel, financial and legal advisors and access to private banking. Winners also have access to other publicity winners for first-hand and unique advice on what it is to be a big National Lottery winner.
Andy Carter, Senior Winners’ Advisor at Allwyn, operator of The National Lottery, said, “We are delighted that we have received a claim and will now ensure the ticket-holder gets all the support they need. This is a truly amazing win, and we will focus on guiding them through the process and helping them to start to enjoy their life-changing win. The team here has huge experience of guiding all of our lucky National Lottery winners through the first steps in their journey of embracing their win.”
