what Smokeone is saying about interest is correct but it isnt totally correct. Even for your friend who works in Citi WealthMGMT. Money dont get you those particular rates, the vehicles you deal with does.
So he does have the correct idea & most of yall are saying banks. Yes you can go to a bank to get the services & rates he speaks off, but it wont be a FDIC(insured) product.
the bank will pass you off to the investment portion of the bank(WealthMGmt is a name for that dept. there they will invest your money in products(not a typical savings acct) but investments. so many different vehicles fall under investment to get high rates etc.
IE: annuities, mutual bonds just to name a few. Hedge funds come later in too. again the amount you have & will to risk determines alot in the investment(non banking)
the higher the rate, the greater the risk
I appreciate it you backing me up brah, and yes I mentioned mutual bonds and stocks in a previous post. So you know exactly what you're talking about and I respect that. But I'm dead serious when my dude in wealth management said he could take $5 million and put it in his bank account, let it sit and get 5% interest. He's been a financial planner for years so I trust him. But see to him, he makes 200k at the bank working, so to retire and live off 250k for the rest of his life (hes already 56) doesnt seem so bad to him. But to young people like us, who want to flaunt a little bit but yet not go broke, we might be willing to take more of the risks like you mentioned. Ultimately what you decide to do with your money if you ever won is based on your own personal investment goals.