Banks Create Savings Accounts That Double As Lottery Tickets
Save to Win program is a savings deposit and a lottery system built into one.
A group of eight Michigan credit unions have started the Save to Win program, which works both as a lottery and as a savings deposit program. Under this setup, Michigan residents have to open a one year share certificate with at least $25 deposited every month. The program gives out monthly prizes ranging from $125 to $1,000 and all active accounts qualify for the grand prize of $100,000 after the Save to Win program period is over.
The program is a win-win setup for people as they not only walk away with their deposits with interest at the end of the year, they also get a chance to win $100,000.