Save to win
August 4, 2009 | alternatives, industry | Comments (0)This story has been kicking around the Internet for a week or so:
Save to Win Program
If people are more interested in the chance to win the big prize than they are saving, why not create a tool that combines both?
Thankfully, a finance professor from Harvard did just that. Earlier this year a savings program called “Save to Win” was launched in Michigan for members of eight select credit unions. The basic premise is that people who increase their savings are eligible to win a $100,000 jackpot.
“…it is a cross between a certificate of deposit and a raffle ticket. Members who put $25 or more into a Save to Win one-year CD are entered into a monthly “savings raffle” for prizes up to $400, plus one annual drawing for a $100,000 jackpot. Only Michigan residents are eligible to participate.”
It seems to be working. In the 6 months the program has been running it has attracted over $3.1 million in new deposits – many of which were from people who not been successful saving in the past.
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