Please login to vote


Agree 0 Disagree 0

Lotteries or prizes could encourage people to save more

By Hicbd
Mon Sep 1 2014 9:36 am

"Four states—Michigan, Nebraska, North Carolina and Washington—now allow credit unions to offer cash prizes as an incentive to encourage people to save more...By opening a 12-month share certificate with as little as $25—far less than the minimum for most bank certificates of deposit—participants in prize-linked savings programs earn an entry into that month’s drawing and become eligible for a yearly grand prize. For each $25 added to the account (up to 10 deposits per month), a participant earns another entry. Savers are allowed to withdraw money before the end of the 12 months, but to do so they typically have to pay a $25 fee."


URL Credit

Poverty Asset Building U.S. Poverty Bank Accounts Saving


Please login to comment

Bernardo Wed May 20 2015
9:33 am
This is a really interesting proposition and Idea!


Share on Facebook

Share on Twitter

Add to Favorites