Save to Win: You win even if you lose: Put cash in savings, be entered in a lottery
June 23, 2014
June 22, 2014
By Kyung M. Song, Seattle Times Washington Bureau
Some credit unions in Washington last year began offering savings accounts that offer chances to win cash prizes. Now U.S. Rep. Derek Kilmer, D-Gig Harbor, is pushing to allow federally chartered banks to do the same.
WASHINGTON — Call it preferential banking for people with the least money.
Since 2013, a handful of credit unions in Washington state have taken advantage of a new state regulation written to encourage people with little savings to sock away more money. For every $25 they put into a certificate of deposit (CD) as part of the Save to Win program, members are automatically entered into regular lotteries with payouts ranging from $50 to $5,000.
Some credit unions even offer higher interest rates on Save to Win deposits than on regular CDs.
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