18/07/2009

A gambling edge to savings.

No one would like to pass an opportunity when the odds are in their favour. Relying on this fact, 8 credit unions in Michigan have launched a “Save to Win” program that is a cross between a CD (certificate of deposit) and a raffle ticket to stimulate the urge to save among its members.

Nevertheless, what is SAVE TO WIN?

It's a special savings account at your credit union that helps you chances to win a grand prize of $100,000, plus monthly cash prizes! Each $25 deposit into this savings account helps you build your savings and gets you another chance to win - up to 10 chances every month. That's up to 120 entries into the grand prize drawing. Plus, all the money you deposit into the Save to Win account is still yours, plus interest. You can't lose!

However, doesn’t the fact that there is no chance of losing negate the thrill of gambling and thus preclude those whose tendency is to gamble and not to save?