The success of Save to Win in Michigan is turning heads. Last Wednesday, Washington State Senators in a vote of 46-2; passed a bill allowing credit unions to offer prize-linked savings accounts.
Prize-linked savings accounts present people with a unique opportunity to get motivated and engaged in saving. This approach to saving is designed for participants to enter prize drawings every time they deposit money into their savings account.
Save to Win, an i3 idea and prize-linked savings program offered through the Michigan Credit Union League, served as a key point in the Senate passing this bill. Its success and popularity was praised by Sen. Derek Kilmer, the primary sponsor of the prize-linked savings bill in Washington. Kilmer noted the astounding results of Save to Win attracting $8.56 million in savings from 11,666 account holders in its first year (2009).
Most states in the U.S. prohibit privately run lotteries. Prize-linked savings is considered illegal under this provision. However, Washington, along with several other states, is trying to pass legislation allowing savings promotion raffles. Washington is one step closer. All eyes are on Washington as the bill makes its way to the House for a vote!
To learn more about Save to Win, click here.
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