pic by glenfairchild

Eight credit unions in Michigan for residents only have come up with a unique idea to promote savings and added a little chance. Open a certificate of deposit of $25 of more and get a raffle ticket.  It gives the account holder a chance at winning a prize of $400 for the month and enters them in an annual $100,000 drawing.   The certificate of deposit is federally insured.   Over a 25 week period it motivated individuals to save over $3 million.  

Now that’s a group of banks who have found a way to increase value for its members.  More money to loan its members and an increased savings rate during a recession. 

This entry was posted on Tuesday, October 20th, 2009 at 12:01 am and is filed under Investing, Budgeting. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.