This Lottery Will Save you Money


Drawn in by the chance at a $100,000 prize, members of several Michigan credit unions are saving instead of spending thanks to a new "Save to Win" program that promises (and for some, delivers) a chance at free money.

According to The Wall Street Journal, Peter Tufano, a finance professor from Harvard Business School created the program in the hopes of playing off of a basic principle in behavioral science: most people overestimate how lucky they are.

Save to Win is simple: Members of the Michigan credit unions can invest $25 or more into a special one-year CD that is guaranteed by the National Credit Union Administration and returns between 1% and 1.5% annual interest. This act of saving enters each member into a drawing for a monthly prize of $400 and a grand prize of $100,000 annually.

The contest also offers two $100, three $50, two $25 and one $15 prize awarded randomly each month.

Participants can make as many as 10 deposits of $25 or more a month, each giving them an extra "ticket" for the raffle draw. This means that each participant has the opportunity to earn a total of 120 entries a year for the grand prize draw that is scheduled for January 15, 2010.

Since the program began 25 weeks ago, there have been about $3.1 million in new deposits at the eight participating credit unions.
One drawback: For those out-of-staters hoping to invest, you're out of luck; the program requires a Michigan residency.

For more information on the program's rules and a list of participating credit unions, visit the program's Web site.

Related Stories:

5 Ways to Blog for Dollars

How to Avoid Excessive Bank Fees

How to Save More, Automatically

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at

Show Comments

Back to Top