I heard about this on a radio show-have a lotto where you put in 10 dollars for one lotto ticket to win a million, but the $10 stays in a savings account--It's called Save to Win
Thanks for sharing your idea! It just didn't generate enough community love to remain viable. Cheers, KristinA
Is there a way to resurrect an idea or would I need to make a new post? I've just heard a couple of podcasts that mentioned this idea, and it sounds like a great idea. Maybe more people are being primed for such an idea if it is making the podcast rounds.
Fair question, @Chaotik_lord. I think this concept is interesting for sure! We'd likely not choose to enter members into a Lotto pool, but instead have another way for members to "buy in" to a challenge with a reward at the end for meeting their goals. If there's a sudden ground swell of support from the community, then we would certainly share the desire with our product team. In the meantime, what kinds of contests do you think would inspire members to join? Would love to hear your thoughts! JohnS
I heard about this too. If BECU is trying to get more people to save, I think this would be a great way. It’s more like you put in money in a certificate of deposit each month and for each $25 you put in a month (up to 10 entries a month) you get placed in a drawing for cash prizes monthly and quarterly. The idea is that the interest rates of return are lower to pay for the cash prizes. Either way, no one loses the money they put into savings.
Some smaller credit unions in WA are participating and I’m curious if It would be feasible for BECU to implement it.
Thanks for adding your thoughts to this idea @JeffP. Would you be comfortable sharing the name(s) of the other credit unions that have this type of program? I'd like to do some research. Thanks in advance! JohnS