If you want to get the biggest bang for your buck, you should consider opening a prize-linked savings account.
Prize-Linked Savings Accounts are accounts that reward members with prizes and cash for saving money. You can look at as a lottery ticket of some sort.
In fact, some states look at is as illegal gambling which is why it’s not offered everywhere.
Can you imagine your bank giving you money just because you commit to saving money??? Well there are some financial institutions that will do just that!
If you cannot open a Prize-Linked Savings Account, you can set up a system for yourself and get a similar result: increased savings.
Prized-Linked Savings Accounts
Prize-Linked Savings Accounts in the United States
There are 24 states that allow banks and credit unions to offer prized-linked savings accounts via promotional raffles. There are 4 states that allow credit unions to directly offer prized linked savings accounts. Prized-Linked Savings Accounts are considered savings with a jackpot on the side.
Save to Win is the first prized-linked savings account system that was established in 2009 as a way to help lower and middle income people save. Their site has a list of states and credit unions that participate in the program.
Prize-Linked Savings and Money Games
I never thought of prize-linked savings accounts until I came across a money game.
Money Savings Games
If you are ineligible to get a prize-linked savings account, then create your own. You can do this by the money game shown above.
You can also download some apps that act as prize-linked savings accounts.
I actually LOVE the concept of Tip Yourself. You set up your own goals and have money transferred from your account into a “jar” held in a Tip Yourself Account. There are SOOOO many ways this is fun and exciting!!!
Prized-Linked Savings Can Help You Build Your Emergency Fund
You can build your emergency fund by making regular deposits into your account. Every deposit gives you a chance to earn a cash prize for your account. And again, if you cannot participate at a bank then create your own prize linked savings account. The options are limitless.
You have all the resources to save and have fun saving!
Check to see if a bank or credit union in your area offers these prize-linked savings accounts.
If not, play some money games or download some apps. The future of your savings is literally in your hands!
Save money and have fun
Prize linked savings account or creating something similar can give you the savings boost you may need.
If you want to get serious about your savings and have some fun try to locate a bank or credit union in your area that offers these types of accounts. Or better yet, come up with some fun and unique ways to save your money.