Combining A Lottery With A Savings Account

Last year I mentioned a savings program that Michigan credit unions have set up in which contributions to credit union members' savings accounts give them a chance to win cash bonuses. In summary, members give up some interest in exchange for a small chance of a big payout.

Everyone can now participate in this type of program at SaveUp.com. Here are excerpts from the How SaveUp works page:

SaveUp can securely connect with nearly every financial institution in the US that provides online banking services. Using this connection, SaveUp monitors account balances in order to issue credits.

every time you save money or reduce debt, we automatically award you SaveUp credits. Use these credits for the chance at cash and prizes.

Use the credits you earn from saving money and paying down debt for a daily chance at cash, cars, vacations, and rewards up to a $2,000,000 jackpot.

According to SaveUp.com's How it's free page, they use sponsorships and financial partners to keep the service free.

One downside to this service is that like Mint.com you need to give the service your financial institutions' login info so it track your account balances. Many have concerns about this.

Credit to My Money Blog for the find.