Lottery Savings Accounts Let Savers Win Big Cash Prizes

By: Katie Cordrey - Published: Nov 22, 2010 • References: & freakonomics.blogs.nytimes
Lottery savings accounts give you a chance to win cash prizes instead of earning regular interest on your savings. When you put your money into a lottery savings account, you're paid less interest than holders of standard savings accounts. The unpaid interest is accumulated and given as a lottery prize, usually once a month, to one of the lottery savings account holders. And that can be big money!

In the U.S., lottery savings accounts are only legal in Michigan: Most state-run lotteries prohibit anyone else from using lottery payouts -- even banks. Stats for Lottery-Linked Savings Trending: Older & Chilly
Research: 1,210 clicks in 286 w
Interest: 1.6 minutes
Concept: Lottery Savings Accounts
Related: 55 examples / 42 photos
Segment: Neutral, 18-55
Comparison Set: 20 similar articles, including: personal piggy banks, high-tech savings & donation, and stephen j. dubner, co-author of freakonomics (interview).