WEOKIE CU in Oklahoma City, implemented an awesome Prize-Based Savings Account on April 1.
There new program simply enhances their basic membership savings account. All members already qualify. To gain an entry the member must add an additional $50 to the average daily balance during the month. They are giving away a total for $5000 to 30 winners each month. This program is an excellent way to give back to their members as well as get members to save more money each month. For members of WEOKIE, there is no reason why they shouldn't deposit at least $50 which can be done via automatic transfer or any number of ways.
Again congrats to Weokie on such a great job implementing the idea. Based on their structure I think the success of the product will be great.