It's the "Who can save more" contest!


Last week on WalletPop you read about how I thought banks could encourage savings by telling me I was a good boy! After I gave it some more thought I realized that we need a program similar to what my bank had when I was growing up, the Moola Moola savings club.

This club for youngsters featured contests and events which, in order to be a part of, you needed to deposit a certain amount of money. While my bank no longer participates in the Moola Moola club, I found a bank in Philadelphia which is sponsoring a summer savings program from which they will choose a winner for a Nintendo Wii as well as several other prizes.

There are several reasons that a program like this would be a good idea, the first being that people seem to be suckers for prizes, they'll drop $20 on raffle tickets to support a random charity or at the high school ball game's 50/50 drawing but they haven't even put a drop into savings.