SPARTANBURG, S.C. (WSPA) – If you’re bad about saving your money, there’s a way that makes it easier, and more appealing.
Four years ago, Jerome Teasley took a chance and quit work at a plant to create his own personal fitness company. But money was tight.
“And I couldn’t save, and I couldn’t do things. So then I started making money and I started doing things but wasn’t saving,” he said.
But then he heard about a “Save to Win” account at his credit union.
“Save to Win” is a new incentive program where you get entered for a cash prize, for every $25 deposit, up to 10 times a month. The drawings are between $25 and $5,000.
“At first, I wasn’t going to do it. I walked off. And then, I was like, I think I’m going to do it,” Teasley said.
SC Telco is the first in South Carolina to offer the program.
We talked with Jessica Baker with SC Telco and asked her if there was a catch to the program.
“No, absolutely not. It’s a win win for everyone. It’s a win win for us because our mission is to help improve our members’ financial lives and this puts them on a path to savings,” she said.
And it’s a win for participants, like Dwayne Morris, since the interest rate is higher than a regular savings account, at 0.25%.
But, is he draws money, he’ll owe a fee.
“I haven’t touched nothing and I’m doing good and I’m proud of myself,” Morris said.
South Carolina is only the 10th state in the nation to allow this type of prize-linked savings account.
That’s because in June, new legislation went into effect that differentiated this incentive program from an actual lottery.
Teasley is confident his discipline in fitness will make him financially fit, with the help of Save to WIn.
“Once I set a goal, I go for it, so I really don’t have any doubt that I will achieve that,” he said.
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