OLYMPIA, Wash. – Governor Christine Gregoire signed the new law allowing credit unions to offer prize-linked savings contests.
"With the household savings rates of Americans in a decade-long decline, this legislation law will allow financial institutions to encourage savings with innovative solutions," said John Annaloro, president of the Northwest CU. "Credit unions are seemingly the only group offering such innovative solutions to a complex societal trend."
Washington follows last month’s passage of a similar bill allowing savings lotteries in Nebraska.
Both states are modeling their efforts after the $100,000 savings contest financed by eight Michigan credit unions the past two years that attracted millions of dollars in new savings.
