Lottery Savings Pot


(Benjamin Paul Heap) #1

Not sure on the legality of this but here goes…

A savings pot that pays no interest, but for every pound in there you get entry into a raffle that pays out big money prizes (from the combined interest of everyone’s investment)

Like premium bonds but easier to invest/withdraw from because it’s in Monzo


(Max Walker) #2

Personally, I like this Idea because as anyone who has ever held premium bonds know they can be a bit of a pain to purchase, manage and sell.

But (and this is where I have to bring that horrible legal bit out), from a legal standpoint lotteries are super regulated and Camelot who run the national lottery have been known to be agressive towards competitors - http://www.bbc.co.uk/news/business-19343046.

Nonetheless it’s a good and different Idea, if the legal bits could be worked out it would be an interesting concept and probably quite popular.

Maybe a less legally sensitive idea would be a competition each month where there were prizes (in lieu of interest), where your balance didn’t affect the number of entries (making it a competition not a raffle/lottery) which would perhaps be legally easier.

Lloyds did this a while back http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/10416942/Lloyds-to-refund-1000-card-purchases-a-week.html which seemed to be ok as it was a competition rather than a raffle so maybe it’s possible.


(Stuart Sydenham) #3

Similar to this


(Kevyn) #4

Are they? I purchase Premium Bonds within seconds online, manage them on the online service and sell them within the 3 days BACs payment when I withdraw them.


(Max Walker) #5

It’s obviously improved since my last foray.

I guess the ability to invest single £1 units would be the advantage of a competitor


(Benjamin Paul Heap) #6

I was listening to a Freakonomics podcast where they were discussing this idea.

I think it would be great at encouraging people to save. Premium bonds do look a lot easier to buy these days but I’m sure Monzo could make it happen in two clicks