My state has begn a program to encourage people to save. Put money in a participating bank (up to $5000), agree to read state-provided literature on financial literacy issues, take and pass a test at the end of a year, and get an extra 3% interest on your money. The banks also kick in .25% above their normal passbook rate, for a total incentive of 3.25% (on top of the regular microscopic rate). Could be worth about $130 extra after a year.
A link with more info.
Our tax dollars at work. Well, it's far from the dumbest thing I've seen. During the press conference announcing the program a reporter asked if this new program wasn't contrary to messages from Washington urging citizens to spend more to stimulate the economy. The State Treasurer noted that it is still very important that people spend their money, and that this modest program is just designed to help people establish a rainy day fund.
A link with more info.
Our tax dollars at work. Well, it's far from the dumbest thing I've seen. During the press conference announcing the program a reporter asked if this new program wasn't contrary to messages from Washington urging citizens to spend more to stimulate the economy. The State Treasurer noted that it is still very important that people spend their money, and that this modest program is just designed to help people establish a rainy day fund.
