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Secure the bag: Prize-based savings vs. playing the lotto

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NORTH TEXAS -- Didn't eat enough black-eyed peas this New Year? Well, winning the lotto might not be in your future. But don't worry, a recent change to one Texas law could make you a winner after all.

It's called Proposition Seven or in this case: Lucky Seven.

Back in November, voters approved the prop,  allowing credit unions and banks to set up "prize-linked savings accounts."

As a customer, the more money you save, the more chances you have to win a raffle prize. So, unlike the lotto or some scratch-off ticket, you can actually save the money you put towards the prize, just like a man who was rewarded nearly $50,000 Wednesday morning from Neighborhood Credit Union.

This Dallas-based credit union rewards its members with over $130,000 in cash prizes every year – just for saving their own money! Neighborhood Credit Union’s prize savings account has monthly, quarterly and annual cash giveaways, rewarding every member with a chance to win.

On the other hand, it only takes $2 or $3 to try your luck at a $460 million dollar Powerball.

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