Liz Pullliam Weston, author and personal financial columnist, has teamed up with FNBO Direct (the online savings arm of First National Bank of Omaha) to sponsor a contest called “Pay Yourself First” in which five winners will each receive $5,000. Those who wished to participate sent in a one-minute video about why they save money or about their savings goals. From 150 submissions, a surprisingly small number when the threshold for entry seems rather easy, the judges narrowed the pool down to 20 semi-finalists.
You can view 134 of the 150 submissions by visiting the Pay Yourself First Challenge group on Youtube.
The point of this marketing event is to remind people across the country to ensure they are doing more than just paying their bills. FNBO Direct suggests using Direct Deposit to filter automatic savings directly into an online bank account, emphasizing the primary importance of saving, even before bills like mortgage, rent, and utilities are paid.
As the contest winds down, Liz Pulliam Weston and the president of First National Bank of Omaha will choose five finalists. These finalists will track their savings progress online for six months. For all his or her hard work, the grand prize winner, selected at the end of the six-month journey, will receive an all-expense paid vacation. All five of the finalists will be winners, however, because FNBO Direct will match their accumulated savings up to $5,000 per person.
FNBO Direct is currently offering a 3.5% APY on their savings account, currently one of the highest interest rates in the United States.
Updated June 9, 2011 and originally published September 10, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.