The idea is that people will be more interested in saving with a low interest ra... | Hacker News

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		a_dabbler on Nov 23, 2024 \| parent \| context \| favorite \| on: Americans see their savings vanish in Synapse fint... The idea is that people will be more interested in saving with a low interest rate with the chance to win more than having the higher interest rate. In Ireland the state runs this thing called prize bonds which is a similar idea https://www.statesavings.ie/help-support/help-articles/how-d...

mrec on Nov 23, 2024 [–]

Looks exactly like Premium Bonds here in the UK. (Winnings on those are also tax free, not sure if yours are the same.)

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