(15 October 2010 – Global) Critics and advocacy groups have slammed the Bank of Queensland’s latest product offering, a savings account with lottery tickets, saying it encourages gambling.The ‘lottery-style’ account will allow deposit holders who deposit a minimum of A$250 a month to be entered into a monthly draw for a chance to win a A$20,000 cash prize.
The account will be available from November and was revealed during the bank’s profit announcement yesterday.
Over the next six months we will be rolling out a suite of new products to attract new customers and reduce our funding costs, kicking off with our innovative Save To Win account, launching next month, said Bank of Queensland managing director David Liddy.
Save To Win will be unique in the marketplace and gives customers the opportunity to win cash in a monthly prize draw, Mr Liddy added.
Advocacy group GetUp said the product was aimed at Australians who gamble.
Sam Mclean, spokesman the group, told Fairfax that it was clearly an account that targets younger Australians and those Australian who gamble, and that’s a very dangerous path to be going down for an institution which is supposed to provide good financial advice.
Mr Liddy defended the product, saying it had been approved by regulatory authorities.
It’s not gambling. You’re putting your money safely in a bank and being potentially rewarded … you’re not putting your capital at risk at all, Mr Liddy told Fairfax.