The Servus Big Share contest* is back again, and for its 5th anniversary year, the new chance to earn 5 entries for every $500 saved means the opportunity to increase your odds of winning the $1 million prize has never been better.
Here are three simple tips for how you can make the most of participating in the Servus Big Share contest:
1. Set up direct deposit
This one's super straight forward. The easiest way to grow your balances is to have your regular payroll deposits (or any other regular payments you receive, including CRA payments) go directly into your Servus account, rather than having to transfer savings in from another account.
For example, if you earn $2000 every two weeks $500 of which you don't spend, that's $1000 – or 10 entries. If you had direct deposit set up for every month of the contest (January-April) you'd have 40 contest entries total just off the money you earn regularly.
2. Set a digital goal and save automatically
To make sure the money you're saving is working for you, our next tip is to take advantage of our digital goal tool, available in Servus online banking. The tool lets you set up flexible, pre-authorized contributions into a savings account where your money will earn interest (that's key!).
You simply choose the amount you want to transfer and how often (say that $500 every two weeks from the example above), and the tool will automatically open a special goal account where you can watch your funds grow.
The more your money grows, the more chances at $1 million you'll have.
3. Transfer an existing savings account
We saved the best tip for increasing your Servus Big Share entries for last. Chances are you're already saving for something in an account somewhere, so why not move that account over to Servus where it might make you a millionaire?
It can be funds from a non-registered savings or a registered account such as a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP). Let's say you have $10,000 in a TFSA, by bringing that account to Servus (where you can also enjoy the perks of our Tax-Free Growth Account) you'd earn 100 contest entries!
Think about what savings you already have set aside and then calculate how many $1 million chances those savings are worth using our entry calculator.
Remember, the more money you save using these tips before the Servus Big Share contest closes on April 30, 2023, the more chances you'll have at becoming the next Servus millionaire.
If you're not a member yet, join today by opening an account (we can think of a million reasons why you should). And if you're already a member, saving is easy in online banking.
*See the official contest rules for eligibility, alternate means of entry and other important conditions.