The record-breaking billion-dollar jackpot was won by about three people, and not one of them, unfortunately, was you. If this does not deter you from trying your luck again, perhaps you'll do well to put away money in a savings account set up like the lottery.

Called the Prize-Linked Savings account (PLS), this financial tool is no different from the usual bank account. However, it does not provide interest. Instead, the interest that your money is supposed to earn will be combined with other PLS accounts and given out to account holders as raffle prizes, as per The Huffington Post.

Previously, the PLS used to be only applicable to credit unions in certain states. However, after a federal legislation legalizing the account for use in major banks and credit unions in all states was passed in 2014, it became a more accessible and legitimate financial tool.

The bill was passed in order to help promote savings, as people reportedly aren't putting away money as they should.

"Folks aren't saving enough money," Representative Derek Kilmer, the bill's co-sponsor, told CNN. "Whether it's for a medical emergency or a lost job, having savings as a cushion is really important."

The program has been successful in Michigan, North Carolina, Nebraska, and Washington. With the implementation of the legislation, the best practices of the program in the said states may now be copied by other states.

It was in Michigan that the first big-scale PLS was set up seven years ago. Called Save to Win, it gave raffle entries to account holders for every $25 deposit via year-long certificates of deposit. The winning entries could get as much as $3,750 in prizes each month or $10,000 for the annual prize.

The scheme is working as the majority of those who participated in this program had not saved money before. The concept's win-win arrangement appeared to appeal to those new at saving money.

"Literally, you can't lose," Kilmer pointed out. "The worst that happens is you save a bunch of money, and the best thing is you win a cash prize."

Indeed, the benefit of this program is that the saver's money remains as it is even without getting lucky at the raffle while, at the same time, satisfying the account holder's yen for the lottery.

Considering that the odds of winning the lottery is about one in 292 million, the PLS program appear to be a more viable option that puts the saver closer to the possibility of winning a prize.

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