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Delaware Code Title 5. Banking § 933. Prize linked savings programs

Current as of January 01, 2026 | Updated by Findlaw Staff

(a) For purposes of this section “savings promotion raffle” means a raffle conducted by a bank or credit union doing business in Delaware where the sole action required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program.

(b) Any bank or credit union doing business in this State may conduct a savings promotion raffle provided that the bank or credit union:

(1) Conducts the savings promotion raffle in a manner that ensures that each entry has an equal chance of winning the designated prize;

(2) Fully discloses the terms and conditions of the savings promotion raffle to each of its account holders;

(3) Offers an interest rate that is commensurate with the interest rate the bank or credit union offers on comparable savings accounts or savings programs that are not subject to a savings promotion raffle;  and

(4) Maintains records sufficient to facilitate an audit of such savings promotion raffle.

(c) A savings promotion raffle is not a lottery for purposes of Chapter 48 of Title 29.

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Cite this article: FindLaw.com - Delaware Code Title 5. Banking § 933. Prize linked savings programs - last updated January 01, 2026 | https://codes.findlaw.com/de/title-5-banking/de-code-sect-5-933/

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