Back in June, online bank FNBO Direct launched a video contest called the Pay Yourself First Challenge where users are asked to submit a short YouTube clip about what you are saving for. The first 500 entrants get a $10 Amazon.com gift card, regardless of quality. On top of that, the top 20 submissions get a $500 cash prize, and the top 5 get up to $25,000 in matched savings. Apparently, they overestimated the tech-savviness of their customers, because as of today only fifteen video submissions are up on their group. That means everyone so far is winning $500 by default! Deadline is July 31st.
So, if you have a webcam, why not mess around and make a quick video and get $10 from Amazon. Use some creativity and get a solid chance at $500. My friend borrowed a Mac with iMovie and we whipped up the clip below. Given that we had never used iMovie before tonight, I’m actually quite happy with how it turned out. Remember, you can’t use copyrighted material. Of course, if I really wanted to win the smart thing to do would be to not blog about it here, but I’m not that bright.
FNBO Direct is actually paying 0.85% APY with no minimum balance requirements or fees, which sadly enough is pretty good these days. I do have some money there, and here is my FNBO Direct review.
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with only 18 videos on the site and it being due at the end of the month whats the possibility of them not having the drawing since there is not enough?
wow I suck at these things, but it seems i’ve got a pretty good shot! Thank you so much!
FNBO Direct has done a good job at staying competitive with rates after their 6% promotion last year. My main dislike with their online banking system is their Cashedge transfer system with its slow ACH transfers.
Andrew – I see nothing in the Official Rules about a minimum number of entries. There is the usual “we can cancel at any time for any reason” clause. However, that would be kind of mean to the people who took the time to participate. I’d be mad.
Sarah – Drop a YouTube link of your vid when you’re done. 😉
Ken – Agreed. However, I am usually willing to deal with slighly slower transfers as long as I can transfer in/out for free to any bank. The competitive rates mean I don’t have a reason to jump in and out all the time.
Also – 18 videos are in the group, but 4 are from FNBO themselves (pyfchallenge). So only 14 clips are up! I’m still waiting for them to accept mine, so that may be part of the issue.
Indy mac bank has been shut down: indy mac is shut down by regulators.
@ Nomadic Matt – You are quick..and that seems pretty serious. ONE BILLION IN UNINSURED FUNDS in excess of 100k per depositor?? people are not very smart…..
I’d include the link, but it seems I’m not accepted to the group yet… Not even an email!
It also says you can post up to 5 entries as long as they’re are not similar or are “substantially different”… so, I might have 5 up 🙂
Does anyone know how to find out about the financial stability of FNBO and HSBC, where many of us put our savings to chase the higher rates they offer? I am fearful if they are over leveraged to the housing market and the possibility they may fail too like IndyMac.
So my husband and I kind of spontaneously decided to make a silly video about our savings habits today to submit. Like you, we’re always finding “creative” ways to make or save a buck here and there.
How to Get a Free Lunch: Overcoming Obstacles
http://www.youtube.com/watch?v=-GpoCjgzYVA
But we didn’t read the rules very well so it’s kind of off-topic… it’s about how we DO save vs. what we’re saving for. Oops! But the way the topic was presented was a little vague throughout the site. :-p
Anyway, hope you and your readers enjoy!
Hey, I decided to do a video myself. Here’s the link:
http://www.youtube.com/watch?v=wn6YhPPK0v4
Hope you all enjoy it and make sure you rate it!
Thank you for the link Jonathan!! 🙂
Hey guys/gals 🙂
Here is my video.
http://www.youtube.com/watch?v=QINFEVxyf40
Please rate me and I really hope you enjoy as it is a mix of all sort of themes and it was really really fun to create and be creative 🙂 Oh and I really do love zombies!!!! 🙂
I love watching everyone’s videos also. They are all great! So many awesome and talented people out there!
Aww. I was hoping no one else would notice that this contest was happening. heh heh. When I submitted my video, I think there were only 3 there:
View my little animation here 🙂
Hey Jonathan- Thanks for the heads up on the FNBO Direct contest- I submitted a video and found out today I was one of the 20 semifinalists! Much appreciated! Here’s the video I submitted: http://www.youtube.com/watch?v=_zuKN4Glz2s
I hope some of your other reader’s submissions were successful as well- good luck to all!