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Promoting Personal Savings - Prize-linked savings accounts - accounts in which the interest on all accounts is pooled and given as a cash prize to a winning account holder - are proven to incentivize savings among low-income households. Having a personal savings account provides stability and helps families avoid the credit trap. S. 495, filed by Senator Downing, would allow banks and credit unions in Massachusetts to offer these products and encourage first-time savers. The bill was engrossed by the Senate and awaits action in the House of Representatives.

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