Recently, voters in Texas approved a constitutional amendment that will help citizens in a novel way: Prize-linked savings accounts. Let’s take a look at what these are, why they are good for consumers, and why you should demand them from your own state legislature. What is a Prize-Linked Savings account? Prize-linked savings accounts are bank accounts that have no – or close to no – interest rate on the money held within the account. Instead of receiving a pittance for keeping money with an institution and allowing it to use your money for loans, people who hold these accounts are entered into a no-lose
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What Is a Prize-Linked Savings Account?
