By Bob Katzen

Effective January 28, 2017, a new bill on Beacon Hill allows banks to conduct a “savings promotion raffle” and offer prizes to winners. The contests, designed to encourage more people to save money, are open only to customers who deposit a specific amount of money, to be determined by the bank, in a savings account. 

   Supporters say some states have already done this and have seen a marked increase in the number of people who open savings accounts at the bank. They argued it is a great promotion that will result in more Bay State residents depositing money into a savings account.

  Opponents say that banks should not be involved in raffles and gambling.