* Note: This is a sponsored post reviewed and approved by PrizePool.
Earning interest in a savings account is nice, but better yet, getting a bonus.
Traditional savings accounts let you earn pennies in interest, but prize-tied savings accounts like PrizePool offer a fun way to boost your savings.
By a raise, we mean BIG money – for example, $ 10,000!
You have a chance to win $ 10,000 every month if you save money in the high yielding PrizePool savings account. This is how it works.
What is the Prize Pool?
Take a savings account, add a lottery, and the prize pool appears. PrizePool is a bank account whose mission is to “encourage Americans to build a better financial foundation” by making saving money easier and more fun.
But why a lottery? Research shows that Americans love to buy lottery tickets. In 2019 alone, U.S. consumers spent over $ 91 billion on lottery tickets with incredibly low odds of being paid out.
With PrizePool, every dollar you save gives you another raffle ticket, increasing your chances of winning a cash prize. This is a win-win situation. You win by saving money and you might even win $ 10,000.
How to earn dividends on your savings with a prize pool
When you put your extra money into a regular savings account, it brings in a meager interest rate and hardly rises. PrizePool believes that your savings should benefit you more.
PrizePool offers two ways to multiply your money and make your savings pay dividends.
First, you will receive 0.30% annual interest income in your PrizePool savings account.
This interest rate exceeds the rates offered by many major banks by a factor of ten or more, making PrizePool’s worst-case scenario much better than the alternatives.
Secondly, weekly giveaways increase your savings. You can win up to $ 10,000 in a single draw, even if you have $ 1 in your account. Winning a smaller prize like $ 10 or $ 100 is still a significant increase in your savings.
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Features of the prize fund
That’s what we love about PrizePool.
Weekly prize draws
You have the opportunity to win money every week. At the time of this writing, PrizePool has given away $ 1M in prize raffles!
When you deposit money into the PrizePool Prize Savings Account, you receive one ticket for every dollar you save. You earn tickets every day, so if you have $ 100 in your account, you will earn 100 tickets every day. Your tickets give you the chance to win this week’s prize draw every Friday.
On Friday, PrizePool is giving away around 6,000 cash prizes to its customers. The more tickets you have, the more chances you will win.
Every four weeks, a grand prize of $ 10,000 is drawn. Whether you saved $ 1 or $ 1,000, you have a chance to win a cash prize.
Accumulation bonus
Even if you don’t win the weekly draw, PrizePool rewards your savings. This is why PrizePool offers 0.30% per annum on your balance on top of any prizes you win.
This interest rate is higher than the rates offered by many conventional banks, giving you a reason to use the Prize Pool even if you don’t care about the idea of cash prizes.
Since March 2021, PrizePool has paid out cumulative bonuses of $ 41,900.
Prize pool debit card
In the coming months, PrizePool plans to launch a debit card that will give depositors more efficient access to their money and increase their chances of winning in the draw.
Every time you spend $ 1 using a debit card, PrizePool rewards you with 30 tickets to this week’s raffle.
Plus, you have the chance to be compensated for your purchase every time you use your PrizePool debit card. Every day PrizePool randomly selects debit card transactions for a refund. Every transaction has a chance to win, and there is no limit on the number of transactions that can be refunded or the number of refunds a person can receive. However, there is a $ 2,000 limit per purchase.
The card also includes other typical debit card features like MasterCard price protection and security tools like the ability to block your card from the app and zero liability fraud protection.
Keep an eye on this feature as PrizePool will expand its debit card reward program in the coming months.
FDIC insurance
If you are saving your money, you want to make sure nothing happens to them.
This is why PrizePool is better than the lottery. The essence of the service is to save, not waste money on the chances of winning. You will not lose money in your account if you do not win the draw this week.
Second, the accounts to which you deposit your money are fully insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC offers protection for savings account balances up to $ 250,000. This makes PrizePool as safe as any other traditional savings account.
Bonus for inviting a friend
Winning is more fun when you do it with your friends. This is why PrizePool offers a great referral bonus.
To date, PrizePool has paid out $ 92,500 in referral bonuses.
You will not receive an upfront payment if your friend joins PrizePool, but if your friend wins a prize, their winnings will automatically increase by 10%. For example, if they win $ 100 in a draw, PrizePool will deposit $ 110 into their account.
In addition, for attracting them, you will also receive a bonus of 10% of their winnings. This means that you will also receive a $ 10 bonus.
These referral bonuses do not expire, so you have a chance to win with a friend as long as you both continue to use the prize pool.
No commissions or minimum balance
Sometimes banks make it difficult to start saving by adding limits and requirements to the minimum balance in their savings accounts.
Many banks also charge a monthly fee for opening accounts. You can often avoid these fees, but for that you have to jump through hoops. For example, you may need to deposit at least $ 25 per month, or have a balance of at least $ 500 to avoid the $ 5 monthly fee.
How can your savings account be safe if payments are slowly eating up your balance?
The prize pool does not require a minimum balance and does not charge any commissions. The only requirement is that you must have at least $ 1 in your account in order to earn tickets to the weekly prize draws.
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Is Prizepool a legit savings app? – Here’s what others have to say about it
Yes, PrizePool is a legitimate savings app. The company has partnered with Evolve Bank & Trust to offer FDIC insured savings accounts. There is virtually no risk of saving you money with PrizePool, because the FDIC guarantees a refund to you if the company, for whatever reason, is unable to get your deposits back.
The Wall Street Journal covered Prize Pool in 2020, discussing how it could replace American lottery spending by turning it into savings.
The PrizePool website also has loads of positive customer reviews. Here’s what you’ll find:
“PrizePool makes depositing money in a savings account really interesting and worthwhile. With interest rates so low, it’s easy – and I love getting the chances for the top prizes! ” – Humphrey Young (PrizePool user)
“This app was nothing more than a simple and fun way to save money. I didn’t get anything from my regular savings account. I just make automatic weekly deposits. Tickets are added to the account and the draw every Friday. My savings so far have generated over 8%. And it’s FDIC insured. I am glad that we finally have the same in the US as it has been in Europe for many years. ” – Notrub325 (prize pool user)
Bottom line
PrizPool takes a different approach to savings than most bank accounts. Aside from the fixed high interest rate, the company is entertaining the savings by giving away cash prizes in weekly raffles.
If you are looking for a way to have fun, save money and have tons of chances to win big money, PrizePool is for you.
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