PrizePool

PrizePool is a "prize-linked savings" app that gamifies the act of saving money. Instead of paying a traditional (and often low) interest rate, PrizePool enters users into weekly drawings for cash prizes. The more money you save, the more tickets you earn, increasing your chances of winning. Even if you don't win a prize, you earn a guaranteed monthly savings bonus.

The concept is based on "Premium Bonds" which are popular in the UK. PrizePool partners with Evolve Bank & Trust to ensure that all deposits are FDIC insured, making it a safe place to park cash. It is a legitimate and fun alternative to a standard savings account, incentivizing financial health through the thrill of potential windfalls.

Frequently Asked Questions

1. Is my money safe?

Yes, deposits are held by Evolve Bank & Trust and are FDIC insured up to $250,000.

2. Does it cost money?

No, PrizePool is free to use; they make money from interchange fees when you use their debit card.

3. How much can I win?

Prizes range from small amounts ($0.20) to a monthly grand prize of $10,000.

4. Can I lose my principal?

No, this is a savings account, not a lottery; your principal balance is never at risk.

5. How do I get money out?

You can withdraw your funds back to your linked bank account at any time, usually taking 1-3 business days.