PrizePool (getprizepool.com) provides a new type of banking account where you can win a cash prize every week by saving money. This savings account combines online banking with a weekly sweepstake designed to incentivize personal savings.
How does PrizePool works?
- PrizePool uses Evolve Bank and Trust to create an FDIC-insured account , insured up to $250,000, to hold your deposits. There is no minimum deposit required.
- Deposit money using your existing bank account. PrizePool uses Plaid, a VISA company, to securely and easily link your existing bank account to your PrizePool account.
- Every $1 deposited with PrizePool gets you 1 ticket per day. For example, if you have $100 deposited with PrizePool from September 1 to September 10, you will have 1,000 tickets. The maximum tickets you can accrue each 4-week Series is 3,000,000.
- Each Series has over 4,000 winners totaling $50,000 in cash prizes including a $25,000 Grand Prize. All tickets accrued during the Series will be entered into each Weekly Drawing. You can win one prize each weekly drawing. Ticket balances reset every Series. If you don’t win a prize, you will never lose your deposit (it is FDIC insured).
- If you had around $1000 balance, you had a 72% chance of winning a prize and the expected APY for $1000 is 19.23%.
- PrizePool has no hidden fees, monthly fees, or transfer fees.
- No required minimum balances, account service charges or overdraft fees.
With today’s measly interest rates from the banks, you want a better interest rate for your saving. One of the best chance of getting a better interest rate for your savings, without risk, is to open an prized linked savings account from PrizePool.
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