Honestly, depositing your money in a savings account and waiting to earn some interest is quite dull. On the contrary, you know what’s exciting? Spending money on lottery tickets and trying out your luck.
An average American spends around $223 on lottery tickets every year. While gambling is an exciting venture, it usually makes more fools than winners. Most people think they’re contributing to a profitable endeavor but are throwing their money down the drain of endless hope.
However, what if we told you there’s a way that can make savings fun while giving you a chance to win exciting prizes? Check out this PrizePool review to find out.
What is PrizePool?
Launched in 2019 by Frankie Chien, PrizePool is an online savings service that aims to incentivize financial discipline for its users. In addition, the platform partners with Evolve Bank & Trust to provide impeccable banking features and lottery opportunities.
Mainly, a PrizePool savings account lets you save your earnings in a better way while receiving a higher interest rate compared to conventional banks. With a 4.6-star rating on the app store, the platform undoubtedly gets some love from users ranging from rideshare drivers, gig workers, freelancers, and small business owners.
It stands out among other savings account platforms because it rewards its users through lottery prizes. You don’t have to part with hard-earned cash to enter their lottery program. Instead, you automatically get a free lottery ticket based on your account balance and weekly deposits.
So, you’re immediately eligible for entering their lottery without actually purchasing a ticket. Moreover, unlike other lottery systems, you don’t lose any money even if you don’t win any prizes. So, it’s a win-win situation.
We know what you’re thinking. Why would the platform reward you with millions solely for depositing money into your account? How does the platform itself make money? Read further to find out how the platform works.
How Does PrizePool Work?
PrizePool works by combining conventional savings account benefits with a kick of lottery prizes. All you have to do is create an account and deposit money as you would with any other bank.
The platform gives you a single lottery ticket per day for every dollar you deposit into your savings account. So, for example, suppose you have a hundred dollars in your account sitting for ten days; you will have 1000 lottery tickets to participate in the weekly drawing.
The prizes are given out every Friday, and if you’re lucky, you can get your hands on the Grand Prize worth $25000. Even if you don’t get the jackpot, you can earn anything from $0.20 to $1000 through a lottery ticket.
This system attracts freelancers and small business owners to deposit their money on PrizePool. Ultimately, the influx of deposits generates a yield for their partner banks, which fund the lottery prizes on the platform.
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How to Join PrizePool?
If you think PrizePool is a great way to save your money and get interest while participating in weekly lucky draws, you should join the platform right away. The best part is that the process will take you mere minutes.
Start by downloading the app on your smartphone and providing basic details about yourself. These include your name, email, and contact details. Next, the platform will send a verification email, after which you will need to provide additional information such as your address, phone number, date of birth, and social security number.
Once the platform verifies your information, you can link any bank account to your PrizePool account and start saving money.
However, to start the signup process, you will have to ensure that you are eligible to join the platform. Anyone 18 years or older who resides within the US can participate without hassle.
But, you will have to pass the platform’s identification and verification tests before creating a savings account.
Now that you know the basic details about PrizePool, you probably want to create an account. However, before you do, you should conduct complete due diligence about the platform before parting with your money. Here’s a comprehensive overview of each feature of the app so you can decide whether it is the right option for you or not.
PrizePool Savings Account
If you’re a small business owner looking for a savings account with maximum interest without incurring additional costs, then the PrizePool savings account is ideal. Whether you’re trying to save up for your kid’s college tuition or a new house, you can quickly put your money aside using this service and earn some interest.
While the interest rate cannot replace a reliable income or a secure job, it can help you take your money further and secure your future.
The best part is that you don’t have to pay for this service. Usually, savings accounts with high-interest rates come with a high fee. Most people think that the endeavor is best left to the rich.
However, with PrizePool savings account services, you can put some money aside even when you have bills to pay and loans to repay. Without worrying about any additional fees, it is easy to get the value of the money you deposit.
Honestly, the PrizePool lottery system is the cherry on the top when considering its fee-free savings account. You get impeccable banking services for free, but you also get a chance to earn up to $50,0000 every week.
Initially, the platform offered a $250000 jackpot combined with $4000 additional prizes. After a sudden increase in its user base, the platform decided to increase the jackpot amount and give out more bonus rewards to its loyal users. Even if you don’t get the jackpot, you can earn a chunk from their $6000 weekly cash prizes.
However, winning or losing is a sheer case of luck when it comes to lotteries. You can either win your first lottery on the first day or spend months on the app without significant rewards. But, you can take several measures to increase your odds of bagging a prize every week.
For example, the more tickets you get for the weekly drawing, the more chances you win a cash prize. There are many ways you can receive extra tickets for weekly drawings, such as making maximum deposits and referring the app to your friends and family.
Furthermore, you can also try your luck with its Ticket Tuesday program to get your hands on full tickets for the next drawing. Then, all you have to do is complete a few steps on social media, such as sharing a post or commenting on their posts.
Upon completing the tasks, you will get a referral code through which you can get extra tickets on your account. Moreover, four lucky winners on Ticket Tuesday get 25000 bonus tickets to try their luck in the weekly lottery drawing. So, follow PrizePool on Instagram and visit their page every Tuesday.
The best part is that you don’t have to dedicate any specific amount from your account to purchase your lottery ticket. Instead, PrizePool automatically registers tickets for every active user based on their account balance and enters them into the weekly lottery draw.
You will receive a single ticket for every dollar in your account. So, if you have a balance of $500, you’ll have 500 chances to win the lottery. But, you are only limited to a single prize every month.
PrizePool Savings Bonus
In addition to the lottery prizes, you will also get bonus payments through your PrizePool savings account based on your account balance and monthly deposits. Generally, you get an exact interest rate of 0.30% on your savings on PrizePool.
If you don’t understand what that means for you in terms of profit, you will get an extra $30 on $50,000 saved every year. That doesn’t sound like much, but believe it or not, it is relatively higher than conventional banks.
Even popular banks like Wells Fargo and Chase offer only 0.01% interest on savings accounts. Similarly, most traditional banks in the US offer interest rates between 0.05% to 0.06%.
This means that PrizePool gives you an unmatched deal if you want reasonable rates on your hard-earned money. In addition, you can earn three to five times more than other banks and get a chance to win bonuses.
Even with the interest rates and bonus opportunities, most people might still choose traditional banks over PrizePool. Why? It’s hard to trust online banks compared to long-standing conventional banks.
However, PrizePool provides a safe and secure portal where everyone from gig workers, rideshare drivers, and freelancers can deposit their money. Affiliated with Evolve Bank & Trust, PrizePool has reliable FDIC insurance.
If anything happens to you, your money on the platform attributing to internal or external events, they are guaranteed to return your money. Each account on PrizePool is insured for a sum of $250,000.
So, even if the company ceases to exist overnight due to a financial or natural crisis, you will still get $250,000, regardless of your deposit amount.
Prize Pool Fees
This is perhaps the most attractive feature of PrizePool. The platform charges no fees from its users. So yes, you don’t have to pay any deposit, withdrawal, or foreign transaction fee.
What’s more, there is no minimum deposit threshold either. So, you don’t have to worry about keeping a fixed sum of money in your savings account. You can easily withdraw any amount of money you like in unexpected emergencies.
Furthermore, you won’t find your account balance diminished by hidden fees or charges. Similarly, the platform will introduce its debit card service later this year. Even if you avail this service, you won’t have to pay more than the amount you deposit in your savings account.
Using its referral program is another way to increase your bonus earnings and take your savings further on PrizePool. Upon becoming a member, you will get a referral code. You can share this code with your friends and family to get 10% extra on any prizes you or your referral win on the platform.
Just think about it. You can give your code to as many friends as you like and earn an extra 10% on anything they win. If someone joining your referral wins the grand jackpot within the first four weeks, you can get a whopping bonus of $1000.
Pros of PrizePool
Now that you have all the information you need about PrizePool, you are probably thinking of signing up right away. However, before you finalize your decision, here’s a list of benefits at a glance to give your further insight.
You don’t have to pay any savings account fees to join PrizePool. Just deposit your money and earn interest and bonuses on your savings.
The platform offers a relatively high-interest rate of 0.30%.
You can win multiple cash prizes by participating in weekly lotteries without purchasing any tickets by yourself.
PrizePool provides FDIC insurance for each savings account so you can be concern-free about the security of your money.
The app is easy and user-intuitive to find your way around in no time. The signup process takes only minutes, and you can start saving money right away.
You can earn an extra 10% on your bonus earnings if you refer the app to your friends and family. Also, you can get 10% extra from their earnings as well.
Cons of PrizePool
While the benefits of PrizePool make it sound too good to be true, it has some downsides. Check out this list to get an honest representation of the platform.
Compared to other fee-free online savings account services, PrizePool is relatively new. So, you might have a hard time trusting the platform.
No Debit or Credit Card
While the service is in the pipeline, there is no debit card service on PrizePool. This can make it difficult to access your money.
Is PrizePool Legit for Rideshare Drivers and Gig Workers?
If you’re a rideshare driver or small business owner looking for an incentivized savings solution, PrizePool is a legit option for you. It lets you save your money efficiently; it makes the process fun and accessible.
Unlike other banks, it doesn’t charge any fee for its services so that you won’t waste your hard-earned money. Instead, you’ll get multiple chances to earn extra cash through lotteries, interest payments, and referrals.
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