No matter where you are money-wise, learning how to save money is one of the first steps to financial independence. It can help you during emergencies, and your future goals can become a reality much faster.
In reality, most of us have trouble saving. In fact, roughly 70% of Americans have less than $1,000 in their savings accounts!
So, how do we become better at stashing our cash?
Well, PrizePool may be the right solution to help you meet your savings goals each month. From easy-to-use banking to monthly prizes, PrizePool will make managing your personal finances something to look forward to! Here’s how the platform works.
What Is PrizePool?
Founded by Franki Chien and Joe Woo in 2019, PrizePool is an online banking app that “incentivizes Americans to build a better financial foundation.”
Let’s be real here: most of you probably don’t want to open your bank app unless you have to. But PrizePool tackles this by making money management fun and interactive experience based on a prize-linked savings model. Pair their monthly rewards with a competitive savings interest rate, and this app makes you look forward to meeting your monthly savings goals!
How Does PrizePool Work?
Simply put, PrizePool makes saving money a breeze by rewarding users with generous rewards and savings bonuses. Here’s how the platform works when you decide to save money with them:
Win Up To $10,000 Each Month With PrizePool’s Lottery System
With over $50,000 in cash rewards, you have a big chance of finding extra cash in your PrizePool account the more you save each month!
Every time you deposit $1 in your account, PrizePool will automatically reward you with one lottery ticket. For example, if you have $500 in your bank account for two days, you’ll have 1,000 lottery tickets for the next drawing. So the more money you save, the more tickets you’ll receive at the end of each day.
If you’re lucky, you can even win PrizePool’s monthly grand prize of $10,000, which gets deposited straight into your bank account.
Enjoy A Guaranteed PrizePool Monthly Savings Bonus
Even if you don’t win a reward, PrizePool currently offers users a monthly 0.30% APY, which you can take advantage of immediately once you start saving. You also don’t have to worry about those pesky monthly banking fees or balance requirements, which helps you save more money than traditional accounts.
What is PrizePool Vault?
This new feature from PrizePool isn’t out just yet, but existing members can join the waitlist here. When you move funds into your “Vault,” you’ll earn a 4% annualized savings bonus. Additionally, you’ll earn 2x more tickets on your vault balance, increasing your chances of winning cash prizes each week. Moving your balance from your PrizePool savings account to the “Vault” (and vice versa) is free and easy. You’ll start earning the 4% annualized savings bonus on day 1 and all funds are held by PrizePool’s secure 3rd party partner and converted to USD Coin (stablecoin).
What is the PrizePool Debit Card?
Here’s another way to increase your winning potential on PrizePool: the PrizePool Debit Card. You’ll increase your chances of winning in PrizePool’s weekly drawings by earning 30 tickets for every $1 spent. Also, eligible debit card purchases have a chance at 100% purchase reimbursement! You’ll also have financial security with Price Protection from MasterCard.
Is PrizePool Safe?
Yes! With PrizePool, your money is FDIC-insured, which means the platform is responsible for up to $250,000 if something happens. The banking service has also partnered with Evolve Bank & Trust, to ensure your money stays safe. And, there’s no cost to open a PrizePool account.
How to Get Started with PrizePool
Getting started with PrizePool is easy, and you can have everything set up in a few minutes:
- Go to PrizePool’s main website and scan the QR code to download the app to your phone.
- Fill in some initial information, such as your name, phone number, and email address.
- Verify your email address to start the verification process.
- Finish filling out your personal details such as birthday, address, and social security number.
- Once the platform approves everything, link your bank account and start saving!
Before you sign up, remember that you must be 18 or older and physically based in the US to apply. Also, make sure you check over your personal details carefully before you submit your application.
The Bottom Line
While saving money can be challenging, getting started with PrizePool is a fun way to meet your goals. From an above-average APY, to a chance at winning $10,000 each month, their new “Vault” feature coming soon, and a connected debit card, this platform truly wants its users to save their money without thinking twice.
Read More: How You Can Earn More with Yotta Prize-Linked Savings Accounts and Cards
