Update 11/24/20: PrizePool has sent out an e-mail stating that they will be offering PrizePool Series (weekly drawings instead of monthly) and you can win one prize per weekly drawing. Hat tip to Eduardo Baez
Offer at a glance
- Interest Rate: Unknown
- Availability: Nationwide
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Insured: FDIC
- PrizePool is another prized link savings account similar to Yotta Savings. Every $1 you have in your account you receive one ticket per day. There are $50,000 in monthly prizes given out (one $25,000 grand prize and $25,000 in small prizes). There is a maximum of 750,000 tickets a month which is equivalent to about $25,000 a month. You’re also limited to winning one prize per month.
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account has no monthly fees to worry about
PrizePool has a referral program, when you refer somebody you earn 10% of their winnings (this is an extra 10%, the person you refer doesn’t lose 10%). Below is inaccurate:
a referral is used both the referrer and referree receive 10% of each others monthly winnings for life (this is an extra 10%, neither party loses any of their winnings). For example, if I refer someone and they win $25,000, I’d get $2,500. If I won $25,000, they’d get $2,500. So ideally you’d want to use a referral from somebody who is going to keep funds in their account.
Yotta Savings started with a very high APY and that has consistently dropped (now down to 1.66-2%). Unlike Yotta it’s difficult to know what the APY will be as all the prizes seem to be pooled? I think we will see a lot of these prized link accounts, probably the first month or so the effective APY will be high before it steadily drops. You can find more high yield accounts by clicking here.