[Closing Down] PrizePool Savings Review: Prized Linked Savings Account – Doctor Of Credit

Update 8/26/24: PrizePool is closing down. Due to the previous bad rates I assume most readers don’t still have accounts or at least no funds in there. You can find the best current high yield accounts by clicking here.

We are letting you know that PrizePool is being acquired. Unfortunately, this means we are winding down the PrizePool app and your PrizePool account will be closed on September 23rd. The last day for user-initiated withdrawals is on September 19th. Please make sure to withdraw or transfer your funds before that date. Any remaining funds will be pushed back to your linked account after that date. In the meantime, update your direct deposit and autopay information, and check that your physical address and other contact details with us are accurate in case we need to mail you any future correspondence. Key dates & account closure process will take place as follows: 8/23 — we will no longer accept sign ups for PrizePool. There will be no additional referrals created. Stacked purchases will be disabled. Initiating deposits (one-time, recurring deposits and Vault) from PrizePool will be disabled. Direct deposits will continue to work until 9/19. 8/29 — All ticket issuance stops, including weekly drawing bonus tickets, savings, debit spend, and shopping cash back. The last savings bonus will be issued. All tickets will be auto-submitted for the last weekly drawing on 8/30. 8/30 — Last Weekly Drawing Pro-rated Stacked refunds will start being issued All PrizePool games and rewards will cease 9/19 at 2PM PT — You will no longer be able to withdraw funds from the account nor receive direct deposits into the account This means you will no longer be able to withdraw funds or conduct electronic fund transfers, including use of your debit card to make purchases and payments, and initiate ACH transfers. We will work with users whose balances exceed their L1/L2 limits to increase their limits IMPORTANT: Please update any merchants or direct deposit providers who have your PrizePool account number on file. Any electronic fund transfers into your account will be declined or returned to the sender if they are received after your Account is closed. 9/20 – PrizePool will start pushing remaining funds back to linked accounts. Any funds that failed to be pushed out will be issued via check within 6-8 weeks. Please ensure your address on file is correct. Any pending cash back shopping commissions will be credited to the account 9/23 at 2PM PT — Your Account will be closed. You will no longer be able to login to the PrizePool app IMPORTANT: Please download any account statements before this date. We will also send out 1099s to individuals who qualify. PrizePool was founded in the midst of the pandemic with a mission to incentivize Americans to save more and build a better financial foundation. Thank you for supporting us on this journey for the past four years. If you have any questions, you can reach us at [email protected] or via in-app messaging. Sincerely, PrizePool

Hat tip to reader BlakeD

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

The Offer

Direct link to offer

• 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

Avoiding Fees

This account has no monthly fees to worry about

Referral Program

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.

Our Verdict

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.