PrizePool: Banking Rewarded

Prizepool is the best and I don’t know why more people haven’t heard of it. They give you MULTIPLE ways to win money on top of the 4.5% APY. I love this app bc I am getting almost 10% ROI. It’s so much fun spinning the prize wheel everyday and doing the drawing every week. I haven’t received a high amount in the drawing prize yet, I think the most I’ve gotten was $15 (which is amazing in itself) but I am so grateful to have found this generous savings app. There is so much they offer with it! Don’t sleep on this app!! I spin the prize wheel daily and either get money or more tickets for the drawing each week. It’s all winning in my opinion. Who ever reads this I think will love it. Just give it a try and save that Money! You have nothing to lose!

The idea is great and you do make a higher interest-rate when all is said and done,but there are some issues that I have found. When you transfer money from one account to this one, it takes forever for the transfer to happen and then even after the money is in the account it’s held for quite a few days before you can access it. Second this is meant to be a savings account and they give you rewards for making sure you save money. Now, they have a debit card which is a good idea except then they reward you for spending money which is completely opposite of what they purport to be doing. And if it is a savings account, how do you get past the federal rules about withdrawing from a savings account?

I had been earning absolute SQUAT at my traditional savings account due to extremely low interest rates with the Fed funds rate near zero. I found this app randomly in an Instagram ad, and I thought it appeared sketchy and “too good to be true”, but figured I’d take the risk and deposited a small amount of money. Sure enough, I won a $10 prize! I’ve added more money to it since then, and in a little over 2 months, I’ve earned almost $50 from the weekly prize drawings, which is MUCH higher than the LESS THAN $1 “interest” I had been earning in my traditional savings account every quarter. The customer service response team also answers all of your questions quickly and is very helpful! I moved all my savings to prize pool, since it’s a great alternative to a HYSA, and I look forward to add more as the app continues to evolve and add new features! :)