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What is PrizePool?

Prizepool is a secure prize-linked banking app platform for saving money. It was introduced in collaboration with Evolve Bank & Trust. People who want to see their money increase more quickly than it would in a traditional savings account are the target audience. In 2019, Joe Woo and Frankie Chien founded the platform. The company's founders continue to serve as CEO and CTO, respectively.

PrizePool is a free mobile app with no minimum balance and no hidden fees, that rewards users for saving their money in their lottery savings account and thus gives users the chance to win weekly cash prizes. The cash prizes go from anywhere between .10 - 10k based on what time in the month it is. Typical long term users makes at least $25/month in prize winnings based on how much they put into Prizepool Savings.

How Prizepool Works

Users of Prizepool can add funds to a PrizePool savings account and receive a tempting interest rate of 0.30% on all money kept there. It doesn't charge monthly fees, or any fees, for that matter, like many other savings sites.

Instead, it receives funding from VC investments and its partnership with Evolve. As the platform's user base grows, maintaining its profitability depends on this relationship. PrizePool is regarded as more reliable than many other online money-saving platforms in part due to its affiliation with a partner bank, through which it is FDIC-insured.

Its monthly lottery bonus is another key selling element. The bonus is picked every four weeks and offers a grand prize of $60,000 as well as a total of $40,000 split among over 6,000 weekly winners (up from 4,000 cash prizes last year). Entry into this lottery is free for savers; entries are based on the amount of money in the user's account.

Many users have won more than once, therefore some have more than a $25,000 grand prize only through lottery entries.

How Often Are Prize Drawings?

Prize drawings for cash prize happen every Friday for prizes up to $500. Once a month one lucky winner wins $10,000. Another way to earn on Prizepool is in the vault. The vault provides a guaranteed interest growth rate of 4%.

If one so chooses not to put their money in the Prizepool vault they would earn tickets each day that go towards the Prizepool cash prize Drawing. Your Prizepool account even provides metrics on the odds for winning. For example, under "Weekly Drawing" there is a button that says "View Prizes and Odds" and if you have about $100 input to the savings it lists:

STATEMENT: Deposit more to increase your chances

Number __ of Tickets Earned so far

Number of Prizes to be Given Away = 10,161

Total Prize Giveaway = $12,500

$500 Prize = 1 in 531,000 1 Prize

$100 Prize = 1 in 52,800 10 Prizes

$20 Prize = 1 in 4,036 120 Prizes

$10 Prize = 1 in 1,290 270 Prizes

$5 Prize = 1 in 388 550 Prizes

$2 Prize = 1 in 232 600 Prizes

$1 Prize = 1 in 97 910 Prizes

$.20 Prize = 1 in 11 2700 Prizes

$.10 Prize = 1 in 2 5000 Prizes

And if you don't win a prize most often you'll win extra tickets for the next Prizepool draw! Obviously, if more than $100 was transferred into the savings bonus account, metrics would be lower and you'd have a higher chance at winning prize linked savings. This is just one savings bonus example.

When Can You Withdraw Your Money (Savings or Earnings)?

You can withdraw your savings and/or prizes won at any time without penalty. So, you always have control over your money.

The Prizepool account is a great way to save money with the chance of winning big! With guaranteed interest rates and real cash prizes up for grabs –it's too good to pass up. So, if you're looking for high yield savings accounts, give Prizepool a try!

Who is PrizePool Best For?

Prizepool is best for people looking to save money with a better financial foundation and have money fun! Users increase their savings faster than a typical savings account. It's better than a regular savings account, because there are extra incentives within this savings account like savings bonus and weekly drawings. It's also great for those who love the thrill of winning prizes and/or competitions without the risk of gambling. With real cash prizes ranging from .10-$10,000 there is something for everyone! Overall, it's a great way for saving money.

Who Shouldn’t Use PrizePool?

Someone looking for a Checking Account or Credit Card service should not use Prizepool for their financial foundation. They do not presently provide a checking account, but debit cards are available within their savings accounts. Users earn more tickets into their Prizepool account when using the debit card. Furthermore, there are no immediate plans to issue a PrizePool credit card.

Pros & Cons


  • No fees — PrizePool charges zero monthly fee and zero fees altogether, with zero minimum balance, so you can store your money at no cost as an added bank account to you.
  • Strong APR — Compared to the trickle of savings you'll earn elsewhere, PrizePool's Savings Account APYS are very impressive.
  • Weekly bonuses — You'll be automatically entered to win cash prizes every week, culminating in a $50,000 every month.
  • FDIC-insured up to $250,000 — Your money will be insured up to $250,000, thanks to the FDIC insurance PrizePool holds.
  • No overdraft — You won't have to worry about any overdraft fees.
  • Easy sign-up — Signing up takes just a matter of minutes!
  • Excellent referral program — If you refer your friends, you'll earn 10% more in winnings.
  • No minimum deposit — You need $0 to open a PrizePool account!


  • The company is still fairly new — Compared to big-name banks, PrizePool is definitely the new kid on the block.
  • No checking options — While a debit card is on the horizon, PrizePool doesn't currently offer a checking account option.

FAQs about PrizePool

Is the PrizePool app legit

Yes – your PrizePool savings account is insured by the FDIC and has no fees associated with it. The app is available on the Google Play store and the Apple Store.

Can I withdraw money from PrizePool?

You can withdraw up to $2,000 in one day or $10,000 monthly. There are no fees for this service or the savings bonus it comes with. You can also apply to have your withdrawal limit upgraded, although this may take a few days plus ID verification to process.

How does PrizePool make money?

PrizePool is partnered with Evolve Bank & Trust service that uses venture capital investments to deliver returns to its shareholders.

How does PrizePool work?

Users get tickets one-to-one equal to the number of dollars in their account. If a ticket is drawn and matches a prize, the user’s account is credited to win cash prizes.

How does the PrizePool app work?

Simply JOIN HERE, create an account, and start depositing money whenever you’re ready. You won’t be charged at any point and your savings will earn 0.30% APR.

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