Is PrizePool Safe for Savings? Short Answer: Yes!
A happy young woman eats breakfast while looking at her phone

PrizePool is a safe savings account. We understand that many may feel hesitant to try something new or unfamiliar. For this reason, we want to address concerns you may have about PrizePool and prove how your money is safe.

Your Savings Account Is Protected and FDIC Insured

While PrizePool is not a bank, we’ve partnered with Evolve Bank & Trust, an FDIC Member, to hold and protect users’ funds with bank-level security and encryption.

A savings account with any legitimate bank in the US is insured by the federal government, up to $250,000. The $250,000 would go into effect should the bank ever fail or go out of business.

No Deposit Minimums or Hidden Fees

A printed message that reads “No Hidden Fees” behind a layer of torn cardboard

There are no deposit minimums or hidden fees associated with PrizePool. We’re completely free!

Many banking institutions will penalize you if your savings account drops below the minimum balance requirement. Or, they’ll force you to save and maintain a balance of thousands of dollars first before they’ll give you a higher interest rate on your deposit.

We believe you should start earning those high-yielding interest rewards as soon as your deposit hits your account.

Backed by Venture Capitalists and Investors

A common question that many will ask is how we make money?

PrizePool is backed by venture capitalists and investors, enabling us to pay out rewards to our users.

As the number of deposits increases, we intend to use the interest earned through our bank partner to help pay for these rewards or put it back into the prize pool and allow it to grow.

No Risk

With PrizePool, all of our users have a chance to win one out of thousands of weekly cash prizes every week. Unlike the one-million-dollar lottery, you’re not risking your money if you don’t end up winning a prize or vice versa.

Our belief is simple: Your money is yours and yours to keep regardless of whether you win or not.

While your chances of winning one of our cash prizes will increase, the higher your savings are, you always have a chance to win even if you only have $1 saved in your account.

How Do I Convince My Friends PrizePool Is Safe?

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If you’re already a user, you may be wondering to yourself, “How do I convince my friends PrizePool is safe?”

After all, there are some rewarding perks for both yourself and your friends when you refer them to PrizePool. For example, when you refer a friend, you’ll win 10% of what they win, and your friend will get 10% added to their winnings.

If your friends or family are hesitant to use PrizePool, you can always point them to this article or our testimonials page, where they’ll find what other users have said about the app.

Perhaps the best way to convince them that PrizePool is a safe savings account is to show them. You can do this in-person or via text message by sharing a picture of your winnings. The app allows you to share a snapshot of your lifetime winnings and earnings with friends and family with the tap of a button.

Be honest. Share what your experience has been.

Still Not Convinced? Reach Out to Us

If you are still sitting on the fence about whether or not you should use the PrizePool app or still have questions, reach out to us! You can contact our support team at support@getprizepool.com, where we are happy to answer any other questions you may have.