PrizePool: Banking Rewarded Reviews

by High_Price

The month winners are not updated on PrizePool . There is really no transparency when it comes to winning any of their advertised incentives . You don’t know who wins , you don’t know if it’s legit . It’s all based on perception and wanting you to believe you actually have a shot at $25k when in reality you won’t win & you won’t even get to see who won .

Transparency is key when it comes to anything regarding cash prizes etc . Too many areas of uncertainty leads me to believe this just isn’t quite what it’s been advertised to be .

by Phobro

Over the time I have had this account I have taken note to its slow adoption to crypto wallet lower services compared to other companies Such as lower security for your accounts No tax information freely given unless requested making hard to adjust for taxes making it annoying to use No form of community efforts or games within to share prizes with friends only that of a pyramid scheme for whom is first reaps the rewards program and last shall have nothing else But know way of knowing what friends have won unless you asked them so no true way of being informed that you have won anything due to friends except that you must simply trust that it’s being given out fairly. So far I have stuck around to see if they would improve over the year but it seems to be lagging behind the overall idea of a prized base savings account.

by DickieStee

PrizePool is easy to use, but submitting for taxes has been stressful. There is no option to export transactions, history of deposits, or earnings. Neither PrizePool , or website accessed by a computer provide access to this information. This is a major concern because every dollar earned through PrizePool must be reported, the threshold of 600$ to provide the 1099 form does not remove the responsibility to provide the IRS with interest earnings. Please provide an exportable report for all transactions and interest accrual.

by Davis1197

I wouldn’t recommend PrizePool, and have actually told the people I referred I recommend removing funds. The staff is nice, but PrizePool itself is pointless if you’re actually trying to make some money. I had a substantial amount of money in here, earning max tickets, and never saw any sort of return with the exception of $20 here or there. Id recommend contacting a professional or doing a bit of research and I bet you could make substantially more than using PrizePool.

Draws were fun to start, but was let down every week.

by LNelloms

I was excited to try out this app referred by AO! But all of it has changed. There hasn’t been any activity though I setup the recurring amount to every two weeks. Then I attempted to deposit money into my this app account and received an error message “Deposit Not Allowed” and “Withdrawal Not Allowed.” I messaged a Chat personnel only to be told my account was suspended. What??? How are you able to withhold my money and without notice of suspension??! How can you suspend a Savings Account?? Thankfully the Chat personnel worked with me continuously until it was resolved. My account is now back to good standing!

by S227227

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?

by Big Free Will

As of what I’ve learned and seen PrizePool is pretty well interesting? I really encourage other to give PrizePool a chance I’ve received already what my original back would have paid me on the amount I’ve saved it not much but we all start from somewhere to see how things will turn out yes I was skeptical about PrizePool in the beginning but using it and seeing I’m able to use my card like my other debit cards then I was pleased of the way that was set up and the APY really encouraged me the most to give PrizePool a chance and I’m satisfied so far with how the company is handling my business and caring for my money Thanks Once Again.

by Choochie21

PrizePool makes saving EASY and you get rewarded for it!!! If you’re going to keep your money in an account why not keep it in an account that pays each week!! I can’t recommend it enough!!! The referral bonuses are great too, you get rewarded for telling friends and family about an app you love!!!

by Slotplayer123

Gives you something to do every week but not going to make you rich by any sense of the imagination. Pays more than most savings accounts but all the rates are so low it doesn’t matter. Will probably hang on for awhile before I get board and put it in the market where real money is made over time.

by Taylor Kruse Collins

Clean, easy to use app that has no bugs or issues! I love using this because I’ve always wanted to buy lottery tickets but couldn’t justify the bad financial decision it is when gambling. This is much better!
The support team for PrizePool is great and they’re always making improvements. I’m looking forward to the future of PrizePool!

by RichMomPoorMom

I feel so lucky to know about PrizePool. It seems almost too good to be true. I have been putting some of my cash in the bank with minuscule returns. I feel so much better having it in this app, because I actually see returns each month. I can see it all adding up over the months. It would have taken me literally hundreds of years to get the same returns from the bank!

by _mags

I had to jump on the train once I heard about this idea and be apart of the winnings and I mean who doesn’t want free money. In just one month I have already gained 27$ and in my standard savings account I have made about $1 so it’s a great idea and Frank was able to help me out as I was looking for official bank statements.

PrizePool and company is the real deal. PrizePool will blow up soon enough, mark my words.

by Ryan C 2

I’m using this as a better (ie higher yield) alternative to a traditional savings account or CD. So far, my APY has been ~9%.

Note 1: don’t be discouraged if you don’t win much early on. The odds are in your favor over at least a month or two.

Note 2: your expected APY will continue to go down as this app becomes more popular, but anywhere above 1% or 0.5% is competitive. So, this app will be a competitive option for awhile.

by Kosal S

I love PrizePool! Every Friday it’s always fun to see what you can earn. Today was my lucky day & I got $100. I’m forward to saving more with PrizePool and getting the grand prize one day 🤞. The great thing about PrizePool is it’s like playing the lottery without having to lose any money in the process. Even if you don’t win a prize on a given week you still get a savings bonus.

This prize incentivized savings account is worth it!

by Dan Shinn

Gotta be honest, I wasn’t sure if the big winners were real folks at first. But recently I won a nice sized prize. This way of investing here sure beats traditional banks and is definitely more fun.

Even without the big winnings, the smaller prizes ($1 here, $10 there, sometimes $15 or more) all add up nicely and the overall returns are much better than virtually all the other high-yield savings accounts out there.

Do yourself a favor and start up your account. You can start small to try it out.

by Tune70

this app was recommended to me in a financial subscription I’ve had for several years. It sounded so awesome, getting chances to win so many of their cash prizes, so I linked my bank account! The 1st week, I won! It was $2.00, but that’s waaaay more than my big institutional bank gives me! Last week, I won another $2.00! I feel secure keeping money here because they’re a member of the FDIC. I can’t say anything bad about this app-it’s legit! I read the founder & co-founder’s bios, & these guys are from Microsoft & Apple...so I know this is a solid company.

by Lcohen8919

I've been using this app for over 6 months now, and it's great to see the continuous improvements that keep making PrizePool better. It's fundamentally a lottery savings account where you have the chance to win a prize, but at the same time earn an APR better than most mainstream banks - all still FDIC insured. My current realized APR is over 40%! There is no reason to use a regular savings account over this app for cash that you are not planning on using in the short term, but don't want to lock up at a brokerage.

by Bachelorsdeath

Don’t get me wrong this is kind of awesome, especially if you have a referral that is a big influence. However if you ever change you bank account, you aren’t able to change your bank account within PrizePool . Customer service said there is no way for you to do this yet. If last resort I need whatever money is put into my account, I can’t grab it until I can change my bank account in PrizePool so I’m a bit worried there. But I’m hoping it is updated soon.

**update - they were able to change my account.

by DJ $1,000

I love PrizePool it’s so easy to use and it pays high APY and it gives you the chance to win cash prizes that’s the best part is wining the prizes PrizePool gives you a digital debit card that you can use to get extra tickets for your spending and put them towards the prizes and there coming out with a feature that lets you earn 4% interest on your balances that alone give PrizePool so much value I love how PrizePool is always trying to get better then all there competition I Give PrizePool 5 stars for all it offers it’s absolutely Amazing

by Cuautlev

I Love PrizePool! I just transfer money that I want to be save and forget all about it until I get a notification saying they did the draw for the grand prize. That’s just a plus. At first, I was concerned because I don’t have much money to beginning with And I don’t want to put in any of my money in a place I don’t trust but, I did find out about PrizePool via Instagram and when I asked my questions to the support email I got a respond back right away and from the CEO himself!! He answered all my questions. I loved that and that was when I gave it a chance and I’m really glad I did.

by Lhybeunin

Still doesn’t open

by Vettemestoner

Keeps telling me my email address can’t be found. Yet it sent me the verification codes to change my password twice.... still can’t log in.

by T_g_games

PrizePool itself is nice but I can’t finish setting up my account, I would get to the last part of inputting my social and birth date and PrizePool would crash every time I try to finish

by MoejoeTheBoi

App looks very nice and simple! But it won’t verify me and keeps on spinning.