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Direct link to offer. Prize-linked savings accounts put a new spin on stashing money away for a rainy day. Many or all of the products featured here are from our partners who compensate us. A prize-linked savings account works similarly to a regular savings account in that you can open your account, deposit money and earn interest. Prize-linked savings accounts can go by other names, including lottery-linked savings accounts or sweepstakes savings accounts. WINcentive Savings. Prizes range from $25 to $5,000. In many cases, only regional financial institutions offer prize-linked savings accounts. Apply to open a prize-linked savings account. It's an obvious pro: a chance to win money with little effort. The best account depends on your banking needs and can vary from person to person. Best savings accounts in 2023 - Times Money Mentor account earns you 1 ticket per day (e.g. Prize-Linked Savings - Commonwealth Are Online Savings Accounts FDIC Insured? These financial institutions normally dont carry the overhead costs or profit-margin requirements of a traditional brick-and-mortar bank, allowing them to pass those savings on to customers through higher rates and lower fees. Earn competitive interest on balances over $500. How much do I need to deposit to my PrizePool account to get started? As an Amazon Associate, I earn from qualifying purchases. When inflation results in higher prices, your actual savings balance doesnt change but that money loses some of its spending power. $100 saved earns you 100 tickets per day and Balances between $25,000 and $100,000 earn 0.25% APY. Keep in mind that youll need to report that money on your taxes. Prize-linked savings accounts are now available in 34 states. So even if the customer doesn't win a prize, theyll beef up their savings account in the process. It has also paid me smaller prizes of $25, $25 & recently $100. And some states even award an annual prize, so open a Save to Win savings account and start win winning TODAY! This content has not been reviewed, approved or otherwise endorsed by any of these entities. How To Pick a High-Yield Savings Account? . Once youve found an account that matches your needs, youll need to fill out an online application. There's evidence that prize-linked accounts can boost the overall number of people who save, but there are questions as to whether banks have an incentive to move customers to accounts offering a higher return. PrizePool review: money-saving platform | MoneyUnder30 All of the accounts on our list are online-based accounts. You might be using an unsupported or outdated browser. Every $1 you save and spend earns you chances to win cash prizes, including $10,000 every month! The first 30 days of Digit are free and then you pay $5 per month. High-yield savings accounts are generally considered to be safe places to keep your money. ", New York Credit Union Association. And it allows for same-day transfers of $100,000 or less to or from other banks. Participants earn entries to win cash prizes by depositing a minimal amount each month.

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