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While Save to Win remains the largest prize-linked savings program in the country, WINcentive also operates in Louisiana and Delaware, in addition to Minnesota. After graduating in $50k with student loans in May 2008 from Virginia Military Institute with a B.A. The best high-yield savings accounts earn competitive interest rates, come with no fees and address your needs. A high-yield savings account is an effective savings vehicle if you have funds you want to set aside for short-term financial goals or needs. Interest rates on high-yield savings accounts dropped in recent years partially because rates on loans dropped during the Covid-19 pandemic. You must wait at least six months after closing your account to open a new Save to Win account. This combination suggests that Prize-Linked Savings (PLS . Yields earned on credit union accounts are referred to as dividends rather than interest. So even if the customer doesn't win a prize, theyll beef up their savings account in the process. Your savings account balance also earns 1.00% APYone of the highest bank rates. Prize-Linked Savings Policy Prize-Linked Savings (PLS) is an application of the use of prizes to address the financial challenges of savings. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. Home Page - Save To Win You can earn entries on the first $250 in monthly deposits in $25 increments. There are other ways to save while earning an excellent rate, including: In terms of where youre most likely to get the best rates on these accounts, online banks tend to trump traditional banks or credit unions. All financial products, shopping products and services are presented without warranty. Opening an account is a good idea if it can help you save money and avoid fees. Banking services provided by Evolve Bank & Trust; Members FDIC. Yotta gives members one ticket for every $25 deposited. But now that the Fed has repeatedly raised interest rates to fight inflation, APYs are rising rapidly.