Review of SaveUp – Get Rewarded for Saving Your Money & Cutting down Your Debts

560325 Review of SaveUp – Get Rewarded for Saving Your Money & Cutting down Your Debts

This is the Review of SaveUp – Where you Get Rewarded for Saving Your Money & Cutting down Your Debts.

Despite the fact that it is possible to produce additional income through the use of cash back credit cards (of course by making sure that you pay off your balance in full each month), I recently found a website where it actually pays to save money instead of spending it : SaveUp. SaveUp is a totally free site that links directly to your designated account. Each and every time you either save money or pay down debt, the site issues credits that can be used towards options to get cash and other prizes. Furthermore, the site features a section that provides tips and advice on almost everything financial.

How It Works

Registration for SaveUp takes only seconds to complete. Simply type in your name and email address and choose a password. After you enter your account information, SaveUp securely connects to your designated account and they monitor your balances to determine when credits are to be awarded. These credits can then be used for chances to win cash to pay off debt, gift cards, electronics, home or wardrobe makeovers, cars, vacations, and a jackpot worth up to $2 million. The more you save and pay down debt, the better your chances to win.

Once you have signed up, you will receive 200 credits every time you add an account. You also earn one credit for every dollar that you increase in your balance on any savings account, 401k, or IRA. Additionally, for every dollar that you reduce your balance on a student loan, car loan, or mortgage, you also receive one credit. Finally, you receive one credit for every dollar increase in your checking account, and one for every $2 paid towards your credit card balance.

You also get credits for other activities – building your financial profile, and referring friends. Once you reach 10 credits, you can begin entering the weekly and monthly drawings for one of many prizes.

 

Key Features

  • Simple Navigation and Very Easy to Use - The website is not cluttered with advertisements or excessive pages to navigate. The site just presents one page in which you input your account details, another page where you select which prize you’d want to try to win, and a home page that keeps track of your overall money saved and debt paid.
  • High Level of Security – SaveUp features the same level of security and safety as banks and uses the same back end technology as TurboTax and Mint. Also they never sell your data to other companies. SaveUp does not store your personal data such as account numbers, address, or ID numbers. They are also monitored by McAfee, VeriSign, and TRUSTe.
  • Offers a Plethora of Rewards and Bonuses - The first drawing I entered was for a digital camera valued at $250. However, there are numerous high-value prizes as well; for example, a New York vacation , a car loan payment , and a holiday fund , each valued at $5,000.
  • 100% FREE - Saveup does NOT require any sign-up fees, and there are absolutely NO hidden costs or annual payments. They work with many different brands like Banana Republic, Virgin America, and GameStop to sponsor the majority of the prizes. SaveUp also makes money by providing leads and advertising to recommended financial products from banks and other institutions.

560314 Review of SaveUp – Get Rewarded for Saving Your Money & Cutting down Your Debts

Advantages

  1. Simplicity. You can sign up for SaveUp and enter the information of your bank accounts and credit cards in just few minutes. From there, you simply build credits and try to win prizes.
  2. Pays You to Save. There are hardly any websites that rewards you for saving money. Rather than having to spend money to earn cash back from credit cards, SaveUp rewards you forkeeping your money. This can be a great motivational tool to change your spending and saving habits.
  3. Informational. In addition to rewarding you for saving, SaveUp also features a blog that offers a wealth of informational articles ranging from tax tips, to home-buying tips, to vacation savings strategies, and more.
  4. Versatile. SaveUp can earn you credits on much more than just your savings account. You can also link up any debt-bearing or savings account. This includes student loans, mortgages, and credit cards, along with checking and savings accounts, 401ks, and IRAs.

 

Disadvantages

  1. No Financial Management. SaveUp may reward you to save money, but they don’t offer any financial management tools (such as bill pay notifications, etc) beyond the information contained in their blog.
  2. Contest Entries Are Limited. Although you can certainly accumulate credits at a rapid rate, you are limited to entering in their drawings to three per day.
  3. Varying Odds of Winning. SaveUp divulges the odds of winning for many of its prizes, and although there’s always a chance, you shouldn’t expect to win big money from the site. For example, your chance of winning the $2 million jackpot is 1:170,230,452, similar to the odds of winning the Powerball lottery. With instant win tickets on SaveUp, your odds of winning are 1:25,000,000 for the $50,000 prize and 1:1,000 for the $5 prize. There are also drawings for certain smaller prizes, where the odds depend on the number of entries in a given time period.

 

Conclusion

Overall, I think that SaveUp is a fantastic motivational tool to encourage users to save money, and the more accounts that you enroll on their site, the better chance you’ll have to win a prize. Although SaveUp does have some limitations, they are very clear about what they do and don’t do. They do offer rewards for saving money, but they do not manage your finances for you. That responsibility is all yours. Whether you win a small prize or a jackpot, you will always be rewarded by better financial management – that’s guaranteed.

How’s your experience with SaveUp? Which of the prizes you want to win?

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