FAQ ▾
FAQ
Frequently asked questions
Straight answers. No jargon.
What is Freebie?
A global savings account backed by US Treasuries. Instead of earning interest yourself, everyone's interest is combined into a prize that one person wins. You keep your deposit either way. Anyone in the world can use it. No bank required.
What's the catch?
You give up interest. Normally, your money would earn a small amount of interest (like in a savings account). In Freebie, that interest goes into a prize pool instead. You don't earn interest. Instead, you get a chance to win the whole pool.
Can I lose my money?
Your deposit never goes into the prize pool. Only the interest does. You can withdraw your full deposit at any time. Like any financial product, there are some background risks. We explain them honestly in our technical details.
Where does the prize money come from?
From interest earned on US Treasuries. When you deposit, your money earns returns from lending markets backed by US government bonds, the same thing banks invest in. Instead of keeping that interest, it gets pooled together and one person wins it all. No money comes out of anyone's pocket. The prizes come from interest only.
How is the winner picked?
Using an independent random number service. The random number comes with a mathematical proof that it hasn't been tampered with. No one can rig it, not even the Freebie team. Anyone can check the proof and verify the result. See how it's verified →
Is this a scam?
Everything is open source, and anyone can read the code that handles your money. Every draw result is publicly verifiable. Your deposit is always withdrawable. We make money from a small fee on the interest, not from your deposit. See for yourself →
What are US Treasuries and why should I trust them?
US Treasuries are IOUs from the United States government. They're considered the safest investment in the world. The US has never failed to pay them back in over 200 years. Banks, pension funds, and entire countries park their money in Treasuries when they want the lowest possible risk. Your returns in Freebie come from lending markets backed by these same Treasuries.
Can anyone in the world use Freebie?
In most countries, if you have internet access you can sign up and start saving. No bank account or credit check required. Availability and eligibility may vary and are subject to local laws.
What's the minimum deposit?
$1. No maximum.
How often are draws?
Draws happen when the prize pool reaches a minimum threshold. The more people saving, the faster it fills up. If it hasn't reached that amount yet, the pool keeps growing until it does.
How do referral bonuses work?
When you deposit with a referrer, you get 10% bonus chances. Deposit $100 with a referrer and you get 110 chances instead of 100.
Is Freebie live yet?
Currently in testing. The full launch will be announced on Twitter.
Is the code open source?
Yes. Everything is open source. You can read every line of code. See the technical appendix for links.