Frequently asked questions

Prize-linked savings is a way to make saving money more exciting. As you save, you also get a chance to win cash prizes. Traditionally, saving money has been pretty boring since there's little short-term benefit. By adding the possibility of winning prizes, we hope to encourage people to save more by making it more fun!

No, and no. Lodavo connects to your bank through Plaid, the trusted service behind thousands of financial apps, with read-only access. We can see your balance to award tickets, but we can never move, hold, or withdraw a cent. Your login goes through Plaid, not us, so we never see your banking password. And we don't sell your data.

Yes! Lodavo is completely free. You don't pay to enter, and there are absolutely no fees. Just link your existing bank accounts, save as usual, and you'll automatically earn tickets for our weekly prize draws. No purchase necessary.

Lodavo's prizes are funded through referral fees from products and services we feature in the app. They all align with our mission of encouraging better financial decisions and making saving fun. Because we operate fully online, we keep costs low and use those resources to offer cash prizes instead of charging fees.

Yes, we're pleased to share that Lodavo is available in Canada! We worked hard to launch Canada's first prize-linked savings app and Lodavo is proudly Canadian. 🇨🇦

You can win at least $100 every week, guaranteed to go to someone, or $10,000 if you match all 7 numbers in a week’s draw. And more coming in the future 👀

Each week, a prize of at least $100 is guaranteed to be won by someone, so there's always a winner. The $10,000 jackpot is won if a ticket matches all 7 numbers in that week's draw. Your odds depend on how many tickets you have and how many people are playing, but the more you save, the more chances you get to win. Odds of winning depend on the number of eligible entries received.

After each weekly draw, the selected entrant is notified in the app and by email. They'll be asked to verify their identity and answer a short math skill-testing question before the prize is sent by Interac e-Transfer or bank transfer (EFT). Everything is quick, secure, and designed to keep the process fair and compliant.