Which Short Story Contests For Money Offer The Highest Prizes?

I just submitted to The Masters Review Flash Fiction contest last month—first place gets $3,000, which is solid for under 1,000 words. The caveat is their editorial taste leans toward crisp, literary prose with a twist; my more genre-bending piece got a polite pass last year. Another reliable one is the 'Saturday Evening Post' Great American Fiction Contest. It pays $500 for the winner and publication in a magazine my grandparents actually recognize, which is a weird flex but kind of charming. Not the hugest purse, but the prestige opens doors. For pure cash, the BBC National Short Story Award is massive (like £15,000), but it's ultra-competitive and has specific eligibility around UK connection. I treat those as my annual 'reach' submissions. Honestly, don't sleep on genre-specific contests either—'Asimov's Readers' Award' or the Alfred Hitchcock's Mystery Magazine contest often have lower entry numbers and decent payouts if your story fits the mold. My strategy is mixing one 'dream' contest with a couple of mid-tier ones per season to balance hope and realism.

I was just researching this because a friend asked, and honestly, the ones with the biggest numbers aren't always the most visible. The Reedsy platform runs a weekly contest with a $500 prize, which adds up if you're consistent, but the submission window is tight. For sheer scale, the Self-Published Science Fiction Competition used to have a $10,000 grand prize funded by sponsors, though I think the structure changed recently. A lot of the 'big money' contests seem to be tied to specific genres or very niche themes from private foundations, which can feel a bit like winning the lottery. What surprised me was discovering some university-affiliated short story contests for 'emerging writers' that offer upwards of $2,500. They aren't advertised on mainstream writing sites, you have to dig through university English department pages. The catch is they often require the work to be unpublished anywhere, even on a personal blog, which is a huge commitment for a single piece. It makes you weigh whether locking a story away for a year for a chance at a prize is better than just publishing it serially online and building an audience. Still, for a clean, unpublished manuscript, those can be a decent shot.