The origin of life on Earth required a supply of phosphorus (P) for the synthesis of universal biomolecules. Closed lakes may have accumulated high P concentrations on early Earth. However, it is not clear whether prebiotic P uptake in such settings would then have been sustainable. We show that large closed-basin lakes can combine high P concentrations at steady state with extremely high rates of biological productivity. Our case study is Mono Lake in California, which has close to 1 millimolar dissolved P at steady state despite extremely high rates of biological productivity, in contrast to smaller closed basins where life is scarce. Hence, large closed-basin lakes offer an environment where high rates of prebiotic P productivity can plausibly coexist with high steady-state P concentrations. Such lakes should have readily formed on the heavily cratered and volcanically active surface of early Earth.