Most banks offer savings accounts where you can deposit money and receive interest on your money after a while. Yotta Savings works similarly but has a twist; it uses a lottery-based system to award cash prizes to users weekly.
On a quick scan of the Yotta Savings Website you’d see that customers can win cash bonuses or grand prizes like a new Tesla. It also promises no minimum balance requirements and secured funds by the Federal Deposit Insurance Corp (FDIC).
Its promising and inviting features may raise doubts in a few minds. In this article, we review Yotta Savings and explore the ins and outs of the account, including fees and its best features. This will help you make a choice about opening a Yotta Savings account.
Yotta savings is a new fintech startup founded in 2019 after a similar prize-linked savings account in the United Kingdom, Premium Bonds.
Yotta savings offers the thrill of buying lottery tickets without losing your money on losing tickets. It is a lottery-based savings account secured with the FDIC and partners with various banks to provide higher interest rates than the average checking account. Also, your winnings can earn you a high APY(from 1.5 to 2%).
Yotta Savings is not a bank; it’s a financial technology company. Evolve Bank and Trust provide its banking services.
How Does The Yotta Savings App Work?
Using the Yotta Savings app is straightforward.
Sign Up And Get Tickets
On signing up for an account, you would have to link it to a traditional bank account, and immediately, you can start depositing money into Yotta Savings. You can sign up here!
You earn a ticket into a weekly number draw for every $25 deposit you make into your savings account of up to $25,000. So, for every $100, you get 4 tickets every week. The same applies to the $1000 deposit. You can earn 40 tickets weekly if the money remains in your account. Another opportunity to earn tickets is the Yotta debit card. You earn 1 ticket for every $10 spent.
For every ticket, you can pick up to 7 numbers; if you don’t choose them, Yotta will randomly select them.
Enter Daily Drawings
Every night by 9 pm ET, a third-party insurance company on the app uses a random number generator to select a single number for the Yotta lottery. Contests start every Monday and end on Sundays. The final number drawn on Sunday is the Yotta Ball, which determines the week’s winnings. If the seven numbers drawn during the week match the numbers on your tickets, expect to win anywhere from $10 to $10 million. Matching all seven numbers in one ticket qualifies you to win the $10 million grand prize.
Collect Your Winnings
Yotta automatically adds your winnings to your account balance. For every $25 you win, you get another ticket for the following week’s contest. Just for a bit of clarity — these tickets cost you absolutely nothing! There is only an upside with these. It is exciting to check the number every evening to see how tcjkets have the number. It is also exciting when you see how much you win each week.
Best Features of Yotta Savings
The following are some of the best features of Yotta Savings:
No fees: Of all the digital savings apps that boast of no fees, Yotta Savings lives up to its promise the most. There are no minimum balances, monthly maintenance, or other fees. It’s a sharp contrast to traditional bank accounts with loads of charges.
Prizes: The lottery-based prize structure of Yotta Savings is one of its most appealing features. You may not win big money weekly with Yotta, but it’s fun to earn small winnings and build up your savings. Earning tickets offers the thrill of winning prizes.
Mobile access: Almost everybody uses phones in their day-to-day business. A savings account that is easily accessible while on the move scores some points. Yotta Savings has a mobile app for iOS and Android users, but it’s unavailable on a desktop.
Accelerated growth: Yotta Savings has an APY of 0.20%, which seems low compared to other rates. However, there is an opportunity for growth/ increase in interest rate with winnings/earnings on Yotta. So, though it’s not the best high-yield savings account, it’s among the best and is great for an emergency fund or savings goal.
FAQs about Yotta Savings
Is Yotta Legit?
Yes, Yotta is insured for up to $250,000 by FDIC. It has a partnership with Evolve Bank and Trust, a Memphis-based bank founded in 1925. Also, any information you enter in the app is protected by 256-bit AES encryption.
Yotta Savings has an active online community, and the founders are active on social media and engage with account holders.
Who Owns Yotta?
Yotta Savings, founded in 2019, is owned by co-founders Ben Doyle and Adam Moelis.
Is It Easy To Withdraw Money From Yotta?
Yotta Savings has an Instant Withdrawal feature that lets you withdraw up to $10,000 daily with an externally-linked card. I wanted to use my Yotta Debit Card before I would recommend the Yotta APP and it worked perfectly. So, withdrawal from the platform is easy.
Is There A Required Minimum Balance For My Yotta Savings Account?
No. It’s free to use and charges no fee for withdrawals. There is no minimum balance required.
Yotta Bank Review: Is Yotta Savings Legit? The Bottom Line
Saving money isn’t always exciting, especially with an average savings account. Yotta Savings has a different strategy, a lottery-based system allowing people to save and win weekly cash bonuses. If you have some idle cash or emergency fund you don’t want to touch, you can save and see if you win some bonus cash with it, as there’s nothing to lose.
Yotta Savings is safe and insured by FDIC, so go through the app and see if it suits your needs. Remember that larger cash balances win more tickets, so it’s a platform that works great for large accounts.
There is no reason to not join me on Yotta using my referral code DENNIS456 and we’ll both get 100 tickets. Yotta is an FDIC insured savings account recently featured in Bloomberg and Forbes where you can win prizes up to $10M every week
Disclaimer
Information provided on InflationCents.com is for informational/entertainment purposes only. This information should not be considered as professional advice. Please seek a certified professional financial advisor if you need assistance. Rates and offers provided by advertisers can change frequently and without notice. We attempt to provide up to date information, but it could differ from actual numbers. Inflationcents.com may be compensated by 3rd party companies that are mentioned either through advertising, reviews, affiliate programs, or otherwise. All reviews and articles are based on objective analysis and no compensation will tilt our opinion.
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