Yotta Savings: A Smart Investment Strategy For Your Money

Yotta Savings, incorporated as Yotta Technologies, is an American financial technology company that offers a prize-linked savings account. The company was founded in October 2019 and its platform was launched in July 2020. Yotta offers a unique savings account with a gambling twist and an average 2.7% APY, though the odds of winning $10 million are slim. For every $25 deposited, users get a recurring lottery ticket each day. Yotta's business model was inspired by the UK's Premium Bonds program, where bondholders were entered into a lottery-like system to win cash prizes. While Yotta follows a similar model, it also pays a small amount of interest on deposits.

Yotta's prize-linked savings account

Yotta Savings, incorporated as Yotta Technologies, is an American financial technology (fintech) company that offers a prize-linked savings account. The company was founded in October 2019 by Adam Moelis and Ben Doyle, with its platform launching in July 2020.

Yotta combines aspects of a standard savings account with a sweepstakes lottery. For every $25 deposited, users get a recurring lottery ticket each day. Users can also earn tickets by spending money with the Yotta debit card: 1 ticket for every $10 spent. Each ticket has seven numbers, which can be chosen by the user or randomly generated by Yotta.

Every night at 9 pm ET, a third-party insurance company uses a random number generator to draw a single number for the Yotta lottery. Weekly contests run from Monday to Sunday, with the Sunday night draw called the Yotta Ball. The more numbers users match during the week, the more they win. Prizes range from $0.10 to $1 million, with the biggest prizes going to those whose seventh number matches the Yotta Ball. Winnings are automatically added to the user's account balance, and for every $25 won, the user gets another ticket for the following week.

In addition to the lottery, Yotta offers other ways to earn rewards. Users can refer friends to earn up to a metal Yotta Debit Card with their 10th referral. The Yotta debit card also offers "Lucky Swipes", giving users a 1 in 200 chance of Yotta paying for their next purchase. Users can also donate their rounded-up transactions to Feeding America through the "Meal Tickets" feature, earning a bonus ticket for each transaction.

Yotta's base savings reward is 0.20% APY, but the company claims an average APY of 2.7% when including winnings. While Yotta offers an exciting and unique way to save, it's important to note that users who don't win prizes may find their money growing faster in a traditional high-yield savings account.

Yotta's debit card

Yotta Savings is a fintech company that offers a prize-linked savings account. It combines aspects of a standard savings account with a sweepstakes lottery. For every $25 deposited, users get a recurring lottery ticket each day. Users can also earn tickets with the Yotta debit card: 1 ticket for every $10 spent using the card.

The Yotta debit card is issued by two financial institutions:

• The Yotta Visa® Debit Card is issued by Thread Bank, a member of the FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere that Visa debit cards are accepted.
• The Yotta Mastercard Debit card is issued by Evolve Bank & Trust, a member of the FDIC, pursuant to a license from Mastercard.

The Yotta debit card offers the following benefits:

• Chance to get your next purchase for free: With Lucky Swipes, every time you swipe your debit card, you have a 1 in 200 chance of Yotta paying for your next purchase.
• Early access to direct deposit: Get your paycheck up to two days earlier than your scheduled payment date.
• No foreign transaction fee: There are no fees for using your debit card for purchases abroad.
• No international ATM fee: Yotta is partnered with the Allpoint ATM network, granting access to more than 55,000 ATMs across the US.
• Additional tickets for making purchases: Every $10 you spend on your Yotta debit card earns a ticket into the following week's sweepstakes contest.
• Give back to the community: Round your transactions up to the nearest dollar by enabling "Meal Tickets" in your debit card settings. Your rounded dollars are automatically donated to Feeding America, which provides meals for families in need. Plus, you'll earn a bonus ticket for each transaction.

To get a Yotta debit card, you must first open a checking account, which is the type of bank account that is linked to your debit card. Then, you can choose the type of debit card you want (Visa or Mastercard) and apply. Once you've applied, you'll need to wait for the card to arrive in the mail, which usually takes about 7-10 business days. After receiving your card, you'll need to activate it and create a Personal Identification Number (PIN) before you can start using it.

Yotta's mobile app

Yotta is a mobile app that combines aspects of a standard savings account with a sweepstakes lottery. The app is available for both Android and iOS. Yotta offers a unique savings account with a gambling twist and an average 2.7% APY, though the odds of winning the $10 million jackpot are slim. For every $25 deposited, users get a recurring lottery ticket each day. Yotta also offers a debit card, which earns users an additional ticket for every $10 spent.

The Yotta app has a simple and intuitive interface that makes it easy for users to manage their savings and participate in the lottery. Users can also use the app to refer friends, which earns them bonus tickets. The app also allows users to track their winnings and view their transaction history.

One of the key features of the Yotta app is the lottery system. Every night at 9 pm ET, a third-party insurance company draws a single number for the Yotta lottery. Weekly contests run from Monday to Sunday, with the number drawn on Sunday being the Yotta Ball. The more numbers users match on their tickets, the more they win.

In addition to the lottery, the Yotta app also offers a "Crypto Bucket" feature, which allows users to invest a portion of their savings in stablecoins. Yotta also provides FDIC-insured bank savings accounts, with funds held by Evolve Bank & Trust.

Overall, the Yotta mobile app offers a fun and innovative way to save money, with the added excitement of the lottery and the potential for big winnings. However, it's important to note that Yotta is not a bank, and there have been issues with funds availability in the past due to its dependence on partner banks and financial technology companies.

Yotta's interest rates

Yotta Savings, incorporated as Yotta Technologies, is an American financial technology (fintech) company that offers a prize-linked savings account. Yotta offers an interest rate of 0.2% APY, which is still competitive compared to big banks like Chase or Bank of America. However, it is not as competitive when compared to high-yield savings accounts that reliably earn yields of 4% or more.

Yotta Savings combines aspects of a standard savings account with a sweepstakes lottery. For every $25 deposited, users get a recurring lottery ticket each day. The more tickets a user has, the higher their chances of winning cash prizes. Yotta offers a potential $1 million jackpot for those who match all the numbers. While the odds of winning the jackpot are slim, Yotta provides users with an exciting opportunity to win cash prizes while saving.

Yotta also offers a Crypto Bucket feature, where users can invest in stablecoins with less risk. Additionally, Yotta has an optional debit card that provides benefits such as no foreign transaction fees and the chance to earn additional lottery tickets through purchases.

It is important to note that Yotta is a mobile-only platform, and users cannot access their accounts through a web browser. Yotta also experienced issues in 2024, where customers lost access to their funds due to the failure of Synapse, a fintech company that Yotta depended on. As a result, Yotta customers may want to consider the risks and stability of the platform before investing.

Yotta's lottery system

Yotta Savings is a fintech company that offers a prize-linked savings account. The company was founded in October 2019 and is headquartered in New York. Yotta's business model was inspired by the UK's Premium Bonds program, where bondholders are entered into a lottery-like system to win cash prizes.

Here's how Yotta's lottery system works:

Getting Tickets

For every $25 deposited into a Yotta savings account, the user gets a recurring lottery ticket each day. For example, a $1,000 deposit will get the user 40 tickets every day as long as those funds remain in the account. Users can also earn tickets with the Yotta debit card: 1 ticket for every $10 spent using the card. Each ticket allows the user to pick seven numbers, or Yotta will choose the numbers for them if they don't make a selection.

Daily Drawings

Every night at 9 pm ET, a third-party insurance company uses a random number generator to draw a single number for the Yotta lottery. Weekly contests run from Monday to Sunday. The number drawn on Sunday nights is the Yotta Ball, which is the seventh number that must be matched to win the biggest prizes.

Winning Prizes

If the seven numbers drawn during a week match the numbers on any of the user's tickets, they can win anywhere from $0.10 to $1 million. Yotta automatically adds the winnings to the user's account balance, and for every $25 won, the user gets another ticket for the following week's contest.

Frequently asked questions