Yotta Savings Review
Save with Yotta!
Use code MILLENNIAL when signing up to receive 100 free tickets!
Overview
At Millennial Economics, we only review products and services we personally use ourselves. We have been saving with Yotta for quite some time now, and we have enjoyed what the platform has to offer!
At its core, Yotta is a high yield savings account. What makes it different is that they have gamified the process of saving by offering weekly prizes for those who save with them.
Features
Lottery Style Weekly Prizes
What makes Yotta great is how they have made the process of saving fun! Not only will you be checking to see if you had winning numbers each day, but the interest you accrue on your money is typically much higher than other high yield savings accounts on the market. In my experience, I have seen accrued interest anywhere from 0.84% to 2% APY. Of course, there is always an opportunity for you to earn much more and increase this number dramatically. Compare these interest rates with what you typically find in other high yield savings accounts (about 0.5%) and you can see why saving with Yotta can be so great!
How it works:
For every $25 you have saved with Yotta you will receive 1 ticket into the weekly drawing. These tickets do not go away and are not of one time use. For example, if you have $100 in your Yotta account, you will have 4 tickets in the weekly drawing every week you have that amount in your account.
Each ticket has 7 numbers on it that can be chosen manually or generated automatically.
Every day a new number is drawn. If your number matches for that day your chances of winning bigger prizes increase.
Prizes range from a few cents up to a Tesla or $10,000,000!
FDIC Insured
The money you save with Yotta is FDIC insured, much like at a typical bank, up to $250,000.
Base Interest Rate
All Yotta accounts have a base interest rate of 0.20%, which is higher than most savings accounts.
Pool Play
Pool Play is a relatively new feature Yotta is offering. You can pool your tickets together with friends or strangers to increase your odds of winning prizes. Your winnings are split amongst the group proportional to how many tickets you have included in the pool.
Debit Card
Yotta will soon be offering a debit card with the below features:
1 in 500 chance to get the item you purchased for free
For every $10 you spend get a free ticket for the following week’s drawing
Earn 1,000 bonus tickets after spending $2,000 in your first four months
Get a metal card when you have 10+ referrals
Fees
There are no fees associated with having a Yotta savings account!
Who is Yotta Best For?
In our opinion, Yotta is great for anyone looking to get a better return on their money than your typical savings account. It is also great for anyone looking to make the savings process fun! While these prizes are not guaranteed, in my experience the benefit of saving with Yotta is definitely substantial, even if your account balance is relatively small.
Our Opinion
Yotta is a wonderful and easy to use platform. They have done a great job making the savings process fun and engaging. They seem to be adding new features at a steady rate, which will only make the platform more valuable. If you are looking for a high yield savings account with the potential for great returns, Yotta could be a great fit for you!
Save with Yotta!
Use code MILLENNIAL when signing up to receive 100 free tickets!