Yotta Savings account review
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- Annual Percentage Yield (APY)
- Up to
2.70%
- Fee
- $0.50 per month
(can be waived) - Minimum deposit to open
- $0
Our verdict
A unique savings account with a gambling twist and an average 2.7% APY, though the odds of winning $10 million are slim.
Yotta is one of the only accounts in the US that combines aspects of a standard savings account with a sweepstakes lottery. Yotta earns a 0.2% APY though it claims to average out to 2.7% if you include winnings. For every $25 you deposit, you get the chance to enter a lottery toward winning $10 million. But those who prefer a little more predictability and stability in their returns may want to look elsewhere.
Best for: Those who want a chance to win cash prizes and don't mind passing on stable value for a little fun.
Pros
-
Chance to win up to $10 million for every $25 deposited
-
Optional debit card and crypto savings
-
No foreign transaction fees
Cons
-
Low 0.2% APY if you don't count potential winnings
-
Winnings are inconsistent
-
Mobile only
MUST READ: Payment processing issues and missing funds
Due to an outage with Synapse Brokerage’s banking processors, Yotta account holders are not able to perform ACH, wire transfers or card transactions. Evolve Bank & Trust was meant to process transactions on behalf of Synapse Brokerage, but Evolve states they never agreed to take over ACH transactions and have frozen all payment processing services.
In short, Yotta customers have had no access to their funds since May 11th 2024, still accurate as of August 2024.
Additionally, funds appear to be missing. Yotta isn’t a bank, it’s a fintech, and it relies on partner banks and a network of eight banks held to hold customer deposits and provide deposit insurance. As of April, there were a reported $109 million in deposits for Yotta customers. But just one month later, the ledger showed just $1.4 million in Yotta funds held at one of the banks according to Evolve, as reported by CNBC(1).
With payment processing issues and missing funds, we’d say opening an account with Yotta is unadvisable even though the issues aren’t stemming from Yotta itself.
How does Yotta work?
Prize-linked savings programs like Yotta have existed in the UK since the 1950s, but this account is among the first in the US. It’s similar to a lottery in that you could win big prizes if you pick the winning numbers.
Yet unlike Powerball or Mega Millions, you’ll never throw away money on losing tickets. Instead, your money’s deposited in a savings account that earns 0.2% APY. Here’s three steps to how it works.
1. Get your tickets.
For every $25 you deposit in your Yotta account, you get a recurring lottery ticket each day. For example, if you deposit $1,000, you’ll get 40 tickets every day as long as those funds remain in your account. You can also earn tickets with the Yotta debit card: 1 ticket for every $10 spent using the card.
Only certain Yotta savings account customers will have the opportunity to apply for the Yotta debit card. If you’re selected to apply, you’ll see a notification on the main screen of the Yotta app with card and application details. If approved for the card, your entire account will convert into a Yotta checking account while maintaining the benefits of the savings account.
For each ticket, you can pick seven numbers. If you don’t select any numbers, Yotta chooses them for you.
2. Enter daily drawings.
Every night at 9 p.m. ET, a third-party insurance company uses a random number generator to draw a single number for the Yotta lottery. Weekly contests begin on Monday and end on Sunday. The number drawn on Sunday nights is called the Yotta Ball.
If the seven numbers drawn during a week match the numbers on any of your tickets, you win anywhere from $0.10 to $1 million. To win the biggest prizes, the seventh number on any of your tickets must match the Yotta Ball number.
3. 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.
Who is Yotta best for?
Yotta savings is best for those who like taking chances and want a fun way to save. Ultimately, a Yotta savings account offers a similar thrill to playing the lottery, but rather than throwing away money on losing tickets, you’ll deposit those funds into an FDIC-insured savings account.
Yotta boasts a 2.7% average APY if you include winnings. Without winnings, your account earns 0.2% APY, which is still competitive compared to big banks like Chase or Bank of America. But not competitive enough when compared to high-yield savings accounts which reliably earn yields upwards of 4% or more.
Yotta also lets you choose to keep some of your savings in a Crypto Bucket, helping you get started in the crypto world but without as much risk. Yotta invests 20% of the amount in your Crypto Bucket in to stablecoins, the most stable form of crypto. The rest of your money is backed by the FDIC-insured Evolve Bank & Trust.
However, if you’re not a consistently lucky winner, your money can grow faster elsewhere. If you don’t want to try your luck, explore other high-yield accounts for a more predictable savings option.
Where the Yotta shines
Yotta is one of a kind when it comes to savings accounts, and much of that reason comes down to the lottery system behind the account’s earnings. The idea of earning a huge windfall of $10 million just for adding to your savings holds a special kind of allure.
If you choose to get its optional debit card it increases your rewards potential. For every $10 you spend, you earn an additional ticket to enter its lottery. Yotta’s referral bonus plays into this as well: if you refer a friend and they sign up, both you and your friend receive free tickets toward the next lottery.
The Yotta debit card is also a surprisingly friendly pick when traveling abroad: there’s no fees for foreign transactions, foreign ATMS or currency conversions, which is a rare for a debit card. Plus you get liability protections inherent to all Mastercards.
Finally, while maybe not as coveted as it once was, Yotta also offers some crypto support in allowing you to put a set amount of savings into a crypto “bucket.” Once opened, Yotta invests 20% of the amount into stable coins, which offers an additional way to diversify your savings.
Where the Yotta falls short
While Yotta offers a fun and interesting way of building your savings, the gambling nature of the lottery isn’t for everyone. Your effective APY comes down to a roll of the dice over the course of a year. If you’re particularly unlucky, you can expect your APY to average out to around 2.7%, according to Yotta. And if you don’t partake in the lottery system, you earn a mere 0.2% APY. To put that in perspective, some of the top high-yield savings accounts such as Barclays Online Savings earn 3.00% APY or more. If you’re looking for large guaranteed savings over time, Yotta isn’t the best pick for you.
And while not an issue exclusive to the account, Yotta is mobile only, so unlike other digital banks, you can’t access your account through a web browser. You’ll need to link an external bank account to your Yotta account and deposit or withdraw funds through your mobile app.
Finally, Yotta likes to announce the name and location of big Yotta winners. If you hit it big and don’t want to be named, you’ll need to choose to hide your name and identity within the app prior to winning.
What are the odds of winning with Yotta?
The odds of hitting the $10 million jackpot are one in 8,260,307,055. The fine print states that if you do hit the jackpot, you’ll actually receive a lump-sum payout of $5.8 million — the present cash value of $10 million based on a 40-year annuity. While that sounds suspicious, it’s common practice for lottery organizers to use annuity values in their marketing.
Here’s a breakdown of Yotta’s prizes and your chances of winning.
Yotta prizes and odds
| Matching Yotta Ball? | # of matching numbers | Prize | Odds of winning |
|---|---|---|---|
| Yes | 0 out of 6 | $0.10 per ticket | 1:110 |
| Yes | 1 out of 6 | $0.15 per ticket | 1:181 |
| Yes | 2 out of 6 | $0.60 per ticket | 1:867 |
| Yes | 3 out of 6 | $7 per ticket | 1:9,913 |
| Yes | 4 out of 6 | $1,000 | 1:273,158 |
| Yes | 5 out of 6 | $5,000 | 1:21,511,216 |
| Yes | 6 out of 6 | $10,000,000 | 1:8,260,307,055 |
| No | 0 out of 6 | $0 | 1:1.8 |
| No | 1 out of 6 | $0 | 1:3 |
| No | 2 out of 6 | $0 | 1:14 |
| No | 3 out of 6 | $0.25 per ticket | 1:160 |
| No | out of 6 | $10 per ticket | 1:4,406 |
| No | 5 out of 6 | $1,500 | 1:346,955 |
| No | 6 out of 6 | Tesla Model 3 | 1:133,230,759 |
How can I increase my chances of winning?
To increase your chances of winning, deposit money into your account on a regular basis and avoid withdrawing it. Yotta also offers a feature called Pool Play that lets you combine any or all of your tickets with other people’s tickets to increase your odds of winning weekly prizes.
Yotta offers private and public pools, depending on whether you want to split any winnings with a select group of friends and family or any number of random account holders. The number of tickets you contribute to a pool is up to you, but the more tickets you contribute, the greater the share of any winnings you’ll receive.
What happens if multiple people win the Yotta jackpot?
There can be multiple jackpot winners, but only if it’s over $999. When the prize is over $999, then the cash is equally split between the winners. If the prize doesn’t say per ticket in our table, the amount is split among all winners. In the case of the Tesla Model 3, the week’s winners split $37,990.
Will I have to pay taxes on my winnings?
You don’t have to pay taxes on lottery earnings up to $600 generally. Over that limit, you’ll pay taxes based on your regular income tax bracket. Yotta savings may send you Form 1099-MISC at the end of the year if you’ve made at least $600. Savings account interest should come on Form 1099-INT.
How do Yotta’s average winnings compare to high-yield savings accounts?
Although Yotta doesn’t publish statistics on how much money an average user has won, it claims that customers average 2.7% APY when combining its interest rate and average prize value.
Is Yotta legit?
Yes. Yotta is FDIC insured for $250,000 thanks to it’s partnership with Evolve Bank & Trust, a Memphis-based bank founded in 1925. Any information you enter into the Yotta app is protected by 256-bit AES encryption. Any funds you deposit through Yotta are held by Evolve.
Plaid, a Visa-owned financial services startup, handles deposits you make using the Yotta app. It’s also worth noting that Yotta has an active community of users online, and the app’s founders are active on social media and also directly engage with account holders.Yotta is backed by the startup accelerator Y-Combinator.
People have won big using Yotta. The largest windfall was to the tune of $500,000, won by a residential cleaner in Atlanta, Georgia. And in 2021 one Yotta user won a Tesla Model 3 by matching six numbers on the weekly lottery.
Compare Yotta with other savings accounts
For a better picture of how Yotta stacks up when it comes to APY, minimum deposit and more, compare other products to see them side-by-side.
Should I get the Yotta debit card?
The Yotta debit card and checking account offers a few additional benefits for your Yotta account.
- 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. Increase your odds when you set up direct deposit or have a successful referral.
- Early access to direct deposit. Get your paycheck up to two days earlier than your scheduled payment date. Plus, setting up direct deposit increases your Lucky Swipes odds from 1 in 200 to 1 in 150. You also get bonus tickets toward your chance to win $10 million. You earn 20% bonus tickets on your first paycheck and 5% on each one after that.
- No foreign transaction fee. Yotta doesn’t charge any fees for using your debit card for purchases abroad.
- No international ATM fee. Yotta also doesn’t charge any fees for ATM use abroad. 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. This is in addition to the tickets earned for making deposits to the account.
- 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.
How does Yotta’s referral program work?
Yotta offers an impressive referral program that rewards account holders with hundreds — or even thousands — of free tickets. When you open an account, you receive a unique code you can share with friends, family and strangers. The more people who open a Yotta account using your code, the higher your referral tier and the more tickets you receive.
Referral tiers
| Tier | Referrals | Tickets per referral | One-time bonus | Extra tickets per week |
|---|---|---|---|---|
| Bronze | 0-2 | 100 tickets | — | — |
| Silver | 3-5 | 150 tickets | 300 tickets | — |
| Gold | 6-9 | 200 tickets | 600 tickets | 5% extra tickets per week |
| Platinum | 10+ | 250 tickets | 1,000 tickets | 10% extra tickets per week |
Yotta savings reviews and complaints
As of July 2022, Yotta Savings earns a 4.8 out of 5 stars on Trustpilot based on 1,426 customer reviews.
Customers love the app, saying it’s a fun way to save money. Many people claim they’ve won at least $10 since opening their account. The biggest customer complaint is that you can earn more interest consistently in a high-yield savings account.
How do I deposit or withdraw my money using Yotta?
You have a daily limit of $10,000 and a monthly limit of $40,000 for deposits and withdrawals.
Deposit options
- Free ACH transfers
- Direct deposit
- Instant deposits from a linked external debit card for a 1.5% fee or $0.50 fee for amounts less than $33.33
- Incoming wire transfer
Withdrawal options
- ACH transfer
- ATM withdrawals
- Debit card purchases
- Instant withdrawals to a linked external debit card for a 1.5% fee or $0.50 fee for amounts less than $33.33
How to contact Yotta
Touch base with a Yotta representative in three ways:
- Call 844-945-3449.
- Send a message to support@withyotta.com.
- Hit the live chat message icon on the website to speak to a Yotta agent.
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Yotta is not currently available on Finder
Have you considered Uphold?
- $0 monthly fee
- Earn 4.9% APY on balances of $1,000+
- Earn 2% APY on balances lower than $1,000
- Available in 47 states
- Up to $2.5 million FDIC insurance
Your reviews
Michael Finder
Staff writer
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