Yotta Savings Review

Yotta Savings logo

Yotta Savings

8.0

BankBonus.com rating

Bottom Line

Yotta is a savings account that's built around fun. It gives the opportunity to play the lottery without wasting money on lottery tickets.

Pros

  • No fees
  • Weekly lottery
  • Sign-up & referral bonuses

Cons

  • No physical branches
  • Poor odds of winning prizes
  • Low APY for an online account

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at Yotta Savings

Looking for a bank account that combines saving with playing the lotto? You’ve found it with Yotta — a fintech company that offers weekly drawings for cash prizes.

In this post, we’ll review everything Yotta has to offer, along with your odds of winning its grand prize of up to $10 million. To start, let’s look into exactly how Yotta Savings works.

What is Yotta?

Yotta is an online-only, all-in-one bank account that aims to make personal finance a little more interesting. It’s built on the assumption that saving money is inherently boring and that cash prizes can incentivize consumers to build wealth for the long haul.

The company is based out of New York and was founded by Adam Moelis and Ben Doyle in 2019.

Whether or not you agree with its principles, the reality is that money talks. Yotta claims to have more than 350,000 current customers who have earned over $4 million (and two Teslas) in its weekly drawings.

All that said, while it tends to focus on the prizes, Yotta has plenty of other banking features. To give you the full picture, let’s take a closer look at the top things to expect with a Yotta Savings account.

Yotta Savings App Features

Yotta is an online-only bank, meaning that you’ll handle everything from its website or mobile app. The app is available on both iOS and Android devices and has rave reviews.

The Yotta Savings app currently has a 4.8-star (out of 5) rating in the App Store and 4.2 stars (out of 5) in the Google Play Store.

Yotta Lottery

With Yotta, the main attraction is its weekly lottery.

How does the Yotta lottery work?

Yotta draws seven random numbers every week, starting with the first on Monday at 9 pm Eastern Time. Then, it draws the remaining six numbers each day at 9 pm, concluding with the Yotta Ball on Sunday.

Much like Powerball, the more numbers you have on your ticket(s), the more you win, with the Yotta Ball carrying the most weight. Prizes range from $0.10 to $10 million. The key is to enter as many tickets as possible each week.

How can I get tickets with Yotta Savings?

You can earn tickets in a couple of different ways. The first is to keep money in your savings account. For every $25 (up to $10,000) you deposit into your Yotta account, you get one ticket. For every $150 over $10,000, you get another. So, the more money in your account, the better chance you have of winning.

Otherwise, Yotta offers opportunities for bonus tickets by using your debit card and engaging with its other features.

What are the odds of winning Yotta?

Unfortunately, your odds of winning anything substantial are not good, to put it lightly. Your odds of snagging the grand prize are expectedly outlandish at 8 billion to 1. For the runner-up prize (a Tesla 3), they’re somewhat friendlier at 133 million to 1. To see the odds for each prize, check out the official rules.

So, suffice to say that you should not sign up for a Yotta account expecting to hit the jackpot. That said, it does come with other features that could help you hit some more realistic goals.

Pool Play

If you want to team up with fellow Yotta members to increase your odds, you can do it with Pool Play. You can join a public pool or set up a private one with an invite link. Everyone in the pool combines their tickets, and you all split any winnings that come out of them.

0.20% APY

Fortunately, the lottery isn’t the only way to earn with Yotta. While a 0.20% Annual Percentage Yield (APY) can’t match other high-yield savings accounts, it still outpaces most traditional savings accounts.

The 0.20% interest rate applies to all balances, so no need to worry about hitting a minimum balance requirement.

Yotta Debit Card

With Yotta’s debit card, the opportunities for your luck to pay off keep coming. Every time you make a transaction, you have a chance of earning a Lucky Swipe. The odds are one in 250, but if you hit one, Yotta will cover the cost of your purchase. You can also increase the odds of a Lucky Swipe by shopping with partner retailers and making referrals.

Aside from Lucky Swipes, your card will earn a free ticket each time you spend $10 or more.

55,000+ Free ATMs

Yotta is part of the Allpoint ATM network, so you have fee-free access to more than 55,000 ATMs nationwide.

Savings Buckets

With a Yotta account, you can create savings buckets to prioritize your savings goals. It’s super easy to set benchmarks and track your progress. You can also set up recurring transfers. You can even lock certain buckets that you don’t want to touch.

Crypto Bucket

Yotta also offers one unique bucket that converts your money into cryptocurrency. When you deposit funds into your Crypto Bucket, you earn one lottery ticket per $10 rather than $25.

According to Yotta, the expected APY for the Crypto bucket is 4.00%. What’s unclear is how Yotta gets to that number. The Crypto Bucket still comes with the same 0.20% APY, so the only added benefit is the extra tickets.

Credit Builder

With Yotta’s Credit Builder tool, you can boost your credit score while earning some more tickets. Here’s how it works:

First, you have to apply. There’s no hard credit check required. If you’re approved, you get $1,000 deposited into your locked Credit Builder bucket.

Then, you pay that deposit back over 24 months ($55 per month). Once it’s paid off, the bucket unlocks, and you can spend the $1,000. Yotta reports each payment to all major credit bureaus, which should help your score.

According to Yotta, average users have increased their credit score by 42 points in the first 60 days.

Fees

Yotta’s greatest strength is that it’s entirely fee-free. That means no monthly maintenance fees, no overdraft fees, and no minimum balance requirements.

If you’re looking for a truly free online bank account, Yotta fits the bill.

Getting Started

All you need to get started with Yotta is your name, email address, American home address, date of birth, and Social Security number.

Once you have an account, you can link an existing account to make your first deposit, which will immediately earn tickets.

The entire process only takes a few minutes, and you don’t have to worry about a credit check that’ll affect your score.

Yotta Savings Promotions

Yotta offers two different promotions for new customers: a sign-up bonus and a referral bonus. However, neither of them is a traditional cash bonus. Instead, each will set you up with more tickets and more chances to win prizes.

Here’s a closer look:

Sign-Up Bonus

Yotta’s sign-up bonus works much in the same way as a credit card sign-up promotion. To earn it, you need to spend at least $2,000 with your Yotta debit card in the first four months after signing up. You get 1,000 extra tickets in the following lottery if you hit the mark.

Referral Bonus

If you bring your friends and family into the Yotta community, you’ll earn even more tickets. The referral program is broken into tiers. The more people you bring in, the more you earn. Here’s the full breakdown:

  • Bronze Tier: 100 tickets per referral for your first two referrals
  • Silver Tier: 150 tickets per referral for your 3-5th referrals, plus 300 bonus tickets for your third
  • Gold Tier: 200 tickets per referral for your 6-9th referrals, plus 600 bonus tickets for your 6th referral, and 5% extra tickets per week for a year
  • Platinum Tier: 250 tickets per referral for 10+ referrals, plus 1000 bonus tickets for your 10th referral, and 10% extra tickets per week for a year

Security

Like any legitimate online bank, Yotta takes your financial security seriously. All of Its accounts come with FDIC insurance through a partnership with Evolve Bank & Trust, so your money is protected.

For online security, Yotta employs multi-factor authentication and biometric authentication. It also offers instant spending notifications and in-app card locking. Plus, with Mastercard Zero Liability, Yotta should have your back if your card is compromised.

Customer Service

From a customer experience standpoint, Yotta seems to have something figured out. It currently has a stellar 4.8-star (out of 5) rating on Trustpilot on more than 1,000 user reviews.

If you need assistance with your account, you can always consult the FAQ page on the Yotta website. It’s full of useful info that should help with the most common issues.

If you need to get in touch with someone, the website also offers a live chat feature, though it comes with the disclaimer that a response might take a couple of hours.

Otherwise, you can send an email to support@withyotta.com or dial the customer service phone number (844-945-3449)

Pros and Cons

Pros:
  • No fees
  • Great mobile app
  • Weekly lottery
  • Sign-up and referral bonuses
Cons:
  • Low APY for an online account
  • Poor odds of winning prizes
  • Limited account options
  • No physical branches

Alternatives to Yotta

Yotta, if nothing else, is unique. There aren’t any other banking options that do things quite the same way. That said, there are plenty of other online platforms worth looking into.

Here are some of our top choices:

Chime

Chime is a leader in the neobank space. It offers several low-cost, high-earning online accounts and has an impressive mobile banking platform to go with it.

Varo Bank

Varo is another top digital bank that offers high-yield accounts with very few fees. Plus, it comes with opportunities to boost your APY and earn cashback on your debit purchases.

Discover Bank

Discover Bank has a rewards checking account that earns 1% cashback on purchases, plus a top-tier high-yield savings account.

Frequently Asked Questions

Can I trust Yotta savings?

Yes. Yotta is backed by an FDIC-insured institution and is a legitimate banking option.

Does Yotta actually pay?

Yes. Yotta claims to have paid out more than $4 million in prizes, and its current customers have provided rave reviews concerning its functionality.

Is the Yotta app legit?

Yes, with the disclaimer that it’s a bit gimmicky. The odds of winning big with Yotta aren’t great, but hey, you never know. That said, if you’re going to open a Yotta account, make sure it isn’t just in hopes of winning the jackpot.

Can you lose money in Yotta?

No. Like any savings account, there’s no risk involved in banking with Yotta. You can’t purchase tickets for its lottery, so you can only win extra money.

Is Yotta Savings Right For You?

Yotta is a savings account that’s built around fun. Essentially, it gives the opportunity to play the lottery without wasting your money on lottery tickets. While its top prizes are likely a pipe dream, I’m here for anything that’ll help boost your savings. If a shot at $10 will motivate you to save, then Yotta could be an excellent fit.

That said, the account isn’t without its limitations. The APY is well above the national average, but it doesn’t compare to many other online banks. You also won’t have to worry about monthly fees, but you will miss out on a variety of account options.

Like most aspects of personal finance, it comes down to you, your goals, and what will help you reach them. Yotta might not be the strongest savings account out there, but that doesn’t mean it isn’t good.

Overall, my advice is to ask yourself a few questions: What will help you save for your future? How can a bank account help you achieve your goals? Which features are most important to you?

If your answers align with what Yotta has to offer, you may have a winner.