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Yotta Savings account review

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This new app rewards lucky savers with cash prizes, but is it too good to be true?

Yotta combines features of a standard savings account with a sweepstakes lottery system that rewards you with cash prizes as long as you pick the week’s winning numbers. But its APY is at a low 0.2%. Unless you win a large cash prize, you’ll earn more elsewhere.

0.20%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY0.20%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6

Expert review

Michael Benninger

Review by


Michael Benninger is a personal finance writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Blinkist, Business Insider and the Los Angeles Times. Michael graduated from Rowan University with a bachelor’s degree in business administration. When he’s not writing, you can usually find him watching movies, enjoying the outdoors or boarding planes to distant destinations.

Expert review

Yotta savings is best for those who like playing the lottery and want a fun way to save. The concept of a prize-based savings account may sound new, but it’s a model that’s been used in other countries for decades.

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.

But if you don’t win big, your money’s likely to grow faster elsewhere. If you don’t want to try your luck, explore other high-yield accounts for a more predictable savings option.

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. Here’s how it works:

1. Get your tickets

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For every $25 you deposit in a Yotta account, you get a recurring lottery ticket each week. For example, if you deposit $1,000, you’ll get 40 tickets every week as long as those funds remain in your account. For each ticket, you can pick seven numbers — similar to a Powerball or Mega Millions game. If you don’t select any numbers, Yotta will choose 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 Sunday. If the seven numbers drawn during a week match the numbers on any of your tickets, you could win anywhere from $0.10 to $10 million.

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.

Is Yotta safe?

Yotta is backed by Y-Combinator, a reputable startup accelerator. Yotta is not a bank, but it acts as an intermediary between its customers and Evolve Bank & Trust, a Memphis-based bank founded in 1925. Any funds you deposit through Yotta are held by Evolve, which is FDIC insured for up to $250,000.

Deposits you make using the Yotta app are securely handled by Plaid, a financial services startup owned by Visa.

What are the benefits of a savings account with Yotta?

A few perks to opening a Yotta account:

  • No monthly fees. Opening an account doesn’t cost anything, and there are no monthly fees.
  • You could win. If you win, your account balance could grow more rapidly than if you used a standard savings account.
  • No gambling. You won’t be throwing away money on losing tickets. The more money you save, the more chances you have to win.
  • Referral bonus. Sign up using someone’s Yotta savings referral code and get 100 free tickets to start. Share your own referral code after you sign up to earn even more bonuses.

What are the odds of winning $10 million with Yotta?

The odds of hitting the jackpot are one in 3,277,899,625. The fine print states that if you do hit the jackpot, you’ll actually receive a lump-sum payout of $5.8 million. That’s the present cash value of $10 million based on a 40-year annuity. While that sounds suspicious, it’s a common practice for lottery organizers to use annuity values in their marketing materials.

What should I look out for?

While Yotta offers an interesting and fun approach to savings, it still has some drawbacks:

  • New app. Yotta debuted a few months ago, so the company doesn’t have much of a track record.
  • Low APY. Yotta savings accounts receive a 0.2% APY, which is far lower than what many high-yield savings accounts offer.
  • Opportunity cost. If you keep your money with Yotta and never win, you’ll miss out on the interest you would have earned with a standard high-yield savings account.
  • Mobile only. Yotta only works with iOS and Android devices, so you can’t deposit or withdraw funds through a web browser.

Yotta savings reviews and complaints

Yotta savings has a 4.5 out of 5-star rating on Trustpilot based on 16 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, although they haven’t come close to winning the big jackpot. The biggest customer complaint is that you could earn more interest in a high-yield savings account.

Compare Yotta with other savings accounts.

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
0.60%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
$0
Go to site
View details
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Go to site
View details
A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
CIT Bank Money Market
0.60%
$0
$100
Go to site
View details
A savings account with a higher-than-average rate and minimal fees.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Go to site
View details
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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Compare up to 4 providers

How do I open an account?

You’ll need an iPhone, iPad or Android device to open a Yotta savings account:

  1. Download the Yotta app from the App Store or the Google Play Store.
  2. Tap Sign Up, then enter your email address and create a password.
  3. If you have a referral code, enter it to collect free tickets, then tap Join Yotta.
  4. Fund your Yotta account.
  5. Make your first deposit and receive a ticket for every $25 you transfer.

Eligibility

To open a Yotta savings account, you’ll need to meet the following requirements:

  • At least 18 years old
  • Legal US resident

Required information

Provide the following details to open your account:

  • Name
  • Physical address
  • Date of birth
  • Social Security number

How do I deposit or withdraw my money?

The only way to deposit funds into your Yotta savings account is by tapping Get More Tickets in the app and entering the amount of money you wish to transfer. You can also set up recurring deposits on a weekly, biweekly or monthly basis.

To withdraw funds back into your linked account, navigate to the Settings screen in the app, and tap Withdraw. As with most savings accounts, you’re limited to making six monthly withdrawals. Withdrawals will take two to three days.

You have a daily limit of $10,000 and a monthly limit of $40,000 for deposits and withdrawals.

Frequently asked questions

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