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Written by Cari Scribner on August 23, 2021
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PrizePool vs Yotta Savings 2023: Best Savings Account?

In a sea of online banking and savings platforms out there today, there are actually two that put a new spin on the game by, well, making it a game to save.

They are Yotta Savings and PrizePool, and they both offer members a chance to win a lottery.

That’s right: you could win a weekly or monthly lottery. You pick the numbers (or have them automatically selected), and one number is randomly chosen daily. The cash you win is based on how many of your numbers match.

They are prize-linked savings, the model that uses the chance to win a prize to motivate people to open savings accounts.

Where does the money for prizes come from? It’s simple: some of the interest payments on bank deposits or money spent on marketing are distributed as prizes based on chance.

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Why Does Everyone Have Lottery Fever?

One thing is for certain, it’s not because a lot of people actually win.

You and I both know that every dollar spent on lottery tickets is money tossed into the trash. The odds of winning the Powerball are approximately 1 in 293 million. For Mega Millions, you only have a 1 in 302.5 million chance of winning.

Nonetheless, Americans spent a whopping total of $80 billion on lottery tickets in 2019 alone. That’s an average of $640 per average U.S. household. In the U.S., approximately 183 million people play the lottery at one or more times a year.

People gamble for many reasons. They see it as a way to escape the stress of everyday life, to get an adrenaline rush, for the thrill of risk-taking, or even as an attempt to solve financial troubles.

None of this lasts, however, and you are usually left off in worse financial shape.

Two new platforms are now letting you play a lottery without risking losing your shirt – or your house, vehicle, you name it.

What Is Yotta Savings?

When you open a Yotta savings account and deposit money, you will earn tickets into weekly lottery drawings worth up to $10 million. There’s lots of incentive to keep putting money into your account, because every $25 gets you a recurring ticket into weekly number drawings.

There are also lots of other cash prizes ranging from $0.10 cents on up.

A Yotta savings account is completely free.

There are no minimums, no monthly fees, so there is no risk. You can withdraw at any time, up to 6x per month, and there are no fees for these transactions. You squirrel away money in your savings account, plus have the chance to win drawings every week.

The site puts the list of winners and their cash prizes online, so you can see how much Yotta account customers are winning.

There is also a referral bonus in which you earn more tickets when your friends sign up.

Use referral code RYAN for 100 bonus tickets!

How Does Yotta Savings Work?

For every $25 you deposit in your Yotta savings account, you earn one ticket into that week’s drawing. Every Monday, you will pick 7 numbers for each of your tickets. If you prefer (or forget), you can have numbers automatically picked randomly.

So, if you have $25 in a Yotta Savings account, you will receive one ticket every single week. Another example, if you deposit $50 and never touch it, you get 2 tickets every week without needing to make new deposits.

After reaching $10,000 in your Yotta account, instead of earning 1 ticket per $25, you will earn 1 ticket per $150 on the excess. So if you have $15,000 in your Yotta account, you will receive 433 tickets every week (400 tickets for $10,000 + 33 tickets for the additional $5,000).

Yotta contests occur weekly, with one number randomly drawn each night at 9 p.m. in the Yotta Savings app. Contests start on Mondays at 9 p.m. ET and end on Sundays at 9 p.m. ET. Every Sunday, the 7th and final number for the week’s contests is drawn, and your winnings for the week will be determined

There is a $10 million jackpot if all your numbers match.

The more numbers you match, the more money you win. You can track your numbers on an easy-to-read chart connected to your account. If you see "Won" on your ticket chart with a dollar value next to it, that is how much money you have won so far that week for that individual ticket. If a ticket does not have "Won" on it, it means it has not yet won any prizes that week.

Use referral code RYAN for 100 bonus tickets!

Yotta Savings Features

Yotta is pioneering many new features in the savings account arena. From crypto to free purchases there is much to take note of here.

Yotta Pool Play

If your friends also have a Yotta Savings account, you can start up a pool to increase your chances of winning. A Yotta Pool allows you to pool your tickets together with others and split the prizes. The splits will be proportionate to how many tickets each person brings to the pool.

For example, say you and I start a pool where you contribute 200 tickets, and I contribute 100. If we win $3,000, you will receive $2,000 and I'll get $1,000 because you contributed twice as much as I did.

When creating a Yotta Pool, you can choose whether to set it to public or private. With a public pool, anyone who is in the pool can share the invite code and anyone is able to join. With a private pool, you are able to limit the members to a specific group.

Yotta Debit Card

The Yotta Debit Card allows you to spend money directly from your Yotta Savings account. At the same time, you have the chance of getting any item you pay for with the card for free. This is a unique perk that you won't find with any other debit card.

Whenever you swipe your Yotta Debit Card, there is a 1 in 250 chance that the item you buy will be free. Users have had their rent, vet bills, and bar tabs all paid for by Yotta.

On top of that, you'll also receive 10% back in tickets. That means for every $10 you spend on the card, you'll get 1 ticket into the weekly drawing.

Yotta Savings Pros

  • $10 million grand prize
  • Drawings happen every single week
  • Win multiple prizes each drawing
  • Yotta Debit card gives you free tickets and the chance to have your purchase paid for
  • Yotta Crypto Bucket allows you to earn even more tickets

Yotta Savings Cons

  • $10,000 balance tier for traditional account
  • Crypto Bucket is not FDIC insured

What Is PrizePool?

This platform works with the same psychology of giving people a chance of winning free money.

PrizePool does drawings monthly. After you enroll, you could win one of the over 4,000 cash prizes totaling $50k every month simply by saving money.

According to PrizePool information, one lucky winner is guaranteed to get the $25,000 Grand Prize out of this.

Every $1 you have in your PrizePool account gives you one ticket per day. There are $50,000 in monthly prizes given out. This includes one $25,000 grand prize and a total of $25,000 in small prizes.

There is a maximum of 750,000 tickets a month which is equivalent to about $25,000 a month. PrizePool also limits you to winning one prize per month.

Evolve Bank and Trust holds the deposits, and they are FDIC insured. This means, of course, even if you don’t win a cash prize, your savings remains untouched. It doesn’t cost a cent to play!

Additionally, users receive a savings bonus of 0.3% APY. While this may not seem like much, it is higher than the 0.2% currently offered by Yotta.

PrizePool Features

While there do not offer as many exciting features as Yotta, there are some unique aspects of PrizePool to take note of.

PrizePool Referral Program

PrizePool has a unique referral bonus. If you refer friends who sign up, you could both win 10% more if your numbers are chosen.

When they win, they get a 10% boost on their prize, and you get a referral bonus of 10% of their winnings. This referral bonus never expires, so you are linked for as long as you’re both maintaining savings accounts with PrizePool.

PrizePool Debit Card (Coming Soon!)

After the success of the Yotta debit card, PrizePool was soon to follow suit and announce their own debit card. There is currently a waitlist for the card and a tentative launch date for Fall 2021.

Similar to the Yotta Debit card, the PrizePool debit card will reward spenders with tickets and the chance to get their purchase paid for by PrizePool. For every $1 you spend on the PrizePool card, you will receive 100 tickets. There is not much information yet on what the odds of winning a free purchase will be.

PrizePool Pros

  • Higher 0.3% APY than Yotta
  • It is guaranteed that one person will win the grand prize every month

PrizePool Cons

  • Limited to winning one prize per month
  • Lower $25,000 grand prize
  • No debit card or crypto account

Conclusion: PrizePool vs Yotta Savings

Prize-linked savings accounts put a new spin on stashing money away for a rainy day. They fill the urge to win without having to lose any money.

Yotta gives members one ticket for every $25 deposited. Their weekly drawings are worth up to $10 million if all your numbers match those drawn. There are also lots of other cash prizes ranging from $0.10 cents on up.

PrizePool doles out one ticket for every $1 deposited.  The platform gives out $50,000 in monthly prizes. This includes one $25,000 grand prize and a total of $25,000 in small prizes.

No matter which platform you choose, it will be a far smarter move on your part than tossing money away into a lottery that’s not linked to savings.

Use referral code RYAN for 100 bonus tickets!

Article written by Cari Scribner

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