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Written by Ryan Scribner on December 13, 2022
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Yotta Review 2024: Best High Yield Savings Account?

Most online savings accounts offer a rather "one dimensional" experience. That is, a simple place to park your cash with a digital banking app.

Yotta is on a mission to change things up a bit with their prize-linked savings account. Instead of funneling money into the lottery, savers are rewarded with tickets each day based on how much they save.

Challenger banks like Yotta have emerged recently after the banking app Chime took the market by surprise. These new-age banks are garnering tens to hundreds of thousands of accounts in stealth.

So, should you jump on the Yotta bandwagon? Here's our full review.

Learn More: Robinhood Retirement 3% Match

Robinhood is a popular "all-in-one" investing app.

While they are most well-known for their commission free stock trading, they've recently shaken up the Retirement Investing World too.

Introducing Robinhood Retirement; home of the biggest IRA match on the market.

Robinhood IRA Boost

Here's what you need to know:

  • Robinhood offers 2 types of retirement accounts - the Roth IRA and Traditional IRA
  • All Robinhood investors will get a 1% Match on what they Contribute or Transfer
  • Robinhood Gold members will get a 3% Match - the biggest on the market

And don't worry, this comes with a Portfolio Builder Tool. You don't have to construct your investment portfolio from scratch if you don't want to.

Lastly, you'll even get a free stock worth up to $200 when you open a new Robinhood account using our link.

Best Free Stock Promotions

Robinhood Logo1 Free Fractional Share Worth Up To $200Learn More
Webull LogoEarn Up To 75 Free Fractional SharesLearn More
Moomoo Logo7 Free Stocks When You Deposit $100+Learn More
Acorns Logo$20 Bonus When You Invest $5+Learn More

What Is Yotta?

So far, over 600,000 people have decided to make the switch and bank with Yotta.

Yotta Banking Screenshot

Yotta is essentially a fancy application built on top of a traditional boring savings account.

There are two crucial things to understand about Yotta:

  • First of all, there's no possible way to lose money (unlike the lotto or gambling)
  • Second of all, Yotta does not hold onto your money, they parter with a custodial bank called Evolve Bank & Trust

Yotta itself is simply a fancy application built on top of an old school bank account. Through their partner bank, you are fully FDIC insured. 

Yotta Features

  1. Prize Linked Savings Account - Every $25 of your first $10,000 saved gets you 1 Daily Recurring Ticket
  2. Buckets - Savings pods for specific goals or vacations as well as a specific I Bonds Bucket
  3. Debit Card - Spend $10 to earn 1 Ticket for that day
  4. Credit Card - Spend $5 to earn 1 Ticket for that day
  5. Lucky Swipes - Offered with both the Debit and Credit card, every purchase has the chance of being completely free
  6. Pool Play - Pool tickets with friends (just like a lotto pool at work) to increase your odds of winning
  7. Yotta Pay - Like the "Zelle" or "Venmo" of Yotta, send payments to others within the app
  8. Paycheck Perks - Your 1st direct deposit receives a 20% bonus, then it's a recurring 5% bonus

How Does Yotta Work?

Since there are so many features, it can be a bit overwhelming when you first sign up.

Here's how the app works when you get started.

1. Sign Up & Earn 100 Bonus Tickets

To open an account with Yotta, you will need the following information:

  • Full Name
  • Email
  • Address
  • DOB
  • SSN

The sign up process is simple and takes minutes.

Be sure to use our referral link or use referral code RYAN for 100 Bonus Tickets!

2. Link Your Bank & Make 1st Deposit

Once you open your account, you will get your 100 bonus tickets (assuming you used the code above).

At that point, you will want to make your first deposit. Based on the amount you deposit, you will earn recurring tickets into the daily drawing. There is a tiered system based on how much you have deposited.

  • Every $25 deposited earns you 1 daily ticket, up to $10,000 deposited
  • After that, every $150 deposited earns you 1 daily ticket

So, the ticket incentive is a lot better on the first $10,000 saved up. In that case, you would have 400 daily tickets into the drawing.

Earn Daily Tickets With Yotta

If you deposited $100 and never touched it, you would have 4 daily tickets. 

3. (Optional) Open A Checking Account

If you want to continue earning more tickets, the Debit card is your next step.

With the Yotta Debit Card, 10% of your dollar value purchases turns into daily tickets. If you spent $250 on a Utility Bill, you would earn 25 tickets for that daily drawing.

Lucky Swipes also come into play here. Your odds for a free swipe are based on a number of factors, including whether or not you have direct deposit set up and how many referrals you have generated.

Odds of a free purchase depend on if you have direct deposit setup as well as how many referrals you have. With direct deposit setup, your odds are 1 in 150 for the debit card on average and a 1 in 75 for the credit card on average. Every friend you refer unlocks you 30 days of 1 in 100 odds on average for free stuff on your debit card and 1 in 50 odds on average for your credit card. - Yotta Official Website

4. (Optional) Direct Deposit

If you want to earn even more free tickets, or boost your Lucky Swipe odds, sign up for direct deposit. This is when you have an employer automatically depositing your wages into your Yotta bank account.

When you add direct deposit to your Yotta Checking Account, you unlock the following perks:

  • 25% better Lucky Swipe Odds (1 in 150)
  • Get paid up to 2 days early
  • 20% bonus tickets on your 1st direct deposit
  • 5% bonus tickets on all future direct deposits

Final Thoughts

In the United States, American's spend $1,000 per year on average on the lottery.

Imagine, instead, if you put that money into a prize linked savings account like Yotta?

That $1,000 would earn you 40 tickets every single day.

If a bank account is able to help you save through incentive, while cutting down on bad habits like gambling, that is a win-win.

Be sure to use our referral link or use referral code RYAN for 100 Bonus Tickets!

Article written by Ryan Scribner
Ryan Scribner is the Co-Founder of Investing Simple and author of the personal finance book ‘From Side Hustle To Main Hustle To Millionaire’ (available on Amazon and at Barnes & Noble). He is recognized as a Top 100 Money Expert by GoBankingRates. Ryan Scribner runs a successful YouTube channel focused on money and investing, which he started in 2016. Scribner was exposed to the finance world early on with a dad who is a financial advisor. Before he started his YouTube channel, he was working and making a surplus of money which he began investing on his own. Then he started to document it on his YouTube channel, before launching the Investing Simple blog in 2018. Ryan Scribner has used his own experiences with money to show others what he’s done to be successful so that they can learn from it. He has been featured in The Wall Street Journal in a publication on The Financial Gurus Millenials Listen To. In addition, Ryan Scribner has been featured in MarketWatch, Business Insider and Forbes - where he was recognized as the #1 Must Watch YouTube Channel For Making Money. In recent years, Ryan has become an angel investor across numerous startups. This includes fintech platforms such as Yotta, Mesh Connect and Commonstock - recently acquired by Yahoo Finance. Beyond that, Ryan has equity investments in a veteran-led cybersecurity company Netrise, as well as Beacons - an all-in-one builder tool for creators. Today, Scribner lives in South Florida - teaching others how to build wealth and “semi-retire,” without sacrificing your life to a 9-to-5.

Read more

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood provides an easy-to-use free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below.
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Passively invest in private real estate deals with as little as $10. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
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