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Written by Ryan Scribner on April 27, 2022
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Yotta Bank Review 2022: Best High Yield Savings Account?

There is certainly no shortage of banks to choose from. Each is competing for your business and therefore offers a variety of features.

So how do you choose which bank is best for you? Which features mean the most to you?

In this article, we are going to provide a complete Yotta Bank review, the bank that makes banking fun. Let's dive right in!

What is Yotta?

Yotta Bank Review

Yotta Bank was founded in 2019 and is headquartered in New York. The new bank has already acquired 400,000 members and currently has a 4.8 star rating in the app store.

Yotta's purpose is to make banking fun. They achieve this purpose by creating a lottery style chance of winning cash prizes based upon your deposits.

For every $25 you have in your account, you get a weekly ticket. (Example: if you have $100 in your account, you would get 4 tickets each week.) Cash prizes start out as low as $0.10 and go up from there. 

You will essentially have the thrill of possibly winning while at the same time, putting money away for whatever long-term goal you have. This could be for an emergency fund, a down payment on your first home, your child’s education, or that retirement plan you’ve always meant to start.  

Even if you aren’t on the long list of weekly winners, you’re still making money! The cash that you’ve saved still has a 0.20% APY, which is four times higher than the national average.

Yotta Savings 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.

How Does Yotta Work?

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

One number is drawn each night at 9pm EST. There is a $10 million jackpot if all your numbers match.

Sign up for Yotta with the button above to get 100 free bonus tickets!

Or, simply use referral code RYAN when you sign up.

Balance Tiers (Accounts Over $10,000)

For most Yotta users, you'll be receiving a single recurring ticket into the drawing for every $25 you have in your account.

However, once you surpass a certain account size, Yotta is going to slow down the rate at which you'll receive tickets.

  • $0 to $10,000 deposited = 1 ticket per $25 
  • $10,000+ deposited = 1 ticket per $150

That means if you deposited $15,000 you would earn 1 ticket per $25 on the first $10,000 and then 1 ticket per $150 on the remaining $5,000.

How Are Winning Numbers Chosen?

The numbers are completely random. Yotta Savings works with a 3rd party “A” rated insurance carrier that randomly draws the numbers using a state-of-the-art number generator.

This insurance carrier is not affiliated with Yotta and has no ability to see what numbers Yotta Savings members have chosen.

It's a double-blind system since the insurance company has no way to see the numbers users pick or the tickets. In the event that there is a 10 million dollar jackpot winner, it would be paid out by the insurance partner.

Yotta does not draw the numbers or handle the lottery aspect. It is conducted by an independent third party.

Yotta Prize Pool

Currently, this online savings account pays an APY of 0.20% in addition to the prize pool.

With Yotta you can win small prizes or large prizes

Yotta Banking Features

Yotta is popular for its lottery style prizes, but they also have a number of other great features. They offer members early access to their paycheck if direct deposit is set up. Members also get 5 tickets with each direct deposit.

Let's jump into some of their other top features.

Yotta Debit Card

The Yotta Debit card is certainly a top feature. The card comes with a 1/150 chance to have your purchase completely paid for by Yotta in what they call Lucky Swipes. You also earn a weekly ticket for every $10 you spend.

The card comes with rounds up to give to charity, no foreign transaction fees, and over 55,000 ATMs.

If you refer ten friends, you also receive their exclusive metal card.

Yotta Credit Card

Like the debit card, you have the chance to earn even more tickets with their credit card. You can earn a ticket for every $5 you spend. You also have a 2% chance of your entire purchase being covered by Yotta with Lucky Swipes.

The card's limit is actually your account balance, so you will never accrue any debt. This also means there are no fees or interest.

As you use your credit card, you also build your credit.

Buckets

Rather than having your money sit in one place, you can split it up into buckets. These buckets can help you save for various goals. For instance, you could create a bucket called "House Down Payment." You can automatically allocate percentages to each bucket as you make deposits.

Yotta also offers a crypto bucket. With this bucket, your funds are converted into crypto (stablecoins). With the crypto bucket, you earn a ticket in the weekly drawing for every $10 instead of every $25. If you spend using this bucket, the funds will automatically be converted back to USD.

Earn Even More Tickets Through Referrals

Yotta also has a generous tiered referral program that can allow you to earn more tickets by inviting friends. Each Yotta user is given a unique referral code they can use to invite friends and earn more tickets.

In a nutshell, the more people you refer, the more tickets you earn per referral.

Bronze Status (0-2 Referrals)

  • Earn 100 tickets per referral

Silver Status (3-5 Referrals)

  • Receive 300 bonus tickets
  • Earn 150 tickets per referral

Gold Status (6-9 Referrals)

  • Receive 600 bonus tickets
  • Earn 200 tickets per referral
  • 5% extra tickets per week

Platinum Status (10+ Referrals)

  • Receive 1,000 bonus tickets
  • Earn 250 tickets per referral
  • 10% extra tickets per week

Yotta Pool Play

Earlier this year, Yotta savings added a new feature to their platform called Pool Play. This allows users to join forces and pool their tickets together to increase their chances of winning a big prize.

Anyone can start a Yotta Pool and invite as many people as they want to join. If you want to join a Pool Play, you can decide how many of your tickets you want to allocate to the pool. Then when the Yotta Ball is drawn at the end of the week, all of the prizes won by the pool are split.

The number of Yotta tickets you added to the pool will determine what share of the winnings you get. For example, if you and your friend both put 100 tickets into your own pool, you'd split the prizes 50/50. But if you put in 400 tickets and they only put in 100, you'd get 80% of the Pool Play prizes.

Yotta Pools can either be public or private. A public pool is open to the public, and anyone will be able to join. With a private pool, on the other hand, people will be able to join on

Is Yotta Safe/Legit?

It is! Your savings account is covered by insurance from the Federal Deposit Insurance Corporation (FDIC). 

Remember, Yotta Savings is not holding onto your money. They work with partner banks that are storing your hard-earned money. The name of the specific bank Yotta uses is Evolve Bank & Trust.

Your personal and financial information is protected by bank-grade encryption and authentication.

Yotta also makes it very easy to enable 2-factor authentication within the app which is always a good idea for apps that have your money on them. An extra layer of security is never a bad thing because it helps to keep your cash safe and secure.

With stories in the news about bank accounts being hacked or compromised, it is a relief to know Yotta Savings has this area of security covered. 

They use one of the most sophisticated monitoring and safety protection systems out there today. It is an information security program that will meet or exceed banking industry standards. 

It’s called Plaid, a Visa-owned company, that securely connects to more than 15,000 financial institutions.

Yotta sends your credentials through Plaid to your bank. Plaid then sends back an encrypted token to Yotta. This way, no sensitive information touches their servers.

Sign up for Yotta with the button above to get 100 free bonus tickets!

Yotta Bank Review: Final Thoughts

Let’s face it, saving money in a bank account is boring, while being a ticket holder in a lottery is a rush. 

The Yotta Savings app fixes this problem by making saving instantly fun while also offering better economic value than most savings accounts. With Yotta, you get the chance to win big just by saving. So even in weeks where you don’t win a prize, your money still grows, instead of disappearing like in the lottery.

At the same time, you can refer your friends, earn free tickets, and stir up a fun competition each week to see who will win the most.

Feel free to try it out and see for yourself.

Use referral code RYAN for 100 bonus tickets!

Article written by Ryan Scribner
Ryan Scribner is a personal finance YouTuber that is approaching 500,000 subscribers on his channel. He has created a thriving business around his passion, which is helping others navigate the complicated world of investing.

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