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Written by J. Thomas on December 29, 2020
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Yotta Savings vs Ally Bank 2023: Which Is Better?

We all have long-term goals for saving money, whether it’s a new house or our child’s college tuition.

Yawn. Let’s face it, saving money is pretty boring. There's no instant reward for putting money away and banks are paying lower and lower rates on your funds.

What if there a were of blending the excitement of gambling with the realistic need to save towards our goals? Well, the creators of Yotta Savings believe there is a way, and they are making it happen with their rapidly-growing savings account.

But how does this "new school" bank known as Yotta Savings compare to a time tested player like Ally Bank? Here's our full comparison between Ally Bank vs Yotta Savings.

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What Is Yotta Savings?

When you open a Yotta savings account and deposit money, you will earn tickets into weekly lottery drawings for 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 anywhere from $0.10 cents on up to a Tesla.

Even if you aren’t on the list of weekly winners, you’re still earning a sizable amount of interest. The cash that you’ve saved has a 0.20% APY, which is twice as high as the national average.

Yotta Savings is completely free. There are no minimums, no monthly fees, so there is no risk to you. You can withdraw at any time, up to 6x per month, and there are no fees for these transactions. You store up 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.

Use referral code RYAN for 100 bonus tickets!

How Does Yotta 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.

You can get tickets into Yotta saving’s weekly drawing by receiving a recurring ticket for every $25 that you deposit. 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.

Yotta contests occur weekly, with one number drawn each night at 9 p.m. ET 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, Yotta will draw the 7th and final number for the week’s contests and determine your winnings for the week.

You will receive a whopping $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!

How Are The 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 have 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. This keeps the drawings as fair as possible and ensures that the contests are not rigged.

Yotta Debit Card

Recently, Yotta announced they would be releasing a debit card to complement their savings account. The features this card offers are unique to Yotta and include the chance that any purchase you make on the card ends up free!

Whenever you spend money on the Yotta debit card, you'll be earning more tickets into the weekly drawing. These are on top of any tickets you're already earning from your savings account. The card offers 10% tickets back on your purchases. That means for every $10 you spend on the card, you'll get one free ticket into the weekly drawing.

But the more exciting feature that this card has to offer is that there is a 1/500 chance that your purchase will be free! That's because Yotta randomly picks up the tab on 1/500 purchases made on the Yotta debit card. While this will l likely only happen once in a while, it might be a pleasant surprise to realize that Yotta picked up the bill for your dinner.

The features of this debit card are very on-brand for Yotta and once the card is released, it's likely Yotta will continue to add more features for the card.

For now, there is a waitlist for the card which you can join here.

Is Yotta Safe?

Your Yotta Savings account is covered by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the federal government. Since the start of FDIC insurance in January 1934, depositors have not lost a penny of insured funds as a result of a bank failure.

What does this mean to you and your Yotta Savings account? It means that the U.S government fully guarantees your cash account for up to $250,000.

Your personal and financial information is protected by bank-grade encryption and authentication. Yotta uses plaid to transfer funds from your external bank account which is the industry standard for moving money safely.

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.

Yotta Referral Program

If you decide you like Yotta enough to share it with your friends, they offer a generous referral program to all of their users. The program has 4 tiers depending on how many people you refer and each tier rewards you with more tickets.

Bronze Tier (0-2 Referrals)

When you're on the bronze tier and refer a friend, you'll get 100 bonus tickets added to your Yotta Savings account. In addition, the person you refer will also get 100 bonus tickets.

Silver Tier (3-5 Referrals)

On the silver tier, your referral bonus increases from 100 bonus tickets to 150 bonus tickets per referral. In addition, you'll get a 300 ticket bonus when you reach the silver tier.

Gold Tier (6-9 Referrals)

Upon reaching the gold tier, you'll get a bonus of 600 extra tickets into the weekly drawing. Additionally, you'll get 200 bonus tickets for each new person you refer to the service.

Once you reach the gold tier, you'll also get a 5% extra tickets every single week forever. So if you typically get 1,000 tickets per week, now you'll get 1,050 tickets into each drawing.

Platinum Tier (10+ Referrals)

After reaching 10 referrals, you'll reach the platinum tier. You'll likely find it worth your while because you'll get 1,000 bonus tickets once you reach this level. Also, each new referral you make will bring you 250 bonus tickets for an unlimited number of people.

Instead of getting 5% extra tickets per week, you'll get 10% extra. So 1,000 tickets becomes 1,100 tickets every single week in perpetuity.

Yotta Pros

  • 0.20% APY + Prizes
  • Average APY currently works out to over 2%
  • Debit card allows the chance for your purchases to be free
  • Alerts you to winnings if you don’t have time to keep track
  • The thrill of gambling without the risks
  • Refer family and friends bonuses give you more tickets every week

Use referral code RYAN for 100 bonus tickets!

Yotta Cons

  • Must deposit money in $25 increments
  • No investing accounts or IRAs

What Is Ally Bank?

Ally Bank has become one of the country's best-known and most trusted online banks because of its enormous range of products. People refer to Ally as a one-stop-shop.

Ally is a full-service bank offering:

  • High interest-paying savings accounts
  • Money markets and CDs
  • Checking accounts
  • Personal and commercial banking
  • Home and vehicle loans
  • Investment services

Your Ally savings account doesn’t have monthly maintenance fees or minimum balance requirements. The savings account does not offer a debit card at this time.

“Buckets” within your online savings account help you organize your money into different categories to track your progress towards your goals. There is no minimum amount you are required to have in each bucket.

Automated Money Saving Tool

A booster is Ally’s automated money-saving tool available in your online savings account.

Ally Bank currently offers two types of boosters:

  • Recurring transfers: these are pre-set amounts Ally funnels into your savings that you don’t even have to think about.
  • Surprise savings: this booster finds money in your linked checking account that could be earning more in your savings account. You can link any checking accounts you wish, but the savings will be sent to your Ally savings account.

Ally offers financial tips and tools for real life via educational articles on topics ranging from marriage to kids to retirement.

Ally Pros

  • Large array of financial offerings
  • Money market account issues you a debit card and paper checks
  • Live customer service available around the clock
  • Surprise boosters can uncover hidden ways to save money

Ally Cons

  • Limit of six withdrawals and transfers per statement cycle from your online savings account
  • No fun bells and whistles
  • No physical branches to accept your cash deposits
  • No debit card

The Verdict: Ally Bank vs Yotta Savings

When comparing Ally Bank to Yotta, most people are looking at how the online savings account stack up against each other.

With Ally Bank, you currently earn an interest rate of 0.60%. 

With Yotta Savings, you earn a lesser 0.20% interest rate but in addition prizes up to $10,000,000.

Within the app, Yotta tells you what your realized APY is. I have been using it for a few weeks, and in November my realized APY was 6.44%. This is obviously much higher than Ally Bank, however a lot of it is based on luck. I have also earned a lot of bonus tickets from referrals which inflates this number.

In general, the average APY for Yotta works out to be 2% - 3% so if you're searching for the highest APY possible, Yotta is the way to go. However, this will fluctuate from week to week as some weeks you will earn more while others you may earn less.

In general, odds are you will be earning more with Yotta between the prizes and the interest versus just the interest from Ally Bank.

Use referral code RYAN for 100 bonus tickets!

Article written by J. Thomas
JT graduated with a degree in Personal Finance from a Big Ten university. Since then he has worked as a Financial Planner with a nationally recognized RIA. In his free time, he enjoys playing basketball, spending time outdoors, and traveling abroad.

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