Investing Simple Logo
Get 1 Free Stock Worth Up To $200 From Robinhood!
Sign up with Robinhood, deposit any amount and get 1 Free Stock. It takes less than 3 minutes to sign up and claim your Free Stock Bonus.
Earn 5.00% APY with M1 High-Yield Savings Account
M1 Plus members can earn 5.00% APY on their deposits with no minimum balance required.
Get Up To A $300 Bonus From SoFi Money
Open a new SoFi Money account today and set up direct deposit ($1,000 minimum) to get a $50 to $300 bonus deposited to your new account. Offer expires 5/31/22.
Written by Ryan Scribner on May 15, 2023
FTC Disclosure

Yotta vs Ally Bank 2023: Which Is Best?

Ryan Scribner is an angel investor in Yotta. 

In the rapidly evolving landscape of digital banking, Yotta and Ally Bank have emerged as prominent players offering unique savings experiences.

While Yotta entices users with the chance to win daily cash prizes of up to $1 million, Ally Bank provides a more traditional yet optimized approach to savings.

Let's delve into the features of Yotta and Ally Bank to see how they compare.

What Is Yotta?

Yotta has gained the trust of over 700,000 members who are attracted to the potential of winning life-changing cash prizes.

The average annual savings reward on Yotta stands at an impressive 2.70% APY, making it an enticing option for those looking to grow their savings.

With a base rate of 0.20% APY on savings, users can enjoy a steady foundation for their funds.

However, it's the daily prize drawings that truly set Yotta apart. These drawings offer an element of excitement, with prizes ranging from $0.03 to a staggering $1 million. Yotta proudly shares stories of its winners, including one winner who won a Tesla, further fueling the thrill and anticipation.

Yotta has expanded its offerings beyond its online savings account, now including debit and credit cards.

These additional financial products allow users to earn more tickets into the daily prize drawings, enhancing their chances of winning big.

Furthermore, Yotta's recent introduction of I Bonds Buckets simplifies the process of purchasing I Bonds, eliminating the need to navigate the outdated Treasury Direct website.

What Is Ally Bank?

On the other hand, Ally Bank has established itself as a trusted and highly-rated digital banking institution.

Their savings account has received an impressive rating of 4.6 stars out of 5 based on 8,979 reviews.

Ally Bank's Annual Percentage Yield (APY) of 3.75% across all balance tiers is notably competitive, making it an appealing choice for those seeking to maximize their savings potential.

In addition to a strong interest rate, Ally Bank offers a range of features to optimize savings.

One such feature is "boosters," which allows users to accelerate their savings and automate parts of their strategy. Ally Bank also provides the convenience of recurring transfers, enabling users to set up regular transfers into their savings account based on a schedule that suits their needs.

The "round ups" feature tracks transactions in Ally Interest Checking accounts and rounds them up to the nearest dollar, transferring the accumulated amount to the savings account once it reaches at least $5.

Furthermore, Ally Bank's "Surprise Savings" feature analyzes linked checking accounts to identify safe-to-save funds and automatically transfers them to the savings account, eliminating the hassle of manual transfers.

Yotta vs Ally Bank

When comparing Yotta and Ally Bank, it's important to consider personal preferences and financial goals.

Yotta's allure lies in the excitement of daily cash prize drawings, making it an engaging option for those seeking a unique saving experience.

However, Ally Bank appeals to individuals who prioritize a competitive interest rate and a range of optimization tools that simplify and streamline the savings process.

Ultimately, the choice between Yotta and Ally Bank depends on your desired savings approach. If you are motivated by the possibility of winning big and enjoy a gamified experience, Yotta might be an option to consider.

Conversely, if you value a consistently competitive interest rate and prefer a more traditional savings approach with optimization features, Ally Bank could be the better choice.

Regardless of your preference, both Yotta and Ally Bank offer innovative and rewarding solutions to help you achieve your financial goals.

Be sure to read our full Yotta review here for more info!

This article was generated using automation technology, and thoroughly edited and fact-checked by an editor on our editorial staff.

Article written by Ryan Scribner
Ryan Scribner wrote a book called “From Side Hustle To Main Hustle To Millionaire” about his side hustle journey. He started off as a utility worker in Upstate NY before launching his YouTube channel in 2016 as a side hustle. In 2017, he went full time with the online business, quitting his job. Since then, he has grown his channel to 800,000 subscribers. Ryan now shares side hustle tips with others and is an angel investor in many fintech companies.

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.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
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.
Try Fundrise
Copyright © 2018 – 2023 Investing Simple LLC. All Rights Reserved.
Investing Simple is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Investing Simple has advertising relationships with some of the offers listed on this website. The information on Investing Simple could be different from what you find when visiting a third-party website. All products are presented without warranty. For more information, please read our full disclaimer.
Website managed by Stallion Cognitive™

Get 1 Free Stock Worth Up To $200 From Robinhood!

Don't Miss This Opportunity!

Investing Simple readers can claim a free stock from Robinhood worth up to $200 when they open a brokerage account and deposit any amount.

For US Residents only. Investing Simple is affiliated with Robinhood, and we may earn a commission when you sign up for Robinhood.

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram