Yotta is a popular lottery-based savings company whose angel investor’s include personal finance YouTube star Graham Stephen. For every $25 you deposit, you are rewarded with a permanent lottery ticket that you can use each week for a chance to win $10 million, a Tesla, or lesser cash prizes. I wrote all about it in my blog post “Save for a chance to win up to $10 million each week”. Since I published that blog post, much has changed making Yotta much more attractive for savers.
Yotta Debit
Until recently, Yotta Savings only offered a savings account. Now they are offering the new Yotta Debit card that gives you at least a 1 in 500 chance of getting your purchases for free! For in-person restaurant expenses, you get a 1 in 100 chance. You also get 10% cash back in the form of bonus lottery tickets. Yotta Users have already won over $50,000 using their new Yotta Debit card.
Yotta Direct Deposit
LIMITED TIME OFFER! If you setup your direct deposit with Yotta by September 20th, 2021, you will get 2X better odds on your Yotta Debit card for as long as you keep the direct deposit setup. On your first direct deposited paycheck, you will get 20% bonus tickets on the amount deposited. Depending on the employer, Yotta will give you access to your direct deposited paycheck up to 2 days early. Yotta is even working on a feature to allow you to access your tax refund early.
Yotta Buckets
Yotta now offers Buckets, an amazing feature offered by too few banks. Using your one savings account, you can create multiple savings targets and split your savings account into buckets. Create a bucket for home renovation, create another bucket for a new car fund. Easily setup automatic direct deposits between your buckets or transfer money between your buckets to help you reach your savings goals.
Yotta Pool Play
Similar to sharing lottery tickets with your co-workers or family members, you can now play with others to increase your chances at winning. With the Public Pool, you can join forces with anyone. With the Private Pool, you can invite friends, coworkers, and family members to contribute and increase the potential of winning.
Yotta Crypto Buckets
The Crypto Bucket feature is similar to other high interest earning crypto accounts like BlockFi. Yotta’s Crypto Bucket will take your USD and convert it to stablecoins earning you 8% APY on average. Every $5 deposited gives you 1 ticket.
Yotta Credit Builder
If approved, Yotta will give you $1000 earning interest in a savings account. You will have to pay Yotta $55 per month until the $1000 loan is paid off. All payments are reported to the three major credit bureaus to help you build up your credit.
Summary
Yotta is a company aimed at rewarding those who save. You earn 0.20% APY as a base plus lottery winnings. As a Yotta account holder with 480 tickets, I have earned an effective APY of 0.70%. That is a much higher savings rate than what most banks can offer. It is even higher than what most money market accounts and CD’s can offer. Of the 480 tickets I earned, 200 tickets were from an invitation bonus. Visit Yotta and use my Invitation Bonus “HyderFT” to earn free tickets after you deposit at least $25 to your account.
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