Yotta Prize-Linked Savings Review [2024]: A Savings Account That Could Win You Cash

Yotta Savings puts the thrill of winning the lottery into a savings account. But how does it work and is it easy to become a winner?
Updated May 12, 2024
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Yotta Savings Review

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Many banks offer savings accounts that can help you earn interest over time on the money you deposit into your account. Yotta Prize-Linked Savings Accounts functions similarly, but with a fun twist: you get to play a lottery game each day for opportunities to add more cash to your account.

Yotta states that its customers earn an average of None in average annual savings rewards.1Your deposited funds are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $500,000 through Synapse Brokerage LLC member FDIC Program Banks.

In this Yotta Prize-Linked Savings review, we’ll cover the ins and outs of this account, including any fees it has, what we like about it, and the areas where it falls short. This can help you decide whether it’s worth it for you to open a Yotta Savings account.

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Quick Summary

Join a luck-based rewards system by saving money.

  • Earn an average of None in annual savings rewards
  • Pay $0 monthly maintenance fees with a balance above $5
  • Participate in Yotta's unique lottery-centered prizes
In this Yotta Prize-Linked Savings review

Key takeaways

  • Yotta is a fintech company that offers a unique savings account with a sweepstakes system. The company states that customers earn average annual rewards of None on their balances.
  • Yotta’s distinctive feature is its lottery game, where customers receive recurring tickets based on their deposits, and they choose numbers for daily drawings. Matching numbers results in cash rewards, with a potential $1 million jackpot for those who match all numbers.
  • Yotta Prize-Linked Savings account doesn’t charge monthly maintenance fees on balances above $5. There are no minimum balance requirements, but you need at least $25 to begin earning tickets to play in the lottery game.
  • Yotta has no physical branches, so it’s accessible exclusively through its mobile app, available for both iOS and Android devices.
  • While Yotta provides 2% APY plus a luck-based system for the chance at additional rewards, other savings accounts offer a more predictable return on your deposits. For example, the CloudBank 24/7 Savings account offered through the Raisin marketplace helps you earn an annual percentage yield (APY) of 5.24% on your entire balance with no balance or direct deposit requirement.

Yotta Prize-Linked Savings basics

Annual savings rewards An average of None
Minimum balance for savings rewards $25
Minimum deposit to open account $0
Monthly maintenance fees $0, unless your balance is less than $5 on the first day of the month, in which case there might be a fee of $1 or your balance, whichever is lesser
ATM access No fee withdrawals at over 55,000 Allpoint Network ATMs
Transactions per month
  • Six withdrawals according to Federal Regulation D
  • $10,000 in daily transactions
FDIC insured Yes, up to $250,000
Visit Yotta

What is Yotta?

Yotta is a fintech company that has been founded in 2019 by Adam Moelis and Ben Doyle in New York. The company received a boost with funding in the summer of 2020 from Y Combinator, a popular seed-funding company. Y Combinator is known for helping launch huge companies like Airbnb, Dropbox, and DoorDash. 

The founders of Yotta were inspired to create a prize-linked savings account after seeing how well a similar company, Premium Bonds, did in the United Kingdom. Yotta works similarly to how online savings accounts work, except that Yotta Savings is accessible only via its mobile app (available for both iOS and Android devices). Keep in mind that Yotta doesn't offer checking accounts.

How does Yotta work?

After you sign up for an account, you can make your first-time deposit. You can also withdraw money from your Yotta Savings account.

Americans who participate in the Yotta Savings lottery game need to make at least one $25 deposit. For each $25 deposit into Yotta Savings, you’ll earn one recurring ticket, up to a maximum ticket number of 500,000 per day.

Your tickets are used in daily drawings. Six numbers for each of your tickets (five regular numbers and one YottaBall) are randomly selected every night at 9 p.m. E.T. 

The winning numbers are then drawn within the Yotta app. The more numbers you match, the more money you win. Matching all five numbers plus the Yottaball on one ticket wins the $1 million jackpot.

Yotta's prizes and odds

Because your tickets are recurring based on your account balance, you’ll receive a number of tickets each day that reflects your balance. 

For example, a $10,000 account balance would receive 400 (10,000 / 25 = 400) recurring tickets every day. If your balance drops to $5,000, you’d receive 200 (5,000 / 25 = 200) recurring tickets. So the higher your account balance each day, the more tickets you’ll receive, and the higher your chances of winning cash from the Yotta lottery.

Here is what your tickets might win and the odds of winning each prize:

Matching numbers Matching Yottaball Ticket prize Odds
0 Yes $0.03 1:129
1 Yes $0.10 1:464
2 Yes $0.75 1:5,282
3 Yes $20 1:161,995
4 Yes $2,000 1:15,065,513
5 Yes $1,000,000 1:7,080,791,256
0 No $0 1:1.3
1 No $0 1:4.7
2 No $0.02 1:54
3 No $0.20 1:1,653
4 No $1,000 1:153,729
5 No $20,000 1:72,252,972

What we like about Yotta: benefits and perks

  • No monthly maintenance fees for balances above $5: Avoiding fees can be an important strategy when choosing the best savings account. With Yotta Prize-Linked Savings, you don’t have to pay monthly maintenance fees on any balances above $5. If your balance is $5 or less on the first day of the month, you'd get charged $1 or your remaining balance, whichever is lesser.
  • Rewards potential: Yotta states that customers earn, on average, None in annual savings rewards from its lottery program. However, if you get lucky and win one of the bigger prizes that Yotta Savings offers, you could see a significant return. However, remember that luck is a major factor in this game.
  • Fun approach to banking: Likely one of the biggest draws of Yotta Savings is how it works. Buying lottery tickets is often associated with the thrill of being able to win huge prizes, but it’s also typically accompanied by disappointment when you lose and regret wasting money. You won’t necessarily win big money every day with Yotta (the odds of winning the Yotta jackpot are one in 7 billion per ticket), but it’s fun.
  • Mobile access: Life is busy, but it’s important to have access to your finances no matter where you are. Because Yotta Savings has a mobile app for Apple and Android devices, it’s easy to make deposits and withdrawals while you’re on the go.

What we don't like about Yotta: drawbacks 

  • Digital only: Yotta is only available to use through its mobile app. This means that there are no physical branches to visit. Many people will find the mobile app to be convenient enough, but not having the option to visit a local branch may not fit all people.
  • Low average annual rewards: Yotta claims average annual rewards of None per customer. However, some of the best high-yield savings accounts offer competitive annual percentage yields. For example, the Western Alliance Bank Savings Account helps you earn an APY of 5.25% on your balance with no minimum balance requirement.

Compare Yotta Savings vs. a traditional savings account

One of the best ways to see how well a savings account can perform is by comparing it against another savings account. The national average APY for traditional savings accounts is 0.46% (as of May 16, 2024).

The Yotta Prize-Linked Savings earns 2% APY plus the chance at additional rewards. 

To give you a sense of the power compound growth can achieve, let's assume we open the following two accounts with a starting balance of $5,000. Let's see how that balance grows over one year, three years, and 10 years.

Traditional savings account with 0.47% APY Example savings account with 3.00% APY
Initial balance $5,000 $5,000
After 1 year $5,023.50 $5,150
After 3 years $5,070.83 $5,463.64
After 10 years $5,240.03 $6,719.58

How to open a Yotta Savings account

Here are the steps to open a Yotta account:

  1. Visit Yotta to get started.

  1. Enter your email address, desired password, referral (if you have one), and other information required. 

  1. Once your account is created, connect a bank account, make a deposit, and provide additional personal information such as your address, date of birth, and social security number.

  1. Deposit at least $25 to begin earning tickets for Yotta’s daily prize draws.

Deposits into your Yotta Savings account take about three business days and can be withdrawn after another four business days.

How to withdraw money from Yotta Savings

In the Yotta Savings app, choose the “Withdraw” option in your settings and select which connected bank account you want to move money to. Then input the amount of money you want to withdraw and submit the withdrawal. Withdrawals from your Yotta Savings account take one to three business days to process.

You can also use your Yotta Mastercard debit card at thousands of in-network ATM locations to withdraw money for free. Keep in mind that using an out-of-network ATM typically incurs fees.

Other Yotta Savings fees

Overdraft fee $0
Stop payment fee $0
ACH transfers $0
Incoming wire $0
Outgoing wire Not available

Yotta Savings customer service

Yotta Savings is an online account, so you don’t have the option to visit any in-person branches. However, you can contact the Yotta Savings support team through messaging features in the mobile app or on the website. You can also get in touch with Yotta by sending an email to support@withyotta.com.

Yotta FAQ

Is Yotta Savings safe?

Funds in your Yotta Savings account are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $500,000. In addition, sensitive information like your Social Security number is encrypted with 256-bit AES encryption.

Who owns Yotta?

Yotta is owned by various private equity investors, including founders Adam Moelis and Ben Doyle. Funds in Yotta Savings accounts are held with Synapse Brokerage LLC member FDIC Program Banks. So your funds are insured for up to $500,000.

How does Yotta make money?

Yotta works with partner banks that pay a small amount of interest to depositors. This is one of the ways traditional banks typically make money as well. Yotta primarily focuses on earning interest from deposits, so it partners with online banks that don’t have high overhead expenses so it can offer more value to its customers.

Yotta Prize-Linked Savings: bottom line

When you open an account at one of the best banks, you should look for accounts that can help you grow your money. Yotta offers a healthy interest rate plus a fun lottery system.

Overall, the more you deposit into your Yotta Savings account, the more you might win. This is because you’ll receive more tickets as your deposits increase, which improves your odds of winning money during the daily random number draws. However, keep in mind that this is entirely based on luck, so you might not win more.   

If the Prize-Linked Savings account from Yotta doesn't sound like the right fit, consider other options in our list of the best savings accounts to find the right account for you.

Yotta Savings Benefits

  • Deposit your savings for a chance to win up to $1 million a day
  • Every $25 in your account earns you 1 ticket
  • The more tickets you have, the higher your chances of winning
  • Access to a debit card with the chance to win cash or your entire purchase for free
  • Funds FDIC-insured through Evolve Bank & Trust up to $250,000

Author Details

Ben Walker, CEPF, CFEI® Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.
Yahia Barakah, CEPF Yahia Barakah, CEPF, is a Senior Editor at FinanceBuzz and has created finance-focused content since 2011. As a Certified Educator of Personal Finance, he has a background in institutional investment and asset management, as well as a deep passion for financial literacy.

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