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Editor's note
As of May 2024, Yotta no longer offers rewards on savings balances, paychecks, and card spend.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.
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.
Featured High Yield Savings Accounts
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Earn up to 4.75% APY1 <p>LevelUp Rate of 4.75% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.75% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 11/25/2024. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> when you open a new LevelUp Savings account and deposit $250+ per month. Member FDIC.
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Earn up to 4.00% APY2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.3 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> FDIC Insured.4 <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>
Key takeaways
- 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.
Yotta Prize-Linked Savings basics
| 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 |
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| FDIC insured | Yes, up to $250,000 |
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: 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: Some of the best high-yield savings accounts offer competitive annual percentage yields. For example, the Western Alliance Bank High-Yield Savings Premier Account helps you earn an APY of 4.46%5 <p>The annual percentage yield (APY) is accurate as of 11/7/2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.</p> on your balance with no minimum balance requirement.
How to open a Yotta Savings account
Here are the steps to open a Yotta account:
- Visit Yotta to get started.
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- Enter your email address, desired password, referral (if you have one), and other information required.
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- 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.
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- Deposit at least $25 to begin earning tickets for Yotta’s daily prize draws.
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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.