Yotta savings review 2020 free money you don’t want to miss. This tutorial will show you how it works, the odds of winning, and account expected value.
I recently came across an interesting new savings account, and I am excited to share it with you all today. I think you’ll want to hear about this as it’s such an interesting and new concept.
This new savings app that gives you the opportunity to win $10,000,000 or Telsa every single week. This is like a lottery ticket but remembers it is a saving account, not a gamble.
This savings app uses the psychology that drives people to play the lottery to make saving money fun again. Let be honest saving ain’t fun, does it?
In today’s article, we going to talk about Yotta Savings Review in 2020 by the end of this video you will know how this app works? How you can win the lottery? And important of all of this it is worth to put your hard earn money into this savings bank account or not? We are about to find out so sit back relax and drink some coffee.
What is Yotta Savings?
Yotta is a free prize-linked savings account where users get a base rate high-yield percentage, plus the ability to win prizes on top of that.
The creators of Yotta built this savings app to help people meet their savings goals. Inspired by the Premium Bonds program in the UK, users can make a deposit and get one recurring lottery ticket for every $25 saved.
This is especially important because according to the Federal Reserve, 40% of Americans do not have $400 for an emergency. However, even though that is a crazy statistic, Americans still spend $80 billion on the lottery every year, which averages out to $640 per U.S. household
This is a lot of money spent on the lottery, instead of saving money. But, I can understand the mindset. This is where Yotta comes in. Yotta makes saving fun and provides rewards for saving, which many people need the motivation for.
How does it work?
This is simply select your bank and make a deposit, every $25 that you save, you get a ticket into weekly number draws.
So, if you deposit $100, then you get 4 tickets every week for as long as you keep that $100 in your account without needing to make any new deposits.
Every Monday, you pick 7 numbers for each of your tickets. If you don’t pick numbers, that’s fine as well – your ticket will be automatically picked if you don’t complete it in time.
Contests are done weekly, with one number drawn every night at 9pm ET. On Sunday, the final number is drawn and winnings for the week are made.
Finally, you can win up to $10,000,000. The more numbers you match, then the more money you win. If you match all 7 numbers with the numbers that are drawn, then you win the $10,000,000 jackpot. If you match 6 numbers without yotta number you will get a telsa. But usually amount people get around $.10 to $.25.
You can see right here I deposit $25 on Oct 6, 2020 and I win $.10 on October 12, 2020 and another $.85 cents on October 19, 2020.
How to sign up?
You can sign up using this link here, and all you need to sign up is your name and email address.
If you use my Yotta referral code MIKE11, then you will get 100 free tickets into the next week’s contest.
To earn tickets to their weekly prize draws, you will have to connect a bank account and make a deposit.
Is your money going to be safe?
Your savings account is FDIC insured and held at Evolve Bank & Trust, a bank that has been around for over 90 years.
FDIC insurance means your cash is fully guaranteed by the U.S government for up to $250,000.
Your account is protected by bank-grade encryption and authentication.
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.
It’s called Plaid, a Visa-owned company, that securely connects to more than 15,000 financial institutions.
Yotta sends your credentials through Plaid to your bank. Plaid then sends back an encrypted token to Yotta. This way, no sensitive information touches their servers.
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 random 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.
In the event that there is a 10 million dollar jackpot winner, it would be paid out by the insurance partner. Yotta does not draw the numbers or handle the lottery aspect.
Here are the prizes and odds of winning through the Yotta Savings lottery:
Look at the $10 Million price and $15 thousand price the odd ratio is insane.
How much does Yotta savings pay?
The APY (annual percentage yield) of this account changes based on the federal funds rate.
Currently, this online savings account pays an APY of 0.20%. If you include the value of prizes where they’re currently set, you get over 3% all-in on your savings, which is the highest rate that I have seen.
That is twice as much as traditional banks, plus you can set aside money in a separate account and play their contest with no risk.
Here are what savings accounts usually pay when it comes to interest.
You do not pay Yotta a dime. There are no fees and no minimums. No risk for you.
You can save money in their savings account, plus have the chance to win drawings.
Now if you interest to know more about calculation APY and prize the odd you can win then I would suggest you watch Ask Sebby video he really digs down the calculation in the excel file. I will leave the link here so you can watch it.
Also something worth to mention every time someone wins, they actually post the winner name and how much they earn.
How to earn more tickets?
Yotta also has a generous tiered referral program that can allow you to earn more tickets by inviting friends. Each Yotta user is given a unique referral code they can use to invite friends and earn more tickets.
In a nutshell, the more people you refer, the more tickets you earn per referral.
Bronze Status (0-2 Referrals)
- Earn 100 tickets per referral
Silver Status (3-5 Referrals)
- Receive 300 bonus tickets
- Earn 150 tickets per referral
Gold Status (6-9 Referrals)
- Receive 600 bonus tickets
- Earn 200 tickets per referral
- 5% extra tickets per week
Platinum Status (10+ Referrals)
- Receive 1,000 bonus tickets
- Earn 250 tickets per referral
- 10% extra tickets per week
Now let’s talk about pros vs cons
Pros:
- Free to Join
- Weekly “free” lottery
- No fees, no minimums
- Every $25 saved gets you another ticket
- Great referral program
Cons:
- No website log in
- Only available in the US
- Limited 6 times withdrawal in a month
Now you might be wonder is this company legit or scam? I do a little bit research for you let see what they said.
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