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- Daily Deposit 3.10.2023
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4:17 CT 3/9/2023
Today in Banking
Jobless claims are on the rise, 1.7 million
Bank stocks tumble to worst levels in ~3 years
Fintech Deep Dive
Why I love Yotta Savings
Yotta Savings is a new startup in the fintech world, founded in 2019, that has taken the idea of traditional savings accounts and added a fun twist: the chance to play a lottery game each week for opportunities to add more cash to your account. Yotta is the best attempt I've seen at gamifying banking.
Once a user signs up for an account and links a bank account, they can deposit money into Yotta Savings. Participating in the Yotta Savings lottery game requires making at least one $25 deposit. For each $25 deposit into Yotta Savings on up to a $25,000 account balance, you’ll earn one recurring ticket. For each $150 deposit into Yotta Savings on balances over $25,000, you’ll earn one recurring ticket. These tickets are used in weekly drawings in the app. You choose seven numbers for each of your tickets every week (six regular numbers and one Yotta Ball), and one number will be drawn each night of the week, starting on Monday. The final number is drawn on Sunday, and the week’s winnings are determined. The jackpot is $10 million for matching all seven numbers on one ticket.
The account is FDIC insured through Yotta’s partnership with Evolve Bank & Trust, up to $250,000, and offers an APY of up to 2.70% as of Feb. 28, 2023. This is much higher than the national average of 0.35% APY offered by traditional bank accounts. Additionally, Yotta Savings has no minimum balance for APY, no minimum deposit to open an account, and no monthly maintenance fees. Users can make up to six withdrawals from their account per month according to Federal Regulation D. Yotta Savings also offers no-fee withdrawals at over 55,000 Allpoint Network ATMs. And it's not just Yotta making money, Evolve Bank has the luxury of lending out these deposits for interest-bearing income. Nice.
One benefit of Yotta Savings is that users can avoid fees. Avoiding fees can be an important strategy when choosing the best savings account. As advertised, Yotta Savings is 100% free. This is in contrast to many bank accounts that have loads of fees. The account also provides accelerated growth with an APY of up to 2.70%, which is much higher than the national average of 0.35% APY.
And it's not just the savings account… Yotta is changing the game in many different categories. Debit cards, credit cards, marketplace, student loan refinancing. The hits just keep coming! Check out their roadmap
Yotta also offers a credit card providing a chance to win reimbursements on purchases rather than traditional rewards. The odds of winning a reimbursement are 2%, which increases to 20% when using the card at participating merchants. Additionally, every $5 spent enters users into a $10 million weekly sweepstakes, and spending $2,000 within the first four months of having the card gives users 2,000 entries into the next sweepstakes.
The Yotta card is designed to help users build credit, with no credit check required and no security deposit needed. Users set their own spending limit by moving money into a "bucket" on their Yotta account, and payments are automatically made on the 15th of each month to avoid late fees and negative impacts on credit scores. Payments are reported to Equifax by Synapse, Yotta's financial services partner. However, credit utilization is not reported, allowing users to spend up to their limit without negatively affecting their credit score. The card's availability is limited, with residents of certain states unable to apply.
In conclusion, Yotta Savings is an innovative and fun way to save money. The account offers the opportunity to play a lottery game each week for the chance to win cash and has an APY that is much higher than the national average. It's safe for all you gambling degenerates! Additionally, Yotta Savings is free from fees, and users can make up to six withdrawals from their account per month. The odds of winning the jackpot are very low, but can you put a price on the thrill of the chase???
LULZ
reply with a Cold Stone bowl score… did you:
a) like it
b) love it
c) gotta have it