What is Yotta and How Does It Work?
Yotta. What is it, and why is it generating a lot of buzz lately?
No, we’re not talking about the largest decimal unit prefix in the metric system, equivalent to one septillion.
We’re talking about Yotta Savings, the mobile app.
Save money and get a chance to win big at the same time.
That’s the promise of co-founders Adam Moelis and Ben Doyle to customers of the Yotta saving app.
No, it’s not a scam. In fact, the company has announced recently that the startup has already secured $13.2 million Series A financing.
Your money is safe and ensured, and at the same time, it allows you to scratch the itch of playing the lottery.
Here’s the 411 on this trending mobile app.
The Lottery Savings Application
Do you like playing the lottery but feel guilty every time you buy a ticket?
You’re not alone. The average household in the US spends over $600 each year, hoping to cash in the big one.
But in the back of your mind, you know that the odds of winning are abysmal, and you regret not putting the money in the bank.
What if you can have your cake and eat it too?
By using the Yotta app, you’ll get one lottery ticket for every $25 saved in your account.
Each ticket lets you pick seven numbers to enter into the lottery, giving you a chance to win up to $10 million each week.
Even if you don’t get all seven numbers, you can still win smaller prizes, depending on how many numbers you get correctly.
Yotta Savings Account Features
Getting to play in the weekly lottery isn’t the only great thing about Yotta.
It’s also a high-yield savings account, with a base interest rate of 0.2 percent. That’s about four times the interest rates of an average bank account!
It also offers one of the best debit card deals out there, giving you a chance to get the item you bought for free with a “lucky swipe.”
Yotta is also 100 percent free to use, with no account minimums and no monthly account, deposit, or withdrawal fees.
Is My Money Going to Be Safe
If you’re reading about Yotta for the first time, then it might seem too good to be true. But don’t worry, your money is safe, or at least as safe as it would be in any other bank.
When you sign up, your account will be FDIC-insured for up to $250,000.
If anything should happen, you’re guaranteed to get your money (up to $250,000) back.
Your sensitive information is also protected by military-grade encryption on secure SSL channels.
How Does the Company Make Money Then
Yotta works with partner banks, such as Evolve Bank and Trust, and gets paid on their balances and interest rates.
A traditional bank makes money by offering loans to other clients with a higher interest rate.
Instead, Yotta focuses on earning interest from deposits, which they give back to the consumer through lottery prizes.
What’s the Bottom Line
Is it worth it to save your money with Yotta? If you’re looking for a safe but not boring way to save money, then yes!
You can feel the thrill of having a chance to win big without the guilt part.
For more business and financial tips and advice, please check out the other articles on this site.