Yotta Review: A Bank With Rewards And Prizes

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Yotta Savings has taken on the challenge of making your money-saving efforts more enjoyable. The unique features offered by this savings account could be just what you need to stick to your savings goals. 

Ready to learn more about Yotta Savings? Here’s what you need to know. 

Overall Rating


Yotta offers the chance to win cash prizes as a reward for saving money. As you grow your savings, you’ll earn tickets that are entered into weekly sweepstakes. The jackpot is $10 million, and Yotta users have won over $4 million so far. 

  • Account benefits


  • Savings incentives


  • Security


  • APY Offerings



  • Weekly lottery for cash prizes
  • No monthly fees
  • Save for multiple goals easily


  • Mobile app only
  • No physical locations
  • Can earn higher APY elsewhere

What is Yotta Savings?

Yotta was founded by Adam Moelis and Ben Doyle and was inspired by the UK’s Premium Bonds program.

This program entered bondholders into a lottery-style system complete with cash prizes. The bonds used the possibility of large cash earnings to encourage saving.

Moelis and Doyle wanted to use this system to change people’s beliefs about personal finance and help Americans become more financially secure.

As a result, they created a platform that encourages saving cash by giving users the chance of winning prizes up to $10M each week in addition to a stable interest rate that is more than two times the average that you’ll find with many savings accounts.

The platform has already awarded over $4 million in prizes to more than 350,000 users. Based on these numbers, the company seems to be inspiring many people to start saving more.

Is Yotta legit?

Yes, Yotta is legit. Through Yotta’s partner bank, Evolve Bank & Trust, the funds saved in Yotta are insured up to $250,000. Additionally, the savings account is protected with bank-grade encryption. 

Just keep in mind that Crypto Bucket funds are not FDIC insured.

How Does Yotta Savings Work?

Yotta is a fintech company that gives users the opportunity to win up to $10M each week through a weekly sweepstakes. Even if users don’t win big prizes, their money still grows at over two times the national average. 

Here’s a brief overview of how Yotta works.

Opening an Yotta Savings Account

To open a Yotta account, you start by providing your name and email address.

You will also need to provide your:

  • Physical address
  • Date of birth
  • Social Security number
  • Phone number

Then, you connect a bank account in order to make deposits into your Yotta savings account and start earning tickets into the weekly prize drawings.

You must be at least 18 years of age or older to open an account. However, minors between the ages of 13 and 17 can open a bank account when someone who is 18 years of age or older sponsors them.

Keep in mind that minors cannot connect a bank account or fund a Yotta savings account. Also, sponsors do not need to be a parent or legal guardian to help a minor open an account.

Using the Platform

After you sign up, every $25 you deposit into the account gives you a recurring ticket to every week’s sweepstakes to win up to $10M.

For example, let’s say that you have $10,000 in your Yotta account. You’d receive 400 tickets each week. 

Every week, you can choose the numbers for each of your lottery tickets, or you can allow the app to automatically choose random numbers for you. 

After choosing numbers on your tickets, a number is released in the app at 9pm ET every night. On Sunday night, you are awarded prizes based on how many of the numbers you matched on your lottery tickets. 

If you match six out of seven numbers, you win a Tesla (three people have won this prize already), and if you match all seven numbers, you win the $10M prize. Only matching a couple of numbers will still win you smaller cash prizes.

With such a big prize on the line, that can boost your motivation to save.

That said, even if you don’t win prizes, you still get paid a savings bonus of 0.2% APY, compared to the 0.01% APY that Wells Fargo and Chase pay on savings.

Basically, in many cases, the APY you’ll get with a Yotta savings account will surpass what you get with a traditional savings account or a money market account.

Additionally, your money will be held in a savings account that is eligible for FDIC insurance coverage up to $250,000 via Evolve Bank & Trust. 

How Much Does Yotta Cost?

There aren’t many fees associated with a Yotta savings account. 

If you have a savings account balance of $5 or less, there is a monthly service charge of 50 cents. Other than that, there aren’t regular monthly fees to be aware of. 

The lack of monthly fees is a big deal since you don’t want a monthly fee draining your savings.

However, there are some other fees that you might run into.

A few of these fees include:

  • $4.95 fee for depositing cash through Green Dot
  • 1.5% instant deposit fee
  • 1.5% instant withdrawals

Keep these in mind as you use your Yotta savings account in order to avoid an expensive surprise. 

Key Features

To better understand the benefits of Yotta, here are some of its main features.

Prizes for Saving Money

Yotta home page

The flagship feature of Yotta is the fact that it makes saving your money as exciting as entering the lottery. 

With this platform, you’ll be entered into a weekly sweepstake to win cash. The prizes range from 10 cents to $10 million. 

Not only are you entered for a shot to win, but you’ll get to hang onto your savings either way. 

That makes Yotta a win-win.

High APY

The APY offered by most savings accounts can be disappointing. Luckily, if you are looking for an online savings account with a high APY, Yotta will not disappoint.

On top of the prizes, Yotta offers attractive APYs to help you save more every single day. Whether or not you win a cash prize, this online savings account grows at 0.20% APY. 

That’s over two times the current national average.

Essentially, Yotta savings accounts are high-yield savings accounts that come with the added bonus of offering cash rewards.

Savings Buckets

Yotta Savings Buckets

If you have multiple savings goals, Yotta gives you the opportunity to set up different buckets to keep track of your progress. 

For example, let’s say you are saving for:

  • Your next vacation
  • A car
  • The down payment on a home

With the savings buckets, you can easily separate these funds and save for each of them simultaneously.

You can even lock a bucket of savings until a future date. This can come in handy if the savings you’ve built up are burning a hole in your pocket. 

Debit Card With Prizes

Yotta debit card

The Yotta debit card offers a unique Lucky Swipes feature. There is a chance your purchase will be free (paid by Yotta). Your odds of winning are pretty good at one in 100.

In addition, you’ll earn 10% of the value of your purchase as bonus tickets into the next week’s sweepstakes. 

The card even comes with Zero Liability protection from Mastercard, no foreign transaction fees and access to over 55,000 fee-free ATMs. 

Paycheck Perks

Yotta Paycheck perks

If you direct deposit your paycheck to your Yotta account, you can get it up to two days earlier and receive bonus tickets into the weekly drawings.

Your first paycheck deposit earns 20% bonus  tickets, while every paycheck direct deposit after that receives 5% bonus tickets.

Crypto Buckets

Crypto buckets yotta

Yotta also gives you the option to build savings using the Crypto Buckets feature. On average, the money in your Yotta savings account will earn 4% APY with this option through 2.5x more recurring tickets for the weekly drawing. 

You can seamlessly move your money into the Crypto Yield Bucket with no fees. Your USD is automatically converted to digital dollars (stablecoins) so it can be put to work in decentralized markets.

In turn, you earn 2.5x more tickets leading to an average 4% APY, one the highest stable yields of any savings account on the market.

This feature is very easy to use to achieve higher yields, but note that your Crypto Bucket funds will no longer be FDIC insured. 

All in all, this feature is a great option for those looking for a high-yield savings account while getting the  chance to win the grand  prize of $10 million. 

Pool Play

Yotta Pool Play

To increase your odds of winning prizes, you can participate in Pool Play. This is when you and other Yotta users combine your tickets and enter the sweepstakes together.

There are two options for pool play, including:

  • Public pools
  • Private pools

To participate in any private pool, you need to use an invite code. Yotta automatically splits the prize winnings from a pool between each of the pool participants based on how many tickets they contributed to the group.

Credit Builder Bucket

Credit Builder Yotta

If you love using Yotta to boost your savings, then you might decide to work with the app to improve your credit score when they launch their credit builder loan program. 

Yotta plans to offer a credit builder loan of $1,000. You’ll make $55 payments monthly for 24 months. 

Each payment is reported to credit bureaus, so when you make on-time payments, your credit score can see a boost. Plus, you’ll earn 40 bonus tickets each week for the sweepstakes when you use this product. 

However, if Yotta isn’t the right option for you, there are other credit-building apps you can try.

Yotta Savings Reviews

Yotta has received extremely positive customer feedback across many platforms.

Here’s a breakdown of its ratings on the different ranking websites:

WebsiteRatingNumber of Reviews
Apple App Store4.8 out of 5Over 7,400
Trustpilot4.8 out of 5Over 1,200
Google Play4.4 out of 5Over 2,800

Here are some positive and negative reviews from Yotta Savings users:

Love this bank! The lottery ticket system makes it fun to save money. I’m also getting far better interest. So glad I joined.” – Tyler Miller

“After creating a new account for a few days they canceled it and gave a vague cut-paste answer about not being able to reveal their internal requirements for an account.” – Kevin Delphiantares

“Yotta has been great at making saving money more fun and actually gives me an incentive to save more. Everything has been great so far, no issues or complaints.” – Daylon Ruiz

“It’s a cool tool, I wouldn’t use it to save large amounts of money since you can put it in a savings account and make more money there.” – Jayleen Hohlen

Yotta FAQ’s

Before signing up for Yotta, you may still have some questions. We’ve compiled a few of the most frequently asked questions about the app to help you make a decision on whether or not it’s right for you.

Has anyone won the Yotta prizes?

Yes, over 350,000 users have already won a prize of some kind. Although the big winners are less common, many have won thousands of dollars through Yotta. 

For example, two users have won $37,990 and another won a Tesla. 

Plus, many small-time winners have won a few hundred instead of thousands of dollars. 

How can I contact Yotta? 

If you want to connect with Yotta, you can use the chatbox on the website, send an email to [email protected] or call 1 (844) 945-3449. 

Additionally, you can reach out on Instagram @YottaSavings. 

How does Yotta make money?

With all the prizes and lack of fees, it’s understandable to wonder how Yotta makes money. 

The fintech company partners with banks that don’t have bloated marketing budgets and real estate expenses.

This allows Yotta to pass on 20-100x more value on your savings to you than banks like Wells Fargo and Chase can in the form of a monthly savings bonus plus prizes.

How many Yotta users are there?

While there are no listed stats on the total number of Yotta users, there are over 350,000 customers who have won prizes. This means that thousands of people are enjoying the savings features the platform offers.


Yotta offers the opportunity to build your savings in a fun way. After all, who doesn’t love the chance to win $10 million? 

You might be surprised by an increased motivation to tuck funds away to meet your savings goals. 

If you are interested in giving Yotta a try, you can sign up and start saving more today.