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Graham Stephan recently made a video about him buying a bank which was the Yotta Savings app. I want to tell everything you need to know about it:
CURRENT SAVINGS YIELD:
Base rate of 0.2% with an effective 1.8% to 2% yield after prizes are taken into account.
WHAT IT IS:
It’s an app that works like a high yield savings account that pays a baseline interest yield of 0.2% which is very low – so how is that good when the national average is three times higher at about 0.6%? That’s because, the real effective savings rate of this bank, is closer to 1.8% to 2%. The answer is – Prized Linked Savings. It’s basically a free lottery system – just like the United Kingdom’s bond program. Here’s the breakdown of how it works.
HOW IT WORKS:
There’s two ways to receive a lottery tickets. The first method is written in their official rules. If you send in a physically written letter with your name, your email, your mailing address and your phone number to their address (45 East 22nd St. # 26B New York, NY 10010): you will receive one free ticket. You are limited to one letter and one free ticket.
For every $25 you deposit into this savings account, you get a “recurring ticket” into weekly number draws. What that means is that if you deposit $100 for example, you will get 4 weekly lottery tickets that run every single week without expiring, so you don’t actually need to keep making $25 deposits to keep the same tickets you already have. The maximum amount of tickets is 10,000 tickets per person with a value of $250,000 (The FDIC Insurance limit).
Then once a week, every Monday, you get to pick what you think the winning lottery numbers will be. Every single night at 9pm Eastern time, each number is revealed and displayed in the homepage of the app. On the last day, on Sunday, the red ball or the “Yotta” number is drawn and the prize money is calculated (every prize above $1000 will be split if multiple people win the same tier).
WHAT THE PRIZES & ODDS OF WINNING ARE:
Tesla for the second prize, and $10,000,000 (ten million) for the grand prize. More info here: https://www.withyotta.com/official-rules
HOW DOES IT MAKE MONEY?
Right now, Yotta Savings is not profitable. It uses the interest on savings account to pay out prizes. They are using investor money to pay for operations. In the future, they’ll probably offer credit cards and other banking services.
WHAT I LIKE:
– The high yield interest rate (with an ever higher upside)
– A way to play the lottery without actually spending money on lottery tickets
– Very solid team running the company and reputable investors
WHAT I DON’T LIKE:
– Limit of 6x withdrawals per month (standard, probably for regulatory reasons but hopefully they can increase this in the future)
– Limit of withdrawal and/or deposit of $10,000 per day (this needs to be increased in the future)
– Sneaky marketing (they can increase the amount of lottery balls to pick from therefore decreasing the odds of winning the prizes, which will contribute to a lower effective yield. They can do this without “officially” saying they have decreased their interest yield because they can keep the base rate at 0.2% – very smart, but sneaky. We will see how they handle rate decreases in the future but giving them the benefit of the doubt for now)
The United Kingdom has a program called the Premium Bond Program. It’s run by the government, and the way it works is people get to win prizes instead of generating interest on their savings and the success of that program was so huge that it became the #1 savings program in the entire country. Over 23 million people have over $100 billion dollars deposited in that program.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.