{"id":157,"date":"2020-10-10T12:00:13","date_gmt":"2020-10-10T17:00:13","guid":{"rendered":"https:\/\/teachingmillionaires.com\/?p=157"},"modified":"2021-01-12T21:40:31","modified_gmt":"2021-01-13T02:40:31","slug":"is-yotta-savings-the-best-savings-account","status":"publish","type":"post","link":"https:\/\/teachingmillionaires.com\/newstag\/is-yotta-savings-the-best-savings-account\/","title":{"rendered":"Is Yotta Savings the BEST SAVINGS ACCOUNT?!"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Yotta Savings | Is it the BEST SAVINGS ACCOUNT?!\" width=\"720\" height=\"405\" src=\"https:\/\/www.youtube.com\/embed\/hlh4xLDTKGA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Can Yotta&#8217;s gamified savings account outperform CIT&#8217;s high interest savings account?&nbsp; Join me in this experiment involving the new kid on the block Yotta Savings vs CIT Bank.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is Yotta Savings?<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p> offers a $10 million lottery prize every single week for anyone who saves money within their bank.&nbsp; Now, to be clear, they are not giving away that amount of money each week.&nbsp; Rather they give you virtual lottery-style tickets.&nbsp; If your numbers are picked, you have the potential to win a share of the prize money.<\/p>\n\n\n\n<p>The \u201cgame\u201d part of Yotta I haven&#8217;t explained yet is for every $25 you deposit, you get one Yotta lottery ticket.&nbsp; Each ticket is similar to a lottery ticket consisting of six numbers plus one Yotta Number.&nbsp; This means every week on Sunday at 9:00 PM Eastern time, when they draw that final Yotta Number, you can check to see how many numbers you matched.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Much Can You Win with Yotta Savings?<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>They currently have prizes ranging from 10 cents per winning ticket all the way up to $10 million.&nbsp; For example, if you get four out of six numbers and match the Yotta Number, you win $1,000.&nbsp; There is even a Tesla Model 3 currently being offered as one of the prizes.&nbsp; I should mention that larger prizes over $1,000 are split if there are multiple winners.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why Switch to Yotta Savings?<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>While Yotta has a lower interest rate APY than some other online banks, they offer the chance to win prize money weekly.&nbsp; This is truly unique and something new here in America.&nbsp; This gamified style of banking can potentially increase the amount of money you earn simply by choosing to save in this innovative way.<\/p>\n\n\n\n<p>I just did a poll in <a rel=\"noreferrer noopener\" href=\"https:\/\/www.facebook.com\/groups\/teachingmillionaires\" target=\"_blank\">my private Facebook group<\/a>, and most people said they put their emergency savings in all sorts of places.&nbsp; Everywhere from keeping cash on hand, online savings, brokerage accounts, and some even said they consider retirement accounts like a Roth IRA as a place to stash emergency money.&nbsp; I like the idea of using Yotta for at least a portion of your savings.&nbsp; It\u2019s an engaging way to stay on top of your balances and encourages you to save a little more than normal every single week.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Take the Yotta Challenge With Me<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>This is not sponsored post.&nbsp; I just need to know for myself if  is worth switching banks.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Here\u2019s the experiment, and I invite you to play along with me.&nbsp; First, I&#8217;m going to put $1,000 into Yotta Savings.&nbsp; By doing that, they are going to give me around 40 lottery tickets.&nbsp; There appears to be small bonuses if you deposit extra money or set up recurring deposits, so I may end up getting closer to 45 tickets my first week.<\/p>\n\n\n\n<p>Over the next three months, I&#8217;ll deposit an additional $100 each month.&nbsp; I&#8217;m just going to let the app choose random numbers for me each week and see how much I win.&nbsp; Also, they\u2019re currently paying out 0.2% interest on top of any winnings on the first of every month.&nbsp; I\u2019m going keep track of the total amount I win and interest earned each month.<\/p>\n\n\n\n<p>Next, I frequently mention the  as my preferred bank for stashing away approximately 10% of my rental property income every month.&nbsp; I do this to have money on hand if I need it for repairs.&nbsp; It grows monthly with CIT offering three times the APY that Yotta is advertising.&nbsp; Of course, that doesn&#8217;t take into consideration any extra money I might win through Yotta, so that&#8217;s going to be the experiment.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Does Yotta\u2019s lottery-style savings account pay more each month than one of the nation\u2019s highest paying savings accounts?<\/p>\n\n\n\n<p>I\u2019ll put $1,000 into a new CIT Savings Builder account, and I\u2019ll set up the same $100 recurring deposit monthly.&nbsp; That account\u2019s interest is compounded daily and paid out once per month.<\/p>\n\n\n\n<p>This is where I need a little help from you.&nbsp; I don&#8217;t want to be the only one comparing my experience with Yotta to another high interest savings account like CIT.&nbsp; If you\u2019re up for the challenge, use the links below to open both accounts for yourself.<\/p>\n\n\n\n<p>Over the next few months, let\u2019s compare the actual return on investment for a \u201ctraditional\u201d high yield savings account like  and the new kid on the block .&nbsp; Of course, results are going to vary, so that&#8217;s why I need your help.&nbsp; Maybe you&#8217;re going to be the one to win a few thousand through Yotta, and I only make a few extra cents.<\/p>\n\n\n\n<p>Okay, let\u2019s recap.&nbsp; I want to see if it&#8217;s worthwhile concentrating your money and participating in these weekly drawings through Yotta Savings.&nbsp; I don\u2019t chase interest rates, so let&#8217;s see if Yotta is any better than simply keeping your money in a high yield savings account like CIT Bank.&nbsp;<\/p>\n\n\n\n<p>I really hope a few of you take me up on this challenge.&nbsp; By the way, keep me posted on your results down in the comments.&nbsp; If you don&#8217;t mind sharing how much you win each month, I think that data will be beneficial for all of us.<\/p>\n\n\n\n<p>I&#8217;ll do an update on my progress after 90 days.<\/p>\n\n\n\n<p>Here are the sites and resources to help our experiment:<\/p>\n\n\n\n<p>1) Yotta Savings get 100 tickets when you sign up with code RICH123 &#8211; <\/p>\n\n\n\n<p>2) CIT Bank High Interest Savings Builder Account &#8211; <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Listen to Teacher Entrepreneurs Podcast<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<iframe style=\"border: none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/16982720\/height\/90\/theme\/custom\/thumbnail\/no\/direction\/backward\/render-playlist\/no\/custom-color\/daa520\/\" height=\"90\" width=\"100%\" scrolling=\"no\" allowfullscreen=\"\" webkitallowfullscreen=\"\" mozallowfullscreen=\"\" oallowfullscreen=\"\" msallowfullscreen=\"\"><\/iframe>\n\n\n\n<p><\/p>\n\n\n\n<p>As always, I&#8217;m Rich and until next time.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>\u201cteachingmillionaires.com has partnered with <a href=\"https:\/\/teachingmillionaires.com\/recommends\/cardratings-blog-disclosure\/\" target=\"_blank\" rel=\"noreferrer noopener\">CardRatings<\/a> for our coverage of credit card products. <em>teachingmillionaires.com<\/em> and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses &amp; recommendations are the author\u2019s alone, and have not been reviewed, endorsed or approved by any of these entities. <em>Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser&#8217;s responsibility to ensure all posts and\/or questions are answered<\/em>. I am not a financial advisor. The information I share is for educational purposes only and shouldn\u2019t be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Can Yotta&#8217;s gamified savings account outperform CIT&#8217;s high interest savings account?&nbsp; Join me in this experiment involving the new kid on the block Yotta Savings vs CIT Bank. What is Yotta Savings? offers a $10 million lottery prize every single week for anyone who saves money within their bank.&nbsp; Now, to be clear, they are&#8230;<\/p>\n","protected":false},"author":3,"featured_media":158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1,12,10],"tags":[],"class_list":["post-157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-posts","category-retirement","category-saving-investing"],"featured_image_src_large":["https:\/\/teachingmillionaires.com\/newstag\/wp-content\/uploads\/2020\/11\/Yotta-Savings-1024x576.jpg",1024,576,true],"author_info":{"display_name":"Rich Smith","author_link":"https:\/\/teachingmillionaires.com\/newstag\/author\/rich\/"},"comment_info":15,"category_info":[{"term_id":1,"name":"All Posts","slug":"all-posts","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":33,"filter":"raw","cat_ID":1,"category_count":33,"category_description":"","cat_name":"All Posts","category_nicename":"all-posts","category_parent":0},{"term_id":12,"name":"Retirement","slug":"retirement","term_group":0,"term_taxonomy_id":12,"taxonomy":"category","description":"","parent":0,"count":4,"filter":"raw","cat_ID":12,"category_count":4,"category_description":"","cat_name":"Retirement","category_nicename":"retirement","category_parent":0},{"term_id":10,"name":"Saving &amp; Investing","slug":"saving-investing","term_group":0,"term_taxonomy_id":10,"taxonomy":"category","description":"","parent":0,"count":14,"filter":"raw","cat_ID":10,"category_count":14,"category_description":"","cat_name":"Saving &amp; Investing","category_nicename":"saving-investing","category_parent":0}],"tag_info":false,"taxonomy_info":{"category":[{"value":1,"label":"All Posts"},{"value":12,"label":"Retirement"},{"value":10,"label":"Saving &amp; Investing"}]},"_links":{"self":[{"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/posts\/157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/comments?post=157"}],"version-history":[{"count":0,"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/posts\/157\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/media\/158"}],"wp:attachment":[{"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/media?parent=157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/categories?post=157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teachingmillionaires.com\/newstag\/wp-json\/wp\/v2\/tags?post=157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}