Yotta savings

Author: n | 2025-04-24

Yotta By Yotta Savings. Yotta Savings Yotta. Advertisement Remove ads, dark theme, and more with Premium. WHAT'S NEW; DESCRIPTION; ALL VARIANTS; ALL VERSIONS; Finance Is the Yotta savings account the best high yield savings accounts 2025? Is Yotta bank worth moving funds over to? Here is my Yotta savings review regarding y

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The fast-growing startup continues to reward users for smart saving., /PRNewswire-PRWeb/ -- This past weekend a saver at Yotta, a fast-growing fintech, won $500,000 simply for putting her money into an FDIC-insured savings account. Nicolette, a residential cleaner from Atlanta, Georgia, took home the big prize. This is the largest win in Yotta's history, surpassing its previous record of $40,000, won by Crystal, an EMT from Queens, New York and four other $40,000 prize winners.Yotta is a leader in prize-linked savings, a concept growing in popularity in the United States. To fund its prizes, Yotta passes on a portion of the spread it earns from deposits to its customers through a lottery-like system, which earns customers better interest rates than they can get from any of the national banks. Savers can win up to $10 million every week, and through smaller prizes still earn an average interest rate of around 2%."We could not be more excited for Nicolette and her big win," said Yotta CEO Adam Moelis. "It's our mission to engage and empower people through a suite of financial products that offer random rewards. This win highlights the life-changing sums of money you can earn from our prize-linked savings account. Yotta is about having fun with savings, or when you swipe your credit or debit card. We don't have to warn our customers to, 'Play Responsibly.'"Nicolette, the lucky Yotta winner, said, "To be honest, the last few years have been hard for me. Yotta sounded like a cool way for me to save money and get some financial security. But I never thought it would change my life. I'm going to pay off my bills, pay off my car loan, and be able to take care of my kids in ways I never dreamed of. It will also be a huge help in getting my new cleaning business off the ground. So thank you Yotta!!!"Moelis added, "if you want to make $500k in interest at one of the top 4 US banks, you'd have to deposit about $1.5bn."Yotta has paid out over $9 million dollars to consumers using its online platform since 2020. It also offers consumers the chance to win a free purchase every time they use their Yotta credit or debit card.Yotta's founders were inspired by the UK's Premium Bonds, which have encouraged consumer savings since 1956 and are now held by 1 in 3 Brits. The company exists in part because of a U.S. law passed in 2014 to promote savings and financial security, and discourage wasting money on lotteries and scratch-offs.Media ContactAlex Gerson, Yotta, 202-997-9322, [email protected]SOURCE Yotta A Yotta user to apply for the Yotta credit card. Yotta offers a savings account and debit card, both of which come with the ability to win prizes when you build savings or make purchases. Payments to your Yotta credit card are made from your Yotta account.2. Rewards are a bit of a crapshoot ...When you use the Yotta credit card, you have a 2% chance of getting your next purchase paid for, and that increases to a 20% chance when you use the card at participating “Lucky Deal” merchants. Officially, your base odds of a free purchase is 1-100. Odds improve if you refer a friend to the card.But wait because — as you often hear with these kinds of promotions — there’s more. Every time you spend $5, you’re entered into a weekly $10 million sweepstakes. Spend $2,000 in the first four months you have the card and you’ll be entered into the next contest 2,000 times.3. ... But the card is designed for credit-buildingThe Yotta credit card is a starter card with limitations in place that can help you build credit. There’s no credit check required to apply, nor do you have to make a set security deposit like you do with more traditional secured credit cards. You set your spending limit by moving money into a “bucket” of your Yotta account. Whatever’s in the bucket is yours to spend on the card, so the risk of overspending is eliminated. In other words, you can’t get into

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Full focus to this sweepstakes platform, and it shows in the polished features and regular updates. Nonetheless, during our Playnomic review, we noticed that we couldn’t sign up due to our existing account with Yotta. This most likely means that the two share ownership, even though this isn’t reflected in their managing companies.Indifferently, the fact that the entirety of the app revolves around tickets and YottaBall drawings makes it unappealing to many gamers.Although Yotta is unique in many ways, it became comparable to sweepstakes casinos when several minigames like Minesweeper and Magic Wheel were added. Below is a list of other sweepstakes casinos we recommend to players searching for better games and more authentic casino-style experiences. Comparison How It Stacks UpYotta can’t come close to more established sweepstakes casinos that boast hundreds of popular games, such as Stake.us or WOW Vegas. Its first-purchase bonus is good, but the difficult redemption process is enough to dissuade most players from even trying Yotta.Our recommended casinos are superior in all other fields – if you’re looking for hundreds of popular slots, jackpots, and bonus-rich games from prominent vendors, larger promotions, and sites that vividly emulate a true casino-like gaming experience, take a look at our table. Our Experts VerdictThis platform has lost its edge over other sweepstakes-related sites, by removing the FDIC-insured accounts and unique savings system.With that in mind, we can only recommend Yotta to players interested in casual gaming, as well as to players looking for a chance to play a limited selection of slot games and some interesting arcade originals.If you’re looking for a “real” sweepstakes casino with cash prizes that are easy to claim and good slots, use our safe links to register with the top sweepstakes sites accessible to US players. FAQs Is Yotta a sweepstakes casino? Yotta does not brand itself as a casino, but it is advertised as a sweepstakes platform. Hundreds of slots, tables, and several arcade games are available on the app, and real cash prizes can be claimed. Who owns Yotta? Yotta is owned and operated by Yotta Technologies Incorporated, a company headquartered in San Francisco, California. How to claim cash prizes at Yotta? Players need to wager YottaCash, obtained from free bonuses or Token purchases, at the YottaBall game. All winnings from this game become redeemable for cash at a rate of 1:1. Who can play at Yotta Casino? Only users who. Yotta By Yotta Savings. Yotta Savings Yotta. Advertisement Remove ads, dark theme, and more with Premium. WHAT'S NEW; DESCRIPTION; ALL VARIANTS; ALL VERSIONS; Finance

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Home / Yotta WELCOME BONUS 1,000 Tokens + 0.10 YottaCash Company Info Yotta Technologies Inc; launched Yotta in 2019 Website Restricted States Nevada, Idaho, Washington, Louisiana Welcome Bonus 1,000 Tokens + 0.10 YottaCash; 10 free YottaCash for just $5 Currencies Tokens and YottaCash Payment Methods Debit Cards, Online Banking, ACH Transfer Gaming Software Bespoke, BGaming, Booming Games, Caleta, Chilli Games, Endorphina, Evoplay, GameBeat, Habanero, NetGaming, Onlyplay, Platipus, Playson, Ruby Play, Spinmatic, 3 Oaks Gaming Gaming Categories Mini Games (Arcades), Table Games, Slots Support Contacts support@withyotta.com, FAQ, social, live chat, phone General Ratings 78 /100 Expert rating by Jon R. 75 Promotions and Bonuses 65 Games 70 Payments 89 Safety & Trust 90 Customer Support 81 User Experience Rating process Our general ratings score is the Expert Rating across 50+ criteria in six different review areas, including bonuses, games, payments, and more. Read More Yotta Sweepstakes Casino ReviewYotta started out as a social casino-like platform that encouraged savings while offering guaranteed free play, but it’s currently a standard sweepstakes casino with a decent selection of games. There are two standard currencies: Tokens and YottaCash, and the latter is redeemable for real money prizes.Yotta launched in 2019, but I heard about it and joined the platform in late 2020. After more than three years of testing, I’m prepared to provide you with an unbiased review of this unique sweepstakes casino. Pros RNG-tested original games, some of which feature customizable volatility settings Sleek mobile apps for iOS and Android Highly customizable interface Reload bonuses Slot and table games Cons FDIC insurance is no longer an option Limited payment options Editor’s Note Yotta tried to break the mold of classic sweepstakes casinos by opening FDIC-insured savings accounts on behalf of its users. It used to provide free tickets for daily sweepstakes draws based on how much you save each month. This is no longer an option, as issues arose that affected almost all players. We talk about what happened in our Payment Options section.What’s important is that today, as a new player, you’ll be joining a standard sweeps casino that offers decent but slow-ish customer support, has original mini-games, a drawings section (bingo-like game), and a few hundred slots. But if you’d like to stay on the safe side and play at a proper sweeps site with greater game variety and generous bonuses, you should check out the following alternatives: Legal StatesYotta is available Like Book of Life, Crazy Fever, and Koala Sam.You may want to take a look at Playson’s Hold and Win titles or go for the same mechanic but from 3 Oaks Gaming.In terms of RTP, the slot choices average at 96%, which is higher than the original arcades, so I’d suggest you give them a go when trying to reach the min. redemption threshold. Table Games Even though the sweeps market grew significantly, table games are still not a common sight, which is why I appreciate this addition in Yotta. Even though the selection is pretty limited, you can find:BlackjackVideo PokerRoulettePokerBaccaratSome of these are available in multiple variants, too. Your options in this gaming category are powered by Platipus, Evoplay, and Yotta’s own proprietary software. Games Assessment Beautifully animated mini games Configurable volatility levels in most games Extremely high RTP in certain titles YC betting range starts as high as 0.50 or 1 Limited slots selection No live dealers Yotta BankingReal money purchases are completely optional, but users who wish to get a headstart can purchase Token bundles, starting at $1, all of which include free YottaCash.One peculiar thing about Yotta is that it allows only debit card and bank payments, unlike most sweepstakes sites that also support credit cards. This is the only payment method that universally works with both deposits and withdrawals. Bank wire transfers can be used for redeeming cash prizes.Although Yotta’s terms state that both deposits and withdrawals are usually processed within 3 business days, there is a unique Instant Withdrawal option that all users can access if they don’t mind paying a small 1.5% fee (which is a flat $0.50 for redemptions under $33.33). Yotta's Failed Saving System & Redemption Issues As I mentioned, Yotta had a unique savings system that generated a minimum of 2% annual percentage yield based on total YC in your back-linked savings account, which included all pending deposits. However, things took a turn in May 2024.The problems began when their payment processor, SynapseFi, encountered difficulties, disrupting services like ACH transfers, wire payments, and card transactions. The situation got even worse when SynapseFi filed for bankruptcy, causing further delays and complications in restoring normal payment operations.It’s important to note that Yotta has been actively working with various banks and regulatory bodies to resolve these issues, but as of December 2024, many users are still unable to access their funds or perform

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Have you checked your account balance lately?Collateral DamagePeople who put their savings into banking startups Yotta and Juno are left holding the bag after a little-known middleman firm went belly-up — and took their life savings with it.As CNBC reports, the dispute between that middleman, Synapse, and its lender, Evolve Bank & Trust, has left thousands of people in a nightmare scenario where their money has seemingly vanished into thin air.The debacle began earlier this year when the Andreessen Horowitz-backed Synapse and the FDIC-insured Evolve Bank began beefing over customer account balances. As a result, the startup locked user accounts — and ended up going bankrupt after the apps it worked with jumped ship.Exploding SynapsesImmediately after Synapse filed for bankruptcy, a court-appointed trustee discovered that up to $96 million of its customer funds were missing. Six months of back-and-forth between Synapse and Evolve later, the only thing certain about that missing money is that it's completely screwed over the people who trusted those companies to safeguard their savings.Kayla Morris, a Yotta user, said during a recent court hearing that after putting hundreds of thousands of dollars into savings with the expectation that she'd have access to it, she was perturbed when she got a check for a tiny fraction of what she was owed."We were informed last Monday that Evolve was only going to pay us $500 out of that $280,000," Morris told the California bankruptcy court. "It’s just devastating."Fight NightThus far, regulators have declined to handle the situation because Synapse isn't technically a bank — and now, people caught in the crosshairs are taking matters into their own hands.Zach Jacobs, another Yotta customer, was so angry when he was offered a piddling $126 of the more than $94,000 he put in his savings account that he decided to organize.With his Fight for Our Funds volunteer group, Jacobs hopes to, as the organization's website explains, "apply pressure to every regulatory, legislative, and law enforcement body in the United States" as he and the thousands of people who joined up try to get their money back."When you tell people about this, it’s like, 'There’s no way this can happen,'" Jacobs told CNBC. "A bank just robbed us. This is the first reverse bank robbery in the history of America."More on fintech: Intuit Begs Journalists to Delete Part of Interview With Its CEO

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Thousands of Americans will receive little or nothing from savings accounts that were locked during the collapse of fintech middleman Synapse. Customers believed the accounts were backed by the full faith and credit of the U.S. government. CNBC spoke to a dozen customers caught in the predicament, people who have lost sums ranging from $7,000 to well over $200,000. While there's not yet a full tally of those left shortchanged, at fintech Yotta alone, 13,725 customers say they are being offered a combined $11.8 million despite putting in $64.9 million in deposits. Oscar Wong | Moment | Getty ImagesFor 15 years, former Texas schoolteacher Kayla Morris put every dollar she could save into a home for her growing family.When she and her husband sold the house last year, they stowed away the proceeds, $282,153.87, in what they thought of as a safe place — an account at the savings startup Yotta held at a real bank.Morris, like thousands of other customers, was snared in the collapse of a behind-the-scenes fintech firm called Synapse and has been locked out of her account for six months as of November. She held out hope that her money was still secure. Then she learned how much Evolve Bank & Trust, the lender where her funds were supposed to be held, was prepared to return to her."We were informed last Monday that Evolve was only going to pay us $500 out of that $280,000," Morris said during a court hearing last week, her voice wavering. "It's just devastating."The crisis started in May when a dispute between Synapse and Evolve Bank over customer balances boiled over and the fintech middleman turned off access to a key system used to process transactions. Synapse helped fintech startups like Yotta and Juno, which are not banks, offer checking accounts and debit cards by hooking them up with small lenders like Evolve. Money Report In the immediate aftermath of Synapse's bankruptcy, which happened after an exodus of its fintech clients, a court-appointed trustee found that up to $96 million of customer funds was missing.The mystery of where those funds are hasn't been solved, despite six months of court-mediated efforts between the four banks involved. That's mostly because the estate of Andreessen Horowitz-backed Synapse doesn't have the money to hire an outside firm to perform a full reconciliation of its ledgers, according to Jelena McWilliams, the bankruptcy trustee.But what is now clear is that regular Americans like Morris are bearing the brunt of that shortfall and will receive little or nothing from savings accounts that they believed were backed by the full faith and credit of the U.S. government.The losses demonstrate the risks of a system where customers didn't have direct relationships with banks, instead relying on startups to keep track of their funds, who offloaded that responsibility onto middlemen like Synapse.'Reverse bank robbery'There are thousands of others like Morris. While there's not yet a full tally of those left shortchanged, at Yotta alone, 13,725 customers say they are being offered. Yotta By Yotta Savings. Yotta Savings Yotta. Advertisement Remove ads, dark theme, and more with Premium. WHAT'S NEW; DESCRIPTION; ALL VARIANTS; ALL VERSIONS; Finance Is the Yotta savings account the best high yield savings accounts 2025? Is Yotta bank worth moving funds over to? Here is my Yotta savings review regarding y

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A combined $11.8 million despite putting in $64.9 million in deposits, according to figures shared by Yotta co-founder and CEO Adam Moelis.CNBC spoke to a dozen customers caught in this predicament, people who are owed sums ranging from $7,000 to well over $200,000.From FedEx drivers to small business owners, teachers to dentists, they described the loss of years of savings after turning to fintechs like Yotta for the higher interest rates on offer, for innovative features or because they were turned away from traditional banks.One Yotta customer, Zach Jacobs, logged onto Evolve's website on Nov. 4 to find he was getting back just $128.68 of the $94,468.92 he had deposited — and he decided to act. Courtesy: Zach JacobsZach Jacobs decided to act after logging onto Evolve’s website on Nov. 4 to find he was getting just $128.68 of his $94,468.92 in deposits.The 37-year-old Tampa, Florida-based business owner began organizing with other victims online, creating a board of volunteers for a group called Fight For Our Funds. It's his hope that they gain attention from press and politicians.So far, 3,454 people have signed on, saying they've lost a combined $30.4 million."When you tell people about this, it's like, 'There's no way this can happen,'" Jacobs said. "A bank just robbed us. This is the first reverse bank robbery in the history of America."Andrew Meloan, a chemical engineer from Chicago, said he had hoped to see the return of $200,000 he'd deposited with Yotta. Early this month, he received an unexpected PayPal remittance from Evolve for $5."When I signed up, they gave me an Evolve routing and account number," Meloan said. "Now they're saying they only have $5 of my money, and the rest is someplace else. I feel like I've been conned."Cracks in the systemUnlike meme stocks or crypto bets, in which the user naturally assumes some risk, most customers viewed funds held in Federal Deposit Insurance Corp.-backed accounts as the safest place to keep their money. People relied on accounts powered by Synapse for everyday expenses like buying groceries and paying rent, or for saving for major life events like home purchases or surgeries.Several people CNBC interviewed said signing up seemed like a good bet since Yotta and other fintechs advertised that deposits were FDIC-insured through Evolve."We were assured that this was just a savings account," Morris said during last week's hearing. "We are not risk-takers, we're not gamblers."A Synapse contract that customers received after signing up for checking accounts stated that user money was insured by the FDIC for up to $250,000, according to a version seen by CNBC."According to the FDIC, no depositor has ever lost a penny of FDIC-insured funds," the 26 page contract states. 'We are responsible'Abandoned by U.S. regulators who have so far declined to act, they are left with few clear options to recoup their money.In June, the FDIC made it clear that its insurance fund doesn't cover the failure of nonbanks like Synapse, and that in the event of such a firm's