Yotta Logo




Mobile app:


Android and iOS

Monthly fees:


$0.50 for balances of $5.00 or below

Weekly Cash Prizes:


$0.10 - $10 million

Editorial Rating

Yotta Logo

Editorial Rating

Yotta Savings Review

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Mobile app:


Android and iOS

Monthly fees:


$0.50 for balances of $5.00 or below

Weekly Cash Prizes:


$0.10 - $10 million

Minimum deposit:



Minimum balance:



FDIC insured:



ATM access:


55,000+ fee-free ATMs

Yotta Logo

Editorial Rating

With a myriad of financial products on the market, it can be tough to decipher which ones are right for you. This is especially true when it comes to saving money.

Yotta is a digital bank that offers a first-class banking experience without the hassle of traditional banks. In addition, the app offers a unique take on saving, allowing users to participate in its weekly drawings with a prize pool of up to $10 million.

Give our Yotta Savings review a read to learn more about how this app can help you save money without worrying about any of the nitty-gritty details.

What Is Yotta?

Yotta was founded in 2019. Knowing that 69% of adult Americans have less than $1,000 in their savings account, the company created a platform to help average consumers build a nest egg and grow their balance.

So far, the app has been a huge success, with over 500,000 regular users. Most of them praise the company’s world-class support, a debit card that you can use on thousands of fee-free ATMs, and a 0.20% interest rate on all of your deposits. Finally, Yotta is FDIC insured, backed by its banking partner Evolve Bank & Trust, so that you can rest assured that your money is in good hands.

How Does Yotta Work?

To start using Yotta, you simply download the app and create an account. The app is available for both Android and iOS users on Google Play and App Store, respectively.

Notably, Yotta is a mobile-only platform, and you won’t be able to make transactions through the browser on your desktop or laptop. The good news is that the app’s layout is straightforward and intuitive, so you won’t have problems navigating it.

Once downloading the app and signing up, you link your bank account to the Yotta app. Then you can start using Yotta’s features.

Setting up an account

Signing up is a breeze and can be done entirely online. You’ll only need to provide your name and e-mail address. Setting up a savings account requires some further details, including your address, date of birth, and social security number. There is no minimum deposit required to open it, and you can start using the app immediately after Yotta reviews your application.

After opening your savings account you need to link it to your regular checking account in a US-based bank. Yotta partners with Plaid, which ensures you can connect any bank account to the app.

Savings Account Overview

Yotta savings account is a high-yield, FDIC-insured online account that offers a competitive interest rate and numerous features to help you boost your balance. Unlike checking accounts, savings accounts are designed for long-term deposits and typically offer higher interest rates.

Yotta Prize-Linked Savings account was inspired by Premium Bonds and Freakonomics with a goal of making saving fun and accessible to everyone.

You’re eligible for prizes every time you deposit money onto your account. But the lottery and prizes are not the only way to earn. All your savings grow over time with Yotta’s savings APY of 0.20% – double the national average.

Yotta Lottery

With every $25 you have in your savings account, you’ll earn one ticket for Yotta lottery and another one for every $150 above $10,000. You will also get a 20% bonus ticket for your first Direct Deposit and 5% more on every paycheck after that.

Using cutting-edge random number generator technology, the carrier draws seven numbers (six regular ones and a Yotta Ball) every day at 9pm ET. The weekly contest starts on Mondays at 9pm ET and end on Sundays at 9pm ET. You can check the results in the app. If you win, the prize will be deposited directly into your account.

There are different weekly prizes ranging from $0.10 all the way up to the jackpot of $10 million. You can even win a Tesla car or use your points to enter special sweepstakes with even bigger rewards.

To increase your chances of winning the lottery, you can join forces with others and participate in Pool Play. This feature allows you to create or join a private or public pool and play with friends, family, or strangers. The more people in your pool, the higher your chances of winning become. Everyone in the group will pool their tickets together and share Yotta prizes if they win.

Yota Cards

Once you open your account with Yotta, you’ll get a debit card that you can use to make purchases and withdraw cash at over 55,000 fee-free ATMs. The Yotta debit card daily withdrawal limit is $500, while the daily spending limit is $10,000.

The card is linked to your account and allows you to spend your money without transferring it to a separate account. With its Lucky Swipes feature, you can even get free purchases. If you use your card at Lucky Deal merchants, you’ll get even better odds of up to 1 in 5 for your next purchase to be free of charge.

You’ll also earn a bonus ticket for sweepstakes for every $10 you spend with your card, and 1,000 Yotta Savings bonus tickets are waiting for you if you spend $2,000 with your card in your first four months. With more than 6 in 10 Americans living from paycheck to paycheck, what’s not to love about the idea of free money?

The Yotta credit card offers similar perks: no interest or fees, up to a 2% chance to get a free purchase, 2,000 bonus tickets for spending $2,000 in the first four months, and 20% tickets back.

SInce this is basically a secured card, you can apply without any credit check. Your credit limit is your Yotta balance. When you make purchases with your Yotta Credit Card, they will automatically be paid off on the 15th of the following month using your cash balance.

The best thing is that you can improve your credit score by using the card, as Yotta will report every swipe you make to the credit bureaus. You can also use a Credit Builder bucket to set money aside so you can polish your credit score even more.

Yotta Buckets

If you need financial assistance, you should go for Yotta Buckets. This is a unique feature that categorizes your transactions into buckets and lets you set budgets for each category. Yotta will then help you save for goals like buying a new car or going on a long-desired vacation.

To reach your goal, you can make one-time or recurring contributions to your savings account. You can also lock your buckets to keep your hands off of your savings.

Once you’ve reached your goal, you can withdraw the money from your savings account and use it for whatever you’d like


Yotta offers one of the best high-yield savings accounts with no fees whatsoever, unless your balance is $5.00 or below. Then, you will be charged a monthly service fee of $0.50.

There aren’t any minimum balance requirements or a minimum deposit, so you can open an account with as little or as much money as you’d like. There aren’t any foreign transaction costs either. Also, you won’t be charged any fees for cashing out at ATMs, for Yotta Pay services, or for using your debit card to make purchases.

Is My Money Safe With Yotta?

If you’re wondering if your Yotta savings are legit, you can rest assured knowing that all your funds are FDIC insured up to $250,000. This means that your money is backed by the full faith and credit of the United States government. Moreover, your funds are not even held with Yotta but with Evolve Bank & Trust, an FDIC-insured bank with more than 90 years of experience.

To top it up, Yotta uses top-notch 256-bit AES encryption, access control, and secure processes to protect your savings. All the information is securely transmitted using SSL protocols.

Finally, if you wish for an extra level of security, you can enable Two Factor Authentication as well as biometric authentication.

Customer Support and Resources

Should you encounter any hiccups, Yotta bank will review any problems you report and assist you in no time.

You can reach out to the customer support agents via the live chat feature, and they promise to answer within a day. Also, you can email support or call them for further assistance. As it is a mobile-only bank, you won’t be able to visit a physical location and talk to support agents, though.

If you have any questions, you can also check out Yotta’s extensive FAQ section or flick through their informative blog posts.

Yota Alternatives

If you’re not convinced that Yotta is the right savings account for you, there are plenty of other options out there. Some other high-yield savings accounts include Wells Fargo and Chase. Let’s compare them.

Yotta vs. Wells Fargo

Even though Yotta’s savings interest rate isn’t the highest on the market, it’s definitely higher than the one Wells Fargo offers. With an APY of 0.01% and without rewards or bonuses, Wells Fargo falls way behind Yotta.

Also, while Wells Fargo charges a $5 monthly fee and requires a minimum deposit of $25 to open an account, Yotta is entirely free (unless your balance is lower than $5).

However, Wells Fargo has physical locations all over the country, which can be handy in case you need to talk to a banker in person.

Yotta vs. Chase

When we compare Chase and Yotta APY, it’s clear that Yotta offers a much higher interest rate. Chase offers APY of 0.01% and charges a monthly fee of $5 unless you’re younger than 18 or maintain a daily balance of $300 or more. At the same time, Chase also doesn’t require a minimum deposit to open an account.

Chase has thousands of branches and ATMs across the country, which can be helpful if you need to talk to a banker or withdraw cash in person. However, Yotta’s digital platform is more user-friendly and easier to use than Chase’s.

User Reviews

We went through Yotta Savings reviews on multiple platforms, and the general consensus is that this is a cost-efficient and fun way to save money. The main advantages people mention are the benefits of the lottery approach with weekly cash prizes, the lack of fees, and the easy-to-use app.

While some people complain about the low-interest rate, it’s important to remember that Yotta has a way of increasing overall APY with the lottery. So, if you’re lucky, you might end up with a higher interest rate than with other banks. In addition, users seem to find Yotta’s mobile-only platform a bit troublesome and would prefer to see a desktop version as well.

With a stellar rating on TrustPilot and a B- rating on BBB, Yotta seems to be a great way to save money and grow your wealth along the way.

Our Verdict

After thoroughly reviewing Yotta Savings features, it’s safe to say that this is a great way to manage and save your money, especially if you’re struggling to do it on your own. Yotta has a unique approach to saving, with a lottery feature that could help you win big prizes.

Even if you don’t win the lottery, you can still earn thanks to Yotta’s interest rate of 0.20%. The lack of fees makes it even more attractive, as well as its easy-to-use app. While the interest rate could be higher, it’s still a great way to park your cash.


  • No fees for balances of more than $5
  • Weekly lottery
  • Credit and debit card services
  • Robust security measures
  • Top-notch mobile app


  • Mobile-only
  • Average APY
Yotta Logo

Editorial Rating


Is Yotta FDIC insured?

Yes, Yotta is FDIC insured for up to $250,000 through its partner, Evolve Bank & Trust.

What are the odds of winning Yotta?

Yotta has odds of about 1 in 1,727 for winning a one million jackpot, should you play one ticket a day for 20 years. To get the lowest reward of $0.10, for example, you can count on odds of 1:110.

Is Yotta bank legit?

Yes, Yotta bank is a legit mobile-only platform that operates through its partner, FDIC-insured Evolve Bank & Trust. The company is also backed by some world-class investors, such as Base10, Core Innovation Capital, and Slow Ventures.

Who owns Yotta?

Before opening your account with Yotta savings, you should review the company’s background to ensure it is reputable. Yotta was founded in 2019 by Adam Moelis and Ben Doyle, both Forbes 30 Under 30 list members. The company is headquartered in New York.