Yotta savings account

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

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