Yotta Savings is a bank account I’ve been using lately, and I think it’s an excellent choice for anyone in need of a US bank account, particularly if you’re looking to apply for US credit cards.
Throughout the past year, I’ve witnessed significant fluctuations in the market. In search of stability, I began transferring funds into high-yield savings accounts that initially offered interest rates over 2%. Unfortunately, these rates have since fallen to about 0.5%. Consequently, I started exploring other alternatives, guided by two primary requirements:
- Guaranteed positive returns: I’m not looking for speculative investments; I want my cash to be readily available.
- FDIC insured: I won’t risk my money by placing it in uncertain environments.
After some research, I discovered Yotta Savings, which offers an interesting twist. They provide a 0.2% annual percentage rate (APR) that is paid monthly. Moreover, for every $25 you deposit, you receive a ticket into their weekly drawing. Importantly, this isn’t like purchasing a lottery ticket; you’re not spending any money to enter. For instance, if you deposit $1,000, you’ll receive 40 tickets each week and can withdraw your money at any time (and stop receiving tickets).
If you sign up using the referral code SCOTT_KENNEDY1, you’ll benefit from a bonus of 100 tickets after depositing just $25.
Another noteworthy point is that Yotta does not issue 1099 forms for interest earned, as long as it remains under $600 per year. This is particularly relevant for Canadians who might face tax implications when investing in American financial institutions. Please note that Yotta requires either an ITIN or SSN to sign up.
Each ticket consists of six numbers selected from a pool of 1 to 70, along with one unique number known as the “Yotta Ball,” chosen from a separate pool of 1 to 70 (note that the first six numbers cannot be duplicates, while the Yotta Ball can be). You can choose these numbers yourself or have the system select them for you. As of now, the prizes are structured as follows:
The yellow balls indicate the standard numbers, while the red ball represents the Yotta Ball. A number is drawn every evening at 9 PM Eastern Time, with the Yotta Ball being drawn last on Sundays. After the drawings, prizes are calculated based on the results. Any ticket that matches the Yotta Ball wins a prize, in addition to any tickets that correctly identify at least three numbers.
For prizes marked with an asterisk (including the Tesla), they will be split among multiple winners if applicable. For example, if 15 individuals match five numbers, each could receive $100. While this may seem modest, consider that earning 10 cents on a $25 investment over a week translates to an annual percentage yield (APY) of 20.8%, plus the base rate of 0.2% you consistently earn. Although most tickets may not yield wins each week, I’ve had weeks where my APY exceeded 6%, and my average is close to 3%.
If you’re seeking a risk-free savings account with better returns than traditional options, I recommend giving Yotta Savings a try.
Application Link: Yotta Savings. Use referral code SCOTT_KENNEDY1 to earn 100 bonus tickets in the next drawing after making a deposit of $25.
