Yotta

This is a good example of product that combines two things that have nothing to do with each other. As a saving account you can get much better rates in banks like Ally. If you into gambling just buy a lottery ticket. I really don't see the connection here. It does two things in a mediocre way instead of one thing in a good way.

Hi everyone! I’m one of the makers of Yotta (https://withyotta.com) along with @bendoyle. How our app works: - 🔒 Save money in an FDIC insured account - ☝️ For every $25 you save, you get a recurring ticket into our weekly random number drawings with chances to win prizes ranging from $0.10 to the $10 million jackpot - 📈 Even if you don’t win a prize, you still get paid over 2x the national average on your savings. - 💸 On average, inclusive of prizes, the return on your savings is competitive with the highest yielding online savings accounts on the market. - 😎 100% free. No fees. Yotta's mission is to help millions of Americans become more financially secure. 40% of Americans can’t come up with $400 an emergency, yet the average household spends over $640 every year on the lottery. People buy too many lottery tickets and don’t save enough because human nature makes it difficult to adopt habits we know are healthy in the long-run but painful in the short run. We are giving people a way to scratch that lottery itch and get instant gratification from saving, while building a positive behavior that will make them stronger in the long run. Yotta not only makes saving fun and instantly gratifying, but it’s also a smart way to save. By partnering with online banks, we can provide a rate of return on savings competitive with the highest yielding options on the market. In the UK, there is a product called Premium Bonds (https://en.wikipedia.org/wiki/Pr...), which is similar to Yotta. Over 30 million British people save through Premium Bonds, which has over $100 billion in deposits. Yotta is backed by Y Combinator and two of Bloomberg’s “50 Most Influential” in Global Finance. We would love your feedback on the product. Let us know what you like and what we can improve! Use the invite code “PHUNT1” for 100 free tickets when you sign up. Download on iOS: https://apps.apple.com/us/app/yo... Download on Android: https://play.google.com/store/ap...

Premium bonds are a very well known and established way of saving over here in the UK. Didn't realise this wasn't something not more widely known or used in other countries like the US.

Niiiiiice can you actually win the lottery and retire at a beach?

Great product. Offers a better rate than my current savings account with potential for even more upside. Feels very secure and it’s fun to check my numbers daily.

This is epic! And you all get paid from banks? Can you explain a little more how they/you benefit from this? (Already got my upvote dw) I love this concept and its exactly what im looking for with smart saving and that little lottery ticket "what if". But I'm a founder myself in the fintech space and am really interested in this business model as we work with micro-financing in the charitable space.

Love the simplicity behind this prize-linked savings account. Walmart has done a lot of good with this: https://www.theatlantic.com/maga... Only nit - isn't it a bit deceptive to say the prize money is up to $10M weekly? With today's rates you'd need something like $150B in deposits to deliver this via a prize-linked savings account (randomly assuming you get ~0.5% and give away 0.2%). Isn't the $10M just an arbitrary limit ya'll are setting, not a prize customers should be expecting anytime soon (or ever)?