Innovation

Yotta helps bank customers save money, win prizes

Photo provided by iStock

July 31, 2020

Yotta Savings is a prize-linked savings account program designed to help Americans become more financially secure by bringing an element of fun to saving money.

The idea for Yotta came from Premium Bonds, the biggest savings product from the U.K. that offers bondholders the opportunity to win $1.2 million every month, according to a on Lifehacker report.

Yotta rewards customers for every $25 deposit they make at Yotta's partner bank, Tennessee-based Evolve Bank & Trust, a 95-year-old, FDIC-insured bank with locations in Tennessee, Denver and Arkansas. Each deposit earns the customer a recurring ticket in a weekly drawing for cash prizes that range from $0.10 to $10 million. Yotta supplies software and customer support and holds on to the money which earns a savings bonus of .20%, which is close to the national savings interest average of .191%.

Yotta is one of several prize-linked savings account programs offered across the country including one at Walmart.