5/10/2024 Update: Roughly 10 days after this article was written, we Yotta has an email stating that effective immediately, Yotta has discontinued paying rewards on saving balances, paychecks, and card spend. This is most likely the final death blow to Yotta. If you still have balance on Yotta, maybe it is time to withdraw.
I have written about Yotta, a prize-linked savings account on several occasions (see the list of previous articles below). In my biased opinion, a decent chunk of those posts would have probably made you want to sign up for Yotta. Well, this time around I want to discuss why Yotta is “dead” to me. It may continue to live on but at this point there is no point in using it and thus no point in recommending it either.
- How are people making thousands of dollars with Yotta debit card?
- How many attempt does it take to win at least once in Yotta, Prizepool and Fold?
- Yotta pays you for making direct deposits, is it too good to be true?
- Is Yotta debit card odd rigged?
Yotta was meant to be an alternative for those folks who spend money in powerball. The pitch often present in their reddit AmA (ask me anything; 2020 AmA, 2022 AmA) was why pay for lottery when your prize-linked saving account can essentially allow you to play lottery for “free”? Now, Yotta offers users an option to spend cash to buy tokens so they can gamble it.
When checking/saving intrest rose to 5% and beyond, Yotta did not catchup for a long time but then they started offering “5% APY YottaCash”. The catch was that only YottaCash won from YottaBall drawing could be redeemed for USD. So, you would have to “gamble” the generated interest on YottaBall to turn it into an actual cash.
In the meantime, Yotta added more avenues for you users to spend YottaCash. For example, you could play games such as Blackjack (hellooooo?), coin flip, etc to gamble on YottaCash. Again, the winnings from these games could not be redeemed for cash. This sudden change in philoshopy obviously lead to users rightfully giving Yotta app a low review (it currently has 1.7 review with over 6466 ratings).
I almost forgot, they also add a weekly/annually subscription plan that gives you more chips to gamble. Whatever happened to the idea that spending few bucks on powerball on weekly basis was too much?
Closing Thoughts
Do not recommend.
