I had used Yotta few years ago and really enjoyed it, but all the changes to rates/odds soured me on it. I just checked back and saw the Yott Club package and was intrigued. Based on the math/odds/expected interest, the 156,000 tickets provided by the Admiral package should return somewhere between $1500 and $2000 a year. At a cost of $416 annually, I jumped on board. Just finished tonight's drawing (which I didn't realize was playing all 156,000 tickets) and I ended up winning just $196. So either I got supremely unlucky with those tickets or there's an issue with the expected return. Not the happiest camper right now.
Thanks for making the video I suggested! I agree with your thoughts and analysis. It’s a shame that Yotta has made these recent changes, I really feel like they have gone downhill recently. Keep up the videos, your insight and honesty is always appreciated!
I looked at the program banks. They are mostly regional banks that are most likely using your money to lend out as mortgages because their depositors don’t fund enough to cover their lending. Probably in a brokerage account to maximize their interest so they lend at higher rates. Sad truth with any bank but in cases of neobanks, you don’t have a choice of who you’re funding. Hope that helps! I was looking for a reason to close this account and you gave me several. Thanks!
Dang, that’s a bummer. I just got in Yotta a week ago after binging your videos on it. Even used your code 😀. Initially experience was like yours: utter joy for it’s uniqueness vs the bland, boring accounts everywhere else. But alas… Thank you for this video tho, you really brought to light things we need to know about it. I’ll still stick around for a few more months and leverage it just as a “Landing Page” for some of my money for the direct deposit and debit card purchase boons. See what those tickets yield, then move the money to their final (and better, destination). What I do definitely want from Yotta though, is their credit card. I think I can put it to use into my financial workflow, what with the boons you get from them and simply to utilize as a smaller end credit booster card. So I’ll stick around to see if they ever make the credit card available, if it’s not available in the next 3 months though, I may consider jumping ship (yacht pun, baby! 😂). Thanks Brendan!
They even came out with more games since this video . They're kind of cheesy and fun, but they really go against the idea of saving since each of those tickets can potentially earn you cash in the drawing not very much granted but All of their new games I basically always lose eventually just like a casino
Newest thing: it seems like you now have to pay 5 cents to enter your tickets in the daily drawing. They made it so complicated that I'll likely just be closing my account.
@@BrendanEvan looking forward to that video, but based on the email I got from them this morning, it sounds like you're now effectively getting daily YottaCash at 5% APY, which you can leave as YottaCash or exchange for USD on a 1:1 basis. the YottaCash is how you play games, including the daily drawing. so at least as it stands, my original idea of "i'll always leave at least $25 in there for the free lotery ticket" could still hold true, so long as my daily YottaCash earned is more than the $0.05 (per ticket) i would use for the drawing.
I have been using Yotta for over two years now and sadly I agree with your opinions. We have been shifting our finances elsewhere, but do you know of any other banks that offer benefits to using their debit card? This has been one of my favorite Yotta features. For normal expenses like utilities and mortgage where it is required (or feeless) to use a checking account.
I don’t, but that’s a good idea to research. Best rewards debit card! I’ll investigate and if a video appears in 3 weeks with that title it’s thanks to you!
Not really a debit card but if your utilities allow you to pay with a credit card then US Bank cash plus might be a good option. I use it to pay my Utilites. I get 5% cash back. My power and water charges me about $4 flat rate to use a card but since my bill is more than $200 the 5% cash covers the charge and I get extra to keep.
I never thought I would be playing casino games in a banking app.. yotta banking was one of my favorite savings app but now I am so disappointed and thinking of moving money somewhere else. The constant change in features is making me lose confidence in yotta
This page claims that Yotta does not report credit utilitzation. Not sure if that helps help.withyotta.com/en/articles/5691964-how-is-this-different-from-other-credit-cards
I completely agree with you, Brendan. What the heck was wrong with the original format? I ZoOMed away from Yotta last year and invested in SCHD for a mini vacation fund
Yotta is a financial technology company that offers banking services through its partner banks, Evolve Bank & Trust, Thread Bank, and Synapse Brokerage LLC Program Banks. It is not a bank itself. It’s safe to assume that they make some money from the interest spread, as well as from the fees they charge for their services. Yotta is just playing games with its customers and hope that people won't do the math and fall for stupid games and lotteries instead of just getting a predictable yield. The more stupid games they play with people the more money they make.
I know I'm so mad. What did they do? Get rid of tickets? Looks like they're only doing yoga cash and their BS tokens as far as I can tell, the tokens are only good to play their games, but what the heck good is that???? Tried calling them today. Got no answer
And the only way you can get entered in the drawing is to buy tickets with your yatta cash? I don't know but I'm kind of mad because it says I have no tickets in the contest and I had over 500 tickets saved
I was with Yotta for only 5 to 7 days. And now I discontinued with them and withdrawn from them . Since it's not working for me I came across another company which is better. Online banking is better.
I'm lost too. I selected tickets and when I went back they're gone now. I'm starting to not enjoy this app any more. Thinking about closing my account.
Me too Not a clear choice for where to go though. WeBull has 5% interest without a monthly fee at the moment. Robinhood Gold is pretty interesting for just $5 per month
Yotta is definitely not as fun as it was when I joined. They seemed to have lost their identity. Too many bells and whistles and constantly changing the rules, makes me care much less about what was once really fun and worthy of a referral. Now, I don't bother anymore.
Yotta was the best when it was just a savings account. It was simple and exciting with no fees which encouraged you to save your money.
I had used Yotta few years ago and really enjoyed it, but all the changes to rates/odds soured me on it. I just checked back and saw the Yott Club package and was intrigued. Based on the math/odds/expected interest, the 156,000 tickets provided by the Admiral package should return somewhere between $1500 and $2000 a year. At a cost of $416 annually, I jumped on board. Just finished tonight's drawing (which I didn't realize was playing all 156,000 tickets) and I ended up winning just $196. So either I got supremely unlucky with those tickets or there's an issue with the expected return. Not the happiest camper right now.
omg 3%!!!! omg they scammed u!! what is he gonna do?
I hope you withdrew
Thanks for making the video I suggested! I agree with your thoughts and analysis. It’s a shame that Yotta has made these recent changes, I really feel like they have gone downhill recently. Keep up the videos, your insight and honesty is always appreciated!
Thank YOU so much for your input and idea!
I looked at the program banks. They are mostly regional banks that are most likely using your money to lend out as mortgages because their depositors don’t fund enough to cover their lending. Probably in a brokerage account to maximize their interest so they lend at higher rates. Sad truth with any bank but in cases of neobanks, you don’t have a choice of who you’re funding. Hope that helps!
I was looking for a reason to close this account and you gave me several. Thanks!
That makes sense Josh, thanks for checking into them in more depth!
Dang, that’s a bummer. I just got in Yotta a week ago after binging your videos on it. Even used your code 😀. Initially experience was like yours: utter joy for it’s uniqueness vs the bland, boring accounts everywhere else. But alas… Thank you for this video tho, you really brought to light things we need to know about it.
I’ll still stick around for a few more months and leverage it just as a “Landing Page” for some of my money for the direct deposit and debit card purchase boons. See what those tickets yield, then move the money to their final (and better, destination). What I do definitely want from Yotta though, is their credit card. I think I can put it to use into my financial workflow, what with the boons you get from them and simply to utilize as a smaller end credit booster card. So I’ll stick around to see if they ever make the credit card available, if it’s not available in the next 3 months though, I may consider jumping ship (yacht pun, baby! 😂).
Thanks Brendan!
I saw someone just signed up!! It may still work just fine for you so don’t let me totally scare you away!
They even came out with more games since this video . They're kind of cheesy and fun, but they really go against the idea of saving since each of those tickets can potentially earn you cash in the drawing not very much granted but All of their new games I basically always lose eventually just like a casino
Newest thing: it seems like you now have to pay 5 cents to enter your tickets in the daily drawing. They made it so complicated that I'll likely just be closing my account.
Me too. I had tickets saved so I didn't use them all at once and now it looks like they're all gone
Editing a video about this now, shooting to post it in an hour or two
@@BrendanEvan looking forward to that video, but based on the email I got from them this morning, it sounds like you're now effectively getting daily YottaCash at 5% APY, which you can leave as YottaCash or exchange for USD on a 1:1 basis. the YottaCash is how you play games, including the daily drawing. so at least as it stands, my original idea of "i'll always leave at least $25 in there for the free lotery ticket" could still hold true, so long as my daily YottaCash earned is more than the $0.05 (per ticket) i would use for the drawing.
Here’s the new video!
ua-cam.com/video/5xU_41YFfKM/v-deo.htmlsi=ogKz_fJvrhUWY2ny
Wonderful video Thx!
Will stay with Yotta it stops me from playing the lottery. Therefore, I’m saving a lot of money.
Good choice!
I have been using Yotta for over two years now and sadly I agree with your opinions. We have been shifting our finances elsewhere, but do you know of any other banks that offer benefits to using their debit card? This has been one of my favorite Yotta features. For normal expenses like utilities and mortgage where it is required (or feeless) to use a checking account.
I don’t, but that’s a good idea to research. Best rewards debit card! I’ll investigate and if a video appears in 3 weeks with that title it’s thanks to you!
Not really a debit card but if your utilities allow you to pay with a credit card then US Bank cash plus might be a good option. I use it to pay my Utilites. I get 5% cash back. My power and water charges me about $4 flat rate to use a card but since my bill is more than $200 the 5% cash covers the charge and I get extra to keep.
Pulled out my 50K in savings from Yotta and put it in CIT bank. Was hooked on the tickets but can’t beat 5 percent interest on a savings account.
But does CIT bank give you a little game to play with rockets?
😆
great choice
Moonshot is fun but yes I want a solid consistent interest rate though
I signed up for Yotta not too long ago; and it was hard figuring out how to set up everything
It should be simpler right?!
I never thought I would be playing casino games in a banking app.. yotta banking was one of my favorite savings app but now I am so disappointed and thinking of moving money somewhere else. The constant change in features is making me lose confidence in yotta
Right!? 🎰
Does anyone know if they still report to credit bureaus as an “Installment Loan?”
This page claims that Yotta does not report credit utilitzation. Not sure if that helps
help.withyotta.com/en/articles/5691964-how-is-this-different-from-other-credit-cards
I completely agree with you, Brendan. What the heck was wrong with the original format? I ZoOMed away from Yotta last year and invested in SCHD for a mini vacation fund
Yotta is a financial technology company that offers banking services through its partner banks, Evolve Bank & Trust, Thread Bank, and Synapse Brokerage LLC Program Banks. It is not a bank itself. It’s safe to assume that they make some money from the interest spread, as well as from the fees they charge for their services. Yotta is just playing games with its customers and hope that people won't do the math and fall for stupid games and lotteries instead of just getting a predictable yield. The more stupid games they play with people the more money they make.
The change they made today may be the final nail in the coffin.
I know I'm so mad. What did they do? Get rid of tickets? Looks like they're only doing yoga cash and their BS tokens as far as I can tell, the tokens are only good to play their games, but what the heck good is that???? Tried calling them today. Got no answer
And the only way you can get entered in the drawing is to buy tickets with your yatta cash? I don't know but I'm kind of mad because it says I have no tickets in the contest and I had over 500 tickets saved
Video is going live in 1.5 hours, its absurd what they've done. Totally ridiculous.
Here’s the new video!
ua-cam.com/video/5xU_41YFfKM/v-deo.htmlsi=ogKz_fJvrhUWY2ny
@@BrendanEvan I understand the need to evolve in order to remain relevant, I just do not understand the thought process behind this major change.
I was with Yotta for only 5 to 7 days. And now I discontinued with them and withdrawn from them . Since it's not working for me I came across another company which is better. Online banking is better.
Thanks for the info. Much appreciated
👍👍
It is like MySpace, was super awesome but they changed it, and lost everyone.
Tom was so welcoming
@@BrendanEvan He was my first friend 😭
They just did an update can u explain
I'm lost too. I selected tickets and when I went back they're gone now. I'm starting to not enjoy this app any more. Thinking about closing my account.
I’ll check into this tomorrow morning first thing and may make a video the same day. Have a feeling there will be plenty to comment about.
@@BrendanEvan Please do I'm confused what happened to my tickets and does it matter if I have money in account anymore
Here’s the new video!
ua-cam.com/video/5xU_41YFfKM/v-deo.htmlsi=ogKz_fJvrhUWY2ny
I switched over to prizepool
I like it a bit more
I’m keeping it because I already won 1000$ so I’m going to keep getting tickets
Heyoooo, casual $1k prize!
I loved Yotta for years now its meh looking at switching
Me too
Not a clear choice for where to go though.
WeBull has 5% interest without a monthly fee at the moment.
Robinhood Gold is pretty interesting for just $5 per month
I have majorly of my liquid sitting as buying power in robinhood gold for that 5%, no complaints yet
Great points
Hey thanks
Good video
Yotta is definitely not as fun as it was when I joined. They seemed to have lost their identity. Too many bells and whistles and constantly changing the rules, makes me care much less about what was once really fun and worthy of a referral. Now, I don't bother anymore.
Agreed
Turns out that Synapse middle-man broker is causing all kinds of issues after they went bankrupt. Not good!
Yup, I made a big video about it yesterday! The Rise and Fall Of Modern Banking | Synapse and Yotta Collapse
ua-cam.com/video/NYk_s1OMwRw/v-deo.html
AND ITS GONE. The bank failed it’s gone your monies gone
Update video about this here: The End Of Modern Banking As We Know It
ua-cam.com/video/NYk_s1OMwRw/v-deo.html
I came here for this.