Jump to content

Savings account + lottery


Recommended Posts

From their FAQ

 

Quote

Since the interest isn‚Äôt technically ‚Äúinterest‚ÄĚ - it‚Äôs a ‚Äúsavings bonus‚ÄĚ coming from Yotta, As long as you earn less than $600, we don‚Äôt report anything. It‚Äôs up to you to report the income.

If you earn over $600 in a year from Yotta (savings bonus plus prizes) then we are required to report the income you earned to the IRS.

 

  • Hook 'Em 1
Link to comment
Share on other sites

Deposited $1,200 and have won $16. However I’m fairly certain that was due to the referral tickets. Thanks everyone. 

One criticism that I have with then as a lottery game is that they’re a bit stingy with the medium level rewards: 5k, 1.5k and 1k. The amounts are generous but they are shareable with others so Yotta locks in a worse case scenario for themselves of 7.5k per week for that range of prizes. And it was only a $2.5k payout last week.

Last week 17 people hit the $1500 prize but won $88 each.

my suggestion to them was a second chance raffle that they if no hits the 5k that week, they randomly pick one person who made a scheduled deposit that week. 

 

Link to comment
Share on other sites

Started out with 1K and set up an auto $50/wk, but decided over the weekend to push more of my emergency savings into it. Seems likely they will pay better than I was getting at Ally or Marcus.  .6%.

I find my weekly winning attitude is a lot like an A&M team. Feeling good going 2 for 2 on Mon-Tue. Then I have a couple of days where I still match numbers but can't hit 3 on one ticket. Then on Sat-Sun, I win a little bit to make me think next week is the week.

 

Link to comment
Share on other sites

10 hours ago, Nice Guy Eddie said:

Oct: 21%

Nov: 1%

FYI, the high Oct returns were due to that I only deposited 1K initially and many of you used my referral code to earn me free tickets for a week. My earning dropped significantly when the referral tickets dropped off. But I've offset that somewhat by adding more of my own funds.

Link to comment
Share on other sites

2 hours ago, nineliveslost said:

damn, you are doing better than I am. wife hasnt won shit over the last several weeks, says its rigged

 

1 hour ago, Johnny Chimpo said:

I haven’t won Jack shit either. I won $.36 so far. My real savings is in an online high yield and I don’t see a big reason to make a switch over just yet. 

How much do you have in Yotta? If you have a low amount, your variability in wins is going to be high, with it being low on most weeks. I have 20k there, and I'm seeing a consistent, boring 1.5%. But I still see weekly swings.  If someone has $500, they will most likely have weeks of $0 since they only have 10 tickets. I'm sure some online math whiz has figured out what is the minimum # of tickets to hit the median win %. 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

√ó
√ó
  • Create New...