Yotta Savings vs ALLY BANK: Who wins?
Let’s begin to talk about savings accounts. First of all, savings accounts are the place you want to save your money for like an emergency fund. It is a good place to park your money until needed. Let’s talk about two different savings accounts: Yotta savings vs Ally Bank.
What is Yotta Savings:
Yotta Savings is a savings account that features a game-like experience. They got the idea from the U.K. It makes savings like a lottery.
For every $25 you deposit, you will receive a 7 number ticket. Each night at around 9 p.m. there will be numbers drawn. This is called the Yotta ball. If you win this number you will win some money.
How does Yotta Savings Earn you money?
How are these numbers picked?
Yotta uses a third party insurance company that chooses the number each night. It is totally random.
Ally Bank is an online bank that has it all. – They have checking accounts – There are savings accounts – Investing accounts – Money markets – CDs
Ally Bank’s Savings Account:
Ally’s bank account is like a regular bank account. You can automate deposits from a checking account. The app is pretty straightforward with a great interface.
– Full bank offerings – Investment Account – Automatic Savings – Great Customer Service
Cons: – Limited to 6 transfers or Withdrawals a month – 0.50% APY – No thrills or prizes like Yotta
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