NEW YORK (PRWEB) September 29, 2022
This past weekend a saver at Yotta, a fast-growing fintech, won $500,000 simply for putting her money into an FDIC-insured savings account. Nicolette, a residential cleaner from Atlanta, Georgia, took home the big prize. This is the largest win in Yotta's history, surpassing its previous record of $40,000, won by Crystal, an EMT from Queens, New York and four other $40,000 prize winners.
Yotta is a leader in prize-linked savings, a concept growing in popularity in the United States. To fund its prizes, Yotta passes on a portion of the spread it earns from deposits to its customers through a lottery-like system, which earns customers better interest rates than they can get from any of the national banks. Savers can win up to $10 million every week, and through smaller prizes still earn an average interest rate of around 2%.
"We could not be more excited for Nicolette and her big win," said Yotta CEO Adam Moelis. "It's our mission to engage and empower people through a suite of financial products that offer random rewards. This win highlights the life-changing sums of money you can earn from our prize-linked savings account. Yotta is about having fun with savings, or when you swipe your credit or debit card. We don't have to warn our customers to, 'Play Responsibly.'"
Nicolette, the lucky Yotta winner, said, "To be honest, the last few years have been hard for me. Yotta sounded like a cool way for me to save money and get some financial security. But I never thought it would change my life. I'm going to pay off my bills, pay off my car loan, and be able to take care of my kids in ways I never dreamed of. It will also be a huge help in getting my new cleaning business off the ground. So thank you Yotta!!!"
Moelis added, "if you want to make $500k in interest at one of the top 4 US banks, you'd have to deposit about $1.5bn."
Yotta has paid out over $9 million dollars to consumers using its online platform since 2020. It also offers consumers the chance to win a free purchase every time they use their Yotta credit or debit card.
Yotta's founders were inspired by the UK's Premium Bonds, which have encouraged consumer savings since 1956 and are now held by 1 in 3 Brits. The company exists in part because of a U.S. law passed in 2014 to promote savings and financial security, and discourage wasting money on lotteries and scratch-offs.