271–280 of 309 posts
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I'm the same way, I know the lottery is a terrible bet but I still find myself buying a ticket every now and then. This was one of the main motivations for starting Yotta for me. Will definitely check out The Lottery in Babylon!
Saving USD is a terrible bet
Actually even then, it wouldn't make sense to hold your e-fund in a volatile asset.
Whilst I'm based in the UK and have access to (and use) Premium Bonds - this seems like a fun product, congrats to you guys for making saving fun !
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It’s common knowledge that jackpots have an annuity or a lesser lump sum, that’s how lotteries work already. This is really just a way to gamify savings as a lottery, I think it’s a great idea and may sign up. I have a really low yield savings account right now anyway and was planning to sign up for an online high yield account.
You're talking about lotteries. I'm talking about savings accounts. My point is that savings accounts should be held to a higher standard, because obviously.
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I'm sorry to be that guy, but the way I see your service is exactly like a gambling site. The interest you pay is lower than inflation, meaning that I am giving you money to buy the chance of winning a big prize. That's gambling. You can genuinely think that you will be helping the world, I am not questioning your ethics because I don't know you. But I don't agree with you. I fundamentally believe that what you are o…
Not sure why you feel that way -- I don't see it as a gambling site because you aren't losing your money to someone else. The interest seems in line with other saving accounts while having some incentive to encourage saving more? Overall good for you in the long run, isn't it? Inspite of any compulsions to gambling you might have. Edit: Editing to also say that enticing you to tune in to look at weekly results doesn'…
This seems like a very cool way to tap into the dopamine reward system to encourage positive behavior (saving more money). For people who don't have savings and have a very high rate of temporal discounting and high impulsivity, this could be a huge deal. Looking forward to seeing how this continues to develop.
Hey guys please don’t take this the wrong way but as a consumer when I saw the behavioral psychology headline in this post I got really excited. Suffice it to say I was sufficiently disappointed to find out it was a prize linked savings account ... these have been run in the US for years, one of the largest in the US right now Is run by wal mart. I LOVE nudge and I love behavioral psychology but this is not that. Che…
Walmart has a huge distribution advantage over startups which has allowed their program to become the biggest, but there's really no front-end, mobile-first approach, and not much fun gamification to it. We also don't think the few startups that have tried something in this space have taken the right approach either by making their products overly complicated, among other things.
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On android at least, you can click to edit the number and manually type in your larger amount
Thanks. It looks like you can on iOS too, though I would probably never figured that out myself. Turns out there's a $8000 deposit limit. Not sure if that is daily or what.
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Makes sense. We will look into making this option clearer to the user so they have to explicitly choose which option they want.
That's good to hear; thanks for the quick response. (As for the first name thing, just FYI: in my case, my first name + last initial fully identify me.)
Great service! Is there a way to link more than 1 bank account? There doesn't seem to be a button to 'Add Account' once I have linked 1 account already.
I'm wondering this as well--I wonder if the only way it is possible is by contacting customer service to unlink the first account and link a new one.