41–50 of 309 posts
Note that as soon as you accept any winnings you give Yotta full right to use your name and city for marketing.
We only use first names and last initials along with cities for social proof to show that people are winning. We do allow you to be completely anonymous from the privacy settings within the app. If you don't want your first name, last initial, and city shown anywhere, you can toggle it off.
From the FAQ > While technically not "interest," you receive a savings bonus every month that functions very similarly to "interest." Savings bonuses are paid on the first of every month and are based on your average balance in Yotta from the previous month. How do taxes work with these "savings bonuses". Do you issue a 1099-INT for this money earned or does this show up on a W-2G?
How does users being able to withdraw their money immediately affect your business model? How are you preventing someone from depositing/withdrawing the same $25 a billion times per week?
If you withdraw, you lose tickets so that is a deterrent to continuing to deposit and withdraw to game the system
Another thought is that while it is true that in the UK a large number of the population have PBs, these are usually bought by their parents when they are born. I still have my PB account that was set up by my parents, but I wouldn't consider it a tool for saving. Most people's balance in PBs are a tiny proportion of their total savings. Yotta's 0.2% base rate might change that behaviour though!
Your FAQ says you use a third party that draws the random numbers. Is this number drawing verifiable somewhere? Can you say anything about their techniques?
They have no access to the numbers users have selected, so it's completely blind.
I note from your comments the socially-laudable aim of attempting to help people in financially vulnerable populations. I wonder if emulating more elements of a lottery-like game would assist with this... EG imagine if I could walk into a shop, buy what looks and feels like a lottery ticket, but I've actually effectively added money to my phone-number linked savings account. I think there would be real power there, but naturally real logistical complexity also.
How does users being able to withdraw their money immediately affect your business model? How are you preventing someone from depositing/withdrawing the same $25 a billion times per week?
There is a federal requirement with savings accounts that you can only make 6 withdrawals per month. Right now that has been lifted due to covid, so there is no limit. If you withdraw, you lose tickets so that is a deterrent to continuing to deposit and withdraw to game the system