Savings account + lottery

[bernorange 8,359]

Are these winnings treated differently from interest for taxes?

[Jerry Callo 8,694]

I'm diverting all my winnings into an offshore account.

[Nice Guy Eddie 13,506]

11 hours ago, bernorange said:

Are these winnings treated differently from interest for taxes?

Don’t know. People on the internet claiming that only prize amounts over$600 are reported to you. 

[Catpfish 618]

From their FAQ

 

Quote

Since the interest isn’t technically “interest” - it’s a “savings bonus” coming from Yotta, As long as you earn less than $600, we don’t report anything. It’s 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.

 

[nineliveslost 2,753]

Another .20 cents

 

Total Savings :  $2,076.35

[Nice Guy Eddie 13,506]

$7 for the week. The referral tickets are gone now.

 

[B00M 6,413]

4 weeks in with luck index of 50 +/- 5 every week. Looking like 1.47% annual return. 

[nineliveslost 2,753]

Another $25 deposit

Another .30 cent win

Total savings : $2,101.65

[Nice Guy Eddie 13,506]

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. 

 

[nineliveslost 2,753]

Another $25 deposit
Another .15 cent win
Total savings : $2,126..80

Still better rate than a normal savings account

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[CBT 1,282]

I've won $19.15.  I'm going to cash it out and rub it on my titties.

[nineliveslost 2,753]

Woo hooo

Won $10.10 !!!

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[nineliveslost 2,753]

Another $25 deposit
A new $ 10.10 win
Total savings : $2,161.90

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[shnsajax 3,591]

Fuck it, i'm in. To my kids, my the odds ever be in your favor!

[nineliveslost 2,753]

The wife joined the same time I did and has only won 15 cents twice and 20 cents once. The rest of the weeks a big fat 0 

[B00M 6,413]

I won $0.00 this week for the 1st time. It still beats anything I can get at the bank. I'd be worried if the effective interest rate was much higher.

[Nice Guy Eddie 13,506]

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.

 

[Nice Guy Eddie 13,506]

I see the app now shows monthly return percentages on the banking tab. 

[nineliveslost 2,753]

Mine shows:

Oct 20 realized APYY 1.20%

Nov 20 (MTD) Realized APY 9.07%

[Nice Guy Eddie 13,506]

Oct: 21%

Nov: 1%

[Nice Guy Eddie 13,506]

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.

[Droopy 2,626]

Signed up as well, thanks man!

[TKthunder2 4,985]

7 minutes ago, Droopy said:

Signed up as well, thanks man!

Same I got a bunch of cash sitting around to pay for our home renovation so this seemed like a good option.

[CBT 1,282]

oct:  0.96%

nov: 1.27%

shits rigged yo

 

[nineliveslost 2,753]

31 minutes ago, CBT said:

oct:  0.96%

nov: 1.27%

shits rigged yo

 

Beats a savings account

[nineliveslost 2,753]

Another $25 deposit
A $0 win ☹️
Total savings : $2,186.90

[Nice Guy Eddie 13,506]

I have my first 3 match ticket after a Wednesday draw. I’m completely convinced the 10m is mine or at least the Tesla.  I have about 12 hours left on that dream. 

[TKthunder2 4,985]

7 minutes ago, Nice Guy Eddie said:

I have my first 3 match ticket after a Wednesday draw. I’m completely convinced the 10m is mine or at least the Tesla.  I have about 12 hours left on that dream. 

I got one too.  Already picking out which boat I want.

[TKthunder2 4,985]

10 hours ago, TKthunder2 said:

I got one too.  Already picking out which boat I want.

Glad I didn’t make that down payment...

[TKthunder2 4,985]

Hit my 4th number last night for $10

[B00M 6,413]

3 straight weeks of $0. Ever since I initiated that unlucky recurring deposit...

[nineliveslost 2,753]

Another $25 deposit
A .70 cents  win
Total savings : $2,212.60

Total win $ since first deposit : $12.30

[Nice Guy Eddie 13,506]

My November APY was 1.39% (or so the app tells me.)

Not bad when you can't even find a 5-year CD above 1% at the moment. Even though I'm not hitting the higher prizes, I'm ok with this return.

[nineliveslost 2,753]

Oct. APY : 1.20%

Nov APY : 6.31%

 

Not bad at all

[Viper 12,097]

Got a 4 number match yesterday. Missed on it today but it says a gotta ball match tomorrow is $47

[nineliveslost 2,753]

Another $25 deposit
A .60 cents win this week
Total savings : $2,238.20

 

I never had fun saving before until this. It's an account off to the side that just slowly adds up. 

[Samson's Wig 3,189]

Where are you guys seeing your APY?  Or are you calculating it yourself?

[nineliveslost 2,753]

11 minutes ago, Samson's Wig said:

Where are you guys seeing your APY?  Or are you calculating it yourself?

on the bottom of the app its the second icon from the left that looks like a bank 

[nineliveslost 2,753]

Another $25 deposit
A .65 cents win this week
Total savings : $2,263.85

[Viper 12,097]

Had a great last two weeks and have a 3.29% apy this month

[nineliveslost 2,753]

My December is 1.45%

[Nice Guy Eddie 13,506]

I've also had a lucky month so far at 2.64%. I had a $7 ticket win last week which I think was the largest I've had to date. I also deposited a larger amount this past weekend so maybe the $ winnings will be higher now.

[nineliveslost 2,753]

Another $25 deposit
A .60 cents win this week
Total savings : $2,289.45

Dec APY 1.42%

Slow and steady. Havent won any big prizes , but its something.

[3adays 454]

Last week I had a ticket that matched the first 4 numbers (Monday-Thursday) and didn’t hit a damn thing the rest of the week. $10.55 win 

Nov 5.35%

Dec 5.27% 

[nineliveslost 2,753]

7 hours ago, 3adays said:

Last week I had a ticket that matched the first 4 numbers (Monday-Thursday) and didn’t hit a damn thing the rest of the week. $10.55 win 

Nov 5.35%

Dec 5.27% 

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

[Johnny Chimpo 478]

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. 

[TKthunder2 4,985]

38 minutes 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. 

Where and what rate?

[CBT 1,282]

I got 4 numbers last week also for a nice $15.10 'win'. 

Nov 1.48%

Dec 1.68%

[nineliveslost 2,753]

My capital one APY with my performance savings is .40%

 

Anyone got a better ?

[Nice Guy Eddie 13,506]

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 %.