Yotta Bank Review (2022) - Why I Stopped Using Yotta Bank

After months of using the Yotta Bank Savings account, I stopped using it and withdrew all my money from the app. Here's the reasons why.

This video talks about why I withdrew all $10,000 that I originally deposited into the Yotta App, otherwise known as @Graham Stephan's bank. Let me start off by saying I have been using this app for several months now and really wanted to like the app. I even got Yotta's debit card. Big picture, I think it great because it’s helping people saving more money and it makes saving money more fun, but for me, someone who is looking to maximize the return on my money and make sure it’s safe, it’s not worth using Yotta Bank any more and here’s the reasons why:
1. Yotta Bank reduced their APY saving rates
2. How the Yotta App is able to pay the 2% APY rate

With that said, that’s why I have removed all my money from Yotta Banking app. So if you are not going to use Yotta Bank, then where should you place your money?

1. I personally would recommend your first $10,000 should be placed in a i-bonds from the US treasury, that is currently paying a return of nearly 10%. I have two separate videos why you should buy i-bonds and how to buy them.
2. After I-Bonds I recommend high yield savings accounts. This is what I personally use as well. High yield interest rates are the same percentage or better than Yotta Bank’s crypto bucket and decent amount better than Yotta’s normal saving rate at 1.5% APY. I personally use the Ally Bank and CapitalOne high yield savings rates. They are currently paying 2.1% and 2% APY.

Why you should buy i-bonds - https://www.youtube.com/watch?v=mEUQfj8kwMA&t=114s
How to buy i-bonds - https://www.youtube.com/watch?v=qH2e0e9wvlM

Tell me down below in the comments who do you keep your saving account money with and how much are you currently earning in APY?

Timestamps
0:00 - Intro to Why I Stopped Using Yotta Bank
0:19 - What is Yotta Bank and how does it work?
1:10 - Why I Stopped Using Yotta Bank
2:27 - Better Alternatives than Yotta's Saving Account
4:12 - Outro to Why I Stopped Using Yotta Bank

#Yotta #YottaBank #highyieldsavings #savingsaccount #YottaBankReview #YottaApp #YottaAppReview #highyield

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