4% Savings Accounts...WHAT!?

I'm going to cover 2 savings accounts I personally use earning me 4% APR or greater. Literally, my money just sits there, NOT invested, earning me 4% returns...can you say freaky Friday. I swear I'm not a Genie, wizard, or mythical Hogwarts creature.

Let’s get down to the nitty gritty. First up, Yotta, and I'm not talking about the little fuzzy green goblin from Star Trek; I might lose followers for that one.

Yotta is an online savings account that is 100% FREE! Your Funds are held with Evolve Bank & Trust which is FDIC insured for all you worry warts. Yotta combines savings with the lottery. Yes, you heard correctly, the freakin' lottery. But here’s the catch that's not actually a catch (think Sheepshead), if you fish you got that, if not, I'm this close to losing you, but you can’t lose! You win every time!

Check this, Yotta was founded to help Americans become more financially secure. According to the Federal Reserve, 40% of Americans can’t come up with $400 in an emergency but spend a mind boggling $80 billion on the lottery every year, which is the worst bet you can make. Yotta fixes this problem by making saving fun while giving you a chance to win big. Even in weeks where you don’t win a prize, your money still grows, instead of disappearing like in the lottery.

How it Works

Make a deposit: Every $25 saved gets you a recurring ticket into weekly number draws. For example, if you deposit $50 you get 2 tickets every week without needing to make new deposits. And, you can withdraw your funds any time up to 6x per month.

Pick your numbers: Every Monday, pick 7 numbers for each of your tickets, don't worry, if you don't make your picks, your tickets will be auto-picked.

Weekly drawings: Contests are weekly with one number drawn every night at 9pm EST. On Sunday, the 7th and final number is drawn and winnings for the week are determined.

Match numbers: The more numbers you match, the more money you win.

  • Match 7, win the $10 million dollar jackpot

  • Match 6, win a Tesla

  • Match 5, plus the Yotta ball (the Sunday number) win $5k

  • Match 5, win $1,500k

  • Match others and win as well

  • Match nothing, you still WIN a guaranteed .2% APR (Not the best rate but not the worst.

Total your earnings over a couple weeks/months/years and your rate can be higher than 4%, if you’re lucky. The more money you save the more tickets you get, which increases your odds of winning. I won $5 bucks one week, $10 bucks another, and a week high of $13. That being said, I opened my account about 2 months ago.


Enter my referral code: RICHARD152 when/if you sign up and Yotta will deposit 100 free ticks to your account. Also, click HERE to learn more about Yotta and see if it’s right for you. It can't hurt to add an extra 100 tickets, that's a $2,500 dollar value for free! Well, you do have to sign up and at least deposit $25, but hey, still not bad.

One last thing, remember, this is a recurring drawing, you don't need to keep depositing $25 dollars a week to get a ticket. If you leave $25 in your account you will get 1 ticket every week. If you add money, you'll get multiple tickets a week.

Next on my list, T-Mobile Money. That’s right, the cell phone provider. WHaT!? Also FDIC insured with accounts held at Bank Mobile.

T-Mobile Money is an online checking account, I know I know, I said I would be reviewing savings accounts but bear with me, it earns you way more than a savings account does. Think about walking into a Chipotle and sayings "yes, I will pay the extra $1.95 for the guac". I'm talking guac money baby!

T-Mobile earns you 50x more than the average U.S. checking account. Some people earn 4% and everyone earns 1% on ALL balances which still Hulk crushes everything else out there, including High Yield Savings Accounts, which I also highly recommend. But wait, like every infomercial after 1am, there's more! The account includes:

  • No overdraft fees

  • No maintenance fees

  • No fees at Allpoint® ATMs (over 55k locations worldwide)

  • No minimum balance

How it Works

T-Mobile or Sprint wireless customers, yes Sprint, T-Mobile bought Sprint so they get to Pass Go too, can earn 4% ARP (these were the "some people" I was referring to). The Cristiano Ronaldo kicker is the 4% is ONLY on balances up to $3,000 (still isn't bad. $120 a year for doing nothing) and you have to be a T-Mobile or Sprint customer =(. What happens after $3k? You earn 1% on everything else. Hey Ya Outkast, that's still bonkers for a checking account!

What’s the catch? There is a minor one, or two...

Number one: You need to be a T-Mobile or Sprint customer, but only to earn the 4%. ANYONE can use this account to get 1% which still crushes any checking account I've ever seen. I can’t think of a savings account that beats it.

Number two: You need deposit a recurring $200 a month into the account to qualify for the 4%, but only for the 4%. You'll always get 1% no matter what (even if you are not a T-Mobile or Sprint customer and without the recurring $200 deposit). This can be a hassle but I solved the quadratic formula for you so you don't have to.

  • Automate the $200 from your primary checking account


  • Make this your primary checking account where your direct deposit comes straight to it

That’s it! 2 minor catches for 4% APR and 0 catches for 1%. The choice is yours!

I also pulled rates from BankRate.com to compare the above with current High Yield Savings Account. This is what I found as of 11/25/2020:

  • Citibank - 0.70% APY

  • Live Oak Bank - 0.70% APY

  • Vio Bank - 0.66% APY

  • PNC Bank - 0.65% APY

  • Popular Direct - 0.65% APY

  • CIBC Bank - 0.62% APY

  • Salem Five Direct - 0.61% APY

  • Ally Bank - 0.60% APY

  • American Express National Bank - 0.60% APY

  • Synchrony Bank - 0.60% APY

  • Pentagon Federal Credit Union - 0.60% APY

  • Comenity Direct - 0.60% APY

As you can see, for now, nothing comes close.

Feel feel to reach out if you have any thoughts, comments, or suggestions.