General

Topic Unique Bank Accounts

Porksta

* 30-May-2023(#1)

Does anyone here know of any bank accounts that do things differently? I'm not talking about abnormally high APY or all online or anything like that. I am looking for something where the bank or the account is different.

I have an account with Yotta - a savings account where your balance earns you lottery tickets. So instead of earning interest, you get lottery winnings.
I will be opening an account with Bask Bank - instead of earning interest, you are paid in frequent flier miles (AA only)

Anybody know of any others? Googling my topic only shows me alternative investment options, which is not what I am looking for.

loztdogs

30-May-2023(#2)

@Porksta have you won anything since you’ve been with Yotta?

Porksta

30-May-2023(#3)

The largest prize I won was $5,000 - but I had to split it with everyone else that won. Wound up earning $88 that week. They have switched to daily drawings, and I typically earn about $.40 - $.60 a day. It averages out to a being a standard bank account in terms of interest.

bumsplikity

30-May-2023(#4)

@Porksta Do these typically outperform what a similar amount of money would generate if it was in a high interest savings account?

Porksta

30-May-2023(#5)

I think Yotta hovers around the high 2% to low 3%, but again it is lottery based so it could go anywhere.

Bask does not pay any interest, but I believe The Points Guy did the math on the miles and gave it an APY of over 4%. The miles do count as income from a tax perspective.

If you want to try Yotta I can give you my referral link. I didn't make the post in hopes of earning referrals, just wanted to see if there were any other oddball accounts to try.

bumsplikity

30-May-2023(#6)

Ok gotcha - thanks for explaining. I keep most of my savings in a high yield savings account that gives me 3.9% interest, so I was trying to see if any of these could compete with that. Considering I don't fly often, keeping my money in a high APY account makes more sense personally.

Super interesting reading about these alternative ways of accruing interest from financial institutions - thanks for sharing! Good luck on your lotteries!

SwiftJAB

30-May-2023(#7)

Following. I'd be interested in accounts with unique perks that are valued more than a high yield savings account. Yotta seemed more appealing a few years back when they had less customers so the lottery winnings were beating out high yield savings accounts, but not so much these days since savings accounts have increased their APY.

Qpalzm

13-Jun-2023(#8)

I hear ally bank is good. I haven't fully checked it out though.

SwiftJAB

13-Jun-2023(#9)

Qpalzm wrote:

> I hear ally bank is good. I haven't fully checked it out though.

I've had my savings with Ally for many years and haven't had any issues. I've been considering switching because they seem to be about 1% lower than some of the higher yielding banks out there, but they just sent me an email last week that their rates were going up to 4%. Still less than some competition, but it seems like they'll continue to become more competitive the longer interest rates are high.

Chad

21-Jun-2023(#10)

Check out http://www.SternBears.com, there they have a stoic, firm, strict, big hairy gay guy telling you how to invest. All of their Stern Bear investors are at least 6'2" and 240.

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General

Topic Unique Bank Accounts

Topic Unique Bank Accounts