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[Discussion] Alternatives to High Yield Savings Accounts

October 13, 2020 at 02:40AM

With interest deposit rates so low, thought I’d offer up some alternatives to put some smaller funds to.

The High Yields Savings Account that I've been using now only gives a 0.6% interest. On $10k, that's only $60 a year.

I’ve come across two interesting alternatives, especially with these ‘ticket’ style deposit accounts that have come up (both look to be FDIC insured to 250k). Worth trying it and seeing if it yields something decent. (There's also a small thrill in it to).

Yotta

Features: 1 ticket/$25/week – so about 4 tickets a month for $25.

– Every week there is a draw, like the lottery. Jackpot is $10M but I’ve usually seen people win $300-500 on a weekly basis on the leaderboard. There’s some videos about the average return, it’s around the 1-2% but still better than what the banks are offering.

Withdrawal max: $10,000 daily limit, a $40,000 monthly limit

Referral: My referral is HARSH14. It'll give you 100 free tickets when you sign up.

PrizePool

Features: 1 ticket/$/day – so 30 ticket a month with $1. Capped at 750k tickets a month.

– Every month (weekly soon) they’ll do a drawing for a $25k grand prize, with $25k in smaller prizes – total $50k.

Withdrawal max: $5k per day limit and $20k per month limit.

Referral: My referral code is M6N97- which allows us to share 10% of any winnings.

I'm not comfortable investing in the stock market right now with many unknowns and these high prices. Been looking for an alternative and thought this was a pretty great idea. I wouldn’t put a lot of money into these but smaller amounts is negligible interest anyway, so it’s just to throw a name in the hat.

submitted by /u/harsh013
[link] [comments] via Savings, Checkings, CDs, oh my! https://bit.ly/30Y8spM

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