I Just Bought A Bank
Trending complete video top searched Business Days, Unsecured Business Loans, and Are Bank Savings Accounts FDIC Insured, I Just Bought A Bank.
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Introducing my newest Investment as an Angel Investor to Yotta Bank – feel free to try it out and get 100 extra tickets: https://withyotta.page.link/jem9FxENqgmMA9ir9 – Promocode: GRAHAM – Thanks! Add me on Instagram: GPStephan – NOTE: THIS IS NOT A SPONSORED VIDEO – I’m happy to discuss them as an investor!
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Yotta works on a “game-like” system that pays you a base interest rate of 0.2%, FDIC insured through Evolve Bank…along with a weekly ticket for every $25 you save. Every day, Monday through Sunday at 6pm PST, they hold a drawing that picks a randomly generated number – and you can earn prizes depending how many numbers you match – all the way up to $10 million dollars.
But, here’s the thing – the MORE people join the app, the lower the average interest rate becomes…that’s because the top prizes with an asterisk are SHARED depending how many people match those numbers at the same time as you.
These were my first impressions:
One, just seeing this upfront: the interest rate they pay is INCREDIBLE. From a Savings Account standpoint, AVERAGING higher than 2% interest rate is INSANE when almost every other bank is below 1%, and most are even lower than that…HOWEVER, by the very nature of this – even though 2% is an AVERAGE interest rate across all prizes…some people will inevitably earn much less than this, and others will earn WAY MORE. I’d also expect that this rate is NOT going to be sustainable long term, and this is used as a way to gain momentum early on before – eventually – it’s lowered.
Second, as of right now – it’s ONLY a savings account, which means there aren’t any other features besides the chance at earning a lot of money – and even though I’m sure they’ll be adding on to this – don’t expect to get a full on bank like you would with Ally Bank, at least not now.
Third, I was rather disappointed to see that you’re only able to link ONE bank account at a time to your Yotta Account for deposits and withdrawals, and it takes about 10 days for your money to clear in order for you to take it out. This is obviously for consumer protection, and I get it – but, still – this is something that should hopefully improve over time.
Fourth, for anyone wondering – they are FDIC Insured through Evolve Bank and Trust – so Yotta doesn’t actually hold your money, Evolve Bank does.
https://robinhood.com/us/en/about/cash-management/
And finally, fifth…I’m sure there might be skepticism about “what if the prizes are rigged?! How do we know this isn’t setup??” And, to make sure this stays 100% above board, after some research, the top prizes are picked and paid out by a third party insurance company….that way, it’s double-blind between the insurance and Yotta to make sure everything operates as it should and no one can purposely pick winning numbers.
This company is also featured on Bloomberg and backed by Y-Combinator, which is one of the most prestigious startup-accelerators in the world.
The business model behind it was quite intriguing….they’re based on the report that 40% of Americans are unable to cover a $400 emergency expense, yet they spend $1000 per year on the Lottery….so Yotta aimed to bridge that gap by INCENTIVIZING people to save through a prize based system that makes it EXCITING to put money away, gives them a better interest rate than they’d be getting at other banks, AND brings users back to the app on a regular basis to check in.
If you want to try it out and let me know what you think – it would mean a lot to me! To be clear: YES, it’s a referral link and I DO get compensated as an investor in the company – but, I wouldn’t recommend anything I don’t use myself and don’t thoroughly believe in! 🙂
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Are Bank Savings Accounts FDIC Insured, I Just Bought A Bank.
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Do they have their own or can you use others without being charged? That means that it is all right to cut and cancel accounts up your cards. Make sure to consist of earnings from your business from past years.
I Just Bought A Bank, Play most shared videos about Are Bank Savings Accounts FDIC Insured.
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Prepaid Credit Cards permit you to put cash into them so that you can spend them anywhere they are accepted. Each bank will require a specific deposit amount in order to open an account.
The banks are dead! Long live the banks! So goes the story of the last few years. The banking market was giving away money much to quickly. Now they aren’t offering it away at all. As is typically the case with such gnashing of teeth, the fact is somewhere in between. This is particularly true with industrial loans.
Looking to restore your credit report, get new credit after insolvency or get access to credit when your credit is in the toilet? Folks with low credit ratings or recent insolvencies are getting deluged with pre-approved credit provides that appear too great to be true, according to folks who have actually Business Banking sent me copies of the applications recently.
An important thing to understand is that with this card, you will have a better opportunity of getting a lower rate of interest that you will not be able to accomplish with others types of Credit Cards. This is a great card to use for anyone that is attempting to attain an improved credit rating.
What’s the annual cost the first year? Some waive your very first yearly cost, or charge a big one and after that waive later years and make up the distinction with a regular monthly upkeep fee that makes the yearly fee appearance like pocket modification.
To plan this out, it is better to compute the APR prior to you request protected Business Loans. Additionally, you can likewise request a totally free quote for your loan amount. This guarantees that you understand about the payment details for the protected service loans at the time you look for it. Now, if you question how to use for these secured Business Loans then it is a simple task.
Second of all, banks remain in big part in business of making loans and they have actually not been doing so for some time. They will be nervous to make profits again.
On the other hand, this can be advantageous if the amount they are giving you is much greater than your preliminary deposit. Because case, you might wish to provide it a shot. Before you do though, you must ask about their terms and interest rates however. You might have trouble paying it off if the interest rate for your small organization loan is too high. Sometimes, a service is so slow to remove that they close and are left with needing to pay a big loan back which is not a good thing at all.
Prior to beginning, it’s a good concept to collect a company strategy layout. Among the very first things you need to do, is exercise what bank you will want to deal with. However, nowadays the scenario is different.
You need to utilize the account properly so that you can use it to your advantage. Some companies will ask for a back interest on the whole unsettled balance at the end of your promotion duration.
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