- automated savings make the savings-process effortless.
- Set multiple goals for savings (rainy day fund, entertainment, etc.)
- Easy to use with your phone’s text messages.
- Enjoy a 1% annual bonus in your savings.
- Motivates the non-savers towards the path of savings
- Small savings interest compared to a bank’s savings account.
- Not suitable for big saving goals (car, apartment)
- Not available for non-U.S residents
- Only one checking account can connect to the app.
- Customer service can be improved
If you ever tried saving your money you know the hassle and pain it comes with.
But, how can you save money when you're a good spender?
Digit is a personal finance app that connects with your checking account to kickstart your savings. It saves in chunks; after every few days, $5 to $10 will sneakily transfer to your Digit’s savings account.
Without you knowing, you’ll be able to save around $200 per month.
The best part is, you don’t even have to change your spending habits to save.
Now let’s get dive in with a complete Digit review !
What is Digit?
Digit is a savings app that automatically saves a few dollars from your checking account.
The app is FDIC insured up to $250,000, making Digit a secure app to save your money with.
The best thing about Digit is the automated savings feature that allows you to save money with no planning, hassle, or pain.
The saved money can be found in your Digit account, from where you can withdraw it anytime.
Digit, being a micro-savings app, allows the users to save money in small chunks. After a year of using Digit, an average user can save up to $2,000.
Track Like a Pro
Interestingly, you can keep track of your upcoming bills and even pay them directly from the saved money in your Digit account.
This personal finance app is simply perfect for small financial goals.
Maybe you're trying to save money for a vacation you currently can’t afford.
Or, you desperately want to get rid of your credit card debt but can’t save a single penny from your current salary to get done with it.
Well, Digit can save money for you, even when you think you can't.
Digit will do it and that within your available checking balance and a minimum salary. It seems quite a miracle, right!
That’s what Digit is developed for, making savings automatic, easy, and cool.
Without a speck of doubt, saving money is one of the most challenging tasks ever. Personal finance apps like Digit make the entire process of savings so smooth that you can set yourself on the path of savings.
You can keep track of your weekly, monthly, and annual savings progress through the Digit app, which further motivates you to save more.
How Digit Works
Digit connects to our checking account to evaluate your current balance, expenditure, and pattern of spending. By doing so, it sets the amount that is safe to put into your Digit savings account.
The working principle for Digit is very similar to an assistant robot who carefully withdraws the non-essential money into the savings.
The best part is that the amount that goes into the savings account is insignificant to put any financial burden on yourself.
Digit will sneakily put away $5 to $50 into the savings account, every two to three days. Remember, this range depends on your financial condition.
If the app analyzes your current financial condition is going down, it’ll stop saving for a while. Digit is smart enough to make savings intelligent and on point.
To further prove the app’s validity, Digit gives a “no overdraft guarantee” to ensure it’s not saving more than you can handle.
You also have control over the app to pause it when you feel your finances are crippled. Later on, you can continue your savings with Digit when you're ready.
Digit also gives peace of mind to its users through its encrypted service. The app also keeps user personal information anonymous, along with the login credentials.
The Digit app is easy to control with your phone’s messages on top of its exceptional features. You want to withdraw money from a Digit account, just send an SMS to digit, and Voila!
Digit charges you with a monthly $2.99 service fee but will easily be offset by the amount of money you'll save.
Additionally, Digit gives a 1% bonus on your savings every month. If you keep at least a $3,500 balance in your Digit account, you can pay the monthly fee with the rewarded bonus.
Setting up Your Digit Account
Setting up your Digit account is hardly a 5 minutes process. Let's find out how you can use Digit with these easy steps!
Go to Digit.co and fill in your personal information.
- Email ID
- Mobile number
After you’ve added this information, the next step links your checking account to Digit and Voila! You’ve successfully set up your Digit account.
It’s essential to set up a minimum checking account balance for Digit. You can decide whatever minimum amount you want to keep in your checking account.
Digit allows you to set as many goals as you want. You can also edit, remove, or add new goals to your Digit app.
- Trip to your favorite destination
- Credit card debt payment
- Student loan debt reduction
- Rents/bills payment
- Retirement fund
- Tuition fees
- Emergency/rainy day funds
- Holiday gifts fund
- Saving up for a cause
How to Control the Amount You Save With Digit Autosave Feature
Not everything in Digit is automated.
You have the control to manage your savings depending on your financial priorities.
Ending a text saying “saving more” will start more savings for you than before. You can even pause or reduce the savings by simply texting your commands to Digit.
Make withdrawals, manual savings, bill payments with the blink of an eye using Digit.
Digit texts features
You can control almost all operations on Digit through your phone’s text messages. From checking balance to paying bills, let’s find out what texts you can send to Digit to perform varied tasks.
Savings: Send “savings” text message to Digit for finding out your savings balance.
Balance: Send “balance” to Digit to find out your checking balance.
Recent: Send “Recent” to Digit for finding out recent checking transactions.
Bills: Send “bills” to Digit for finding out any upcoming bills.
Withdraw: Send “withdraw” to Digit for making withdrawals from your Digit savings.
Save: Send “save” to Digit for adding balance to your Digit’s account.
Pause: Send “pause” to pause automatic savings.
Settings: Send “settings” to Digit for making or adjusting programming.
Commands: Send “commands” to Digit for finding out all commands.
Best Way to Hit Your Saving Goals With Digit Accurately
Digit allows you to set multiple savings goals, including bill payment, emergency funds, and entertainment.
While setting up Digit goals, you are given options for setting up the exact amount that needs to be saved and the end date for a specific goal.
You can prioritize the goal that needs to be met soon by the “boost” option and set up a close ending date.
Digit allows you to edit your goals, withdraw funds, pause savings, and many other options.
You can hit your savings goals by getting started with Digit. Just connect your checking account with Digit and let the automated savings begin.
For instance, if you want to save for your credit card debt, set up a goal and name it “credit card debt payment.”
Digit will analyze your spending pattern and income and begin saving for your debt payment. Not only that, Digit will automatically pay your debt from the saved money.
Digit isn’t like most savings accounts, withdrawals, and account minimums.
Digit allows you to withdraw the saved money anytime you want with no withdrawal fees or charges. There are also no minimum funds required for a Digit’s savings account.
So, you can save, pay bills, and withdraw as per your need while using a mobile app. The automated savings through Digit works like a personal assistant and lets you save for your goals.
What’s Good About Digit
Digit provides various benefits to the savers, including its “no-overdraft guarantee.”
It allows the users to freely enjoy their savings without the fear of saving more than they can afford. In case they overdraft your account, they’re accountable for paying the over-drafting fees.
Another prominent feature of Digit is the advanced customer support system leveraging chatbots.
You can ask any queries, concerns, or even report a problem with your account using chatbots’ service.
Digit also rewards you for your savings. You get a 1% annual bonus on the money transfers to Digit’s savings account.
This interest is not as much as many banks pay on a regular savings account, but you can pay your Digit’s fee with the rewarded bonus.
The best feature about Digit is the safety and security of the user’s personal information and finances.
Digit is FDIC insured up to the balance of $250,000, making it a safer option for your money.
Your personal information is also encrypted to prevent scams.
What Could Be Improved About Digit
Digit is a great app but has some limitations. For instance, you can connect only one personal checking account to the digit app.
Nowadays, apps like Mintt and Personal Capital allow users to linke multiple accounts.
Digit needs to improve its customer service, as seen in many unattended and delayed requests from its users. The chatbot facility is a new trend that Digit also adopts, but the need for human representation is invaluable.
Maybe they can introduce a helpline number that directly connects the users to live representatives.
Unfortunaly, if you're located outsie the US, Digit won't be available for you.
Currently, Digit is supporting 2,500 banks and credit unions of the U.S. Many people outside of America are wondering when Digit will be available in their country.
Another uncertainty lies in the algorithmic approach Digit uses to decide which amount is safe to put into the savings account.
While most individuals simply don’t care how things work out in Digit, for some, it’s crucial to know exactly what amount will Digit put into their savings each month.
There’s some level of unpredictability for people who keep a close eye on their budget.
Why Sign up With Digit?
Digit has helped around a million people to save their money with no conscious efforts.
It's best for those who struggle with savings and budgeting. The idea is to make savings automatically, so you can save without ever knowing.
The peace of mind and happiness is immense when you realize you’ve saved around $500 in a month or two.
And that with no planning, budgeting, and monitoring of your finances. Digit is not just a miracle app for savings strugglers, but it’s equally beneficial for busy individuals who don’t find time for budgeting.
If you're worried about the monthly $2.99 fee that Digit charges, it can easily be offset by the amount you'll save.
Additionally, Digit provides an annual bonus of 1% on your savings as a reward. You can use this bonus for paying your Digit fees!
If you’re confused about whether Digit is worth it, you can simply use it on a free trial for one month to make a better decision for yourself.
Again, savings are essential for reaching a fine degree of financial stability. It's upon the person to decide which method best suits him/her.
If you’re not comfortable saving via a mobile app, you can always save from manual planning and budgeting.
If you're tech-savvy, Digit is worth a shot.
3 Best Money Saving Apps Other Than Digit
Besides Digit, several apps help you save, invest, and perform several tasks simultaneously.
Acorn is a micro-investing mobile app that not only saves money but also invests it for you. This app assists you in reaching small savings goals.
This app works by rounding up your purchases via debit card and puts the spare change in investment.
For instance, if you order a coffee through your debit card costing $1.5, Acorn will round off the amount to $2 and automatically put the excess $0.5 into investment.
Remember that Acorn only starts investment when you reach $5 from your round-up differences. Until then, it keeps on saving your differences via various online purchases.
This app charges a monthly fee of $1 on the accounts with a net balance below $5,000. You are more likely to benefit from this app if you use your debit card more frequently.
Saving is made easy with Acorn without considering your spending habits, income, and balance. But it’s an investment app, unlike Digit, more suitable for growing your money rather than merely saving it.
Stash is another excellent app for you if you’re at the beginning of sound investments. This micro-investing app helps you invest your money with zero minimum account balance.
It uses the same round-ups method for savings as Acorn.
Stash makes selecting stocks and exchange-traded funds (ETF) easy and reliable for the investment world’s newbies.
Stash charges a $1 fee for the basic investing account. If you’re going for a retirement account (including Roth IRA), you’ll have to subscribe to Stash’s $3 plan.
The subscription fees range from $1 to $9, depending on the multitude of services you take.
Compared to Digit, Stash provides outstanding customer service, investment options, and guidance for new investors to kick-start their savings.
Stash also offers a stock-back reward program, custodial accounts, and automated features to avoid the hassle and maximize savings.
Chime is a personal finance app that automates your savings via the round-up method.
The number of purchases through the chime visa debit card is rounded off, and the extra charge is transferred to your Chime savings account.
Chime users can predefine a certain amount of their paycheck to be transferred into the savings account each month.
The best thing about Chime is that it doesn't charge any monthly fees, unlike its counterparts.
Chime doesn't require any minimum balance to use its remarkable services. Interestingly, Chime offers both accounts (checking and savings) and a Chime Visa debit card free of any cost. That’s exceptional, right!
In Terms of free services, Chime is a fine option for people with very little to save but offers lesser saving options than Digit.
How to Begin Your Savings With Digit Today?
If you’re one of those who struggle with savings, Digit can help to kick-start your savings journey. If nothing else, it gives you a sense of accomplishment and motivation for saving more.
The principle behind Digit is secretly depositing money from your checking account to Digit’s savings account.
This silent approach helps you save without even planning or manually transferring funds to your savings account.
Digit's goal-setting feature is simply unique. You can set different saving goals for paying your credit card: debts, bills, emergency funds, retirement funds, and whatnot!
Next time you will not be worried about paying your student loan faster; Digit must have saved the amount for you. And without you knowing it.
A few dollars here, and a few there, and Voila! You’ve accomplished your financial goal.
Your journey to financial freedom isn't an easy one, but apps like Digit will make your journey a little easier.
With Digit's low monthly cost and a one-month free trial, you have nothing to lose and a lot to potentially gain.
Is Digit Safe?
You can trust Digit without worrying as it’s FDIC insured to protect your funds up to $250,000.
Also, your personal information remains anonymous and encrypted, which further adds to the security of Didit’s users. Digit gives its users the peace of mind that their credentials are not forwarded to any third party.
Is Digit Worth the Fee?
Digit is the best savings app to let you save money without you even knowing it.
The automated savings allow you to save up to $2,000 annually with no budgeting hassle. Compare this amount with the annual Digit fee, i.e., $35, and you got your answer: Digit is worth the fee.
How Does Digit Make Money?
Digit allows you to connect your checking account with the Digit app.
It uses an algorithm to analyze your balance and spending habits and puts little chunks from your checking account to Digit’s savings account.
Digit uses the money you've saved in your Digit account and earns through interest.
Does Digit Steal Your Money?
No, Digit doesn’t steal your money, instead, it saves it for you.
When you use this app, you’ll notice small savings now and then ranging from $5 to $25, depending on your income and spending habits.
The saved money is transferred to the Digit account, from where you can withdraw it anytime as per your ease.