Digit App Review: 4 Things to Know About the Automated Savings App

UPDATE: Digit has raised its monthly fee for new users to $5 a month

Are you looking for an app that will help you automatically set money aside in savings? Let’s take a look at Digit including the pros and cons.

Digit is an app that aims to make saving money as easy as possible. Using algorithms and spending insight, the service determines how much you could be setting aside and moves your money for you. As a result, it can be a great tool for helping you reach your financial goals, although it’s not without its drawbacks. With that, let’s take a look at what you should know about Digit.

The first things to know about Digit are how to link a checking account and how to adjust your savings settings
Before Digit can start transferring money to a saving account for you, you’ll obviously need to link an external account. This is done securely using Plaid, which several other FinTech apps use as well. At this time, the app only allows you to link a single checking account.

Once you’re linked, there are a few setting you can adjust such as employing Low Balance Protection. This feature lets you decide how low you’ll let your checking account balance get before Digit automatically transfers money back. You can also customize things like balance updates and alerts to your preference.

One of the coolest features of Digit is that you can manage your account just by texting the service.

Speaking of alerts, while most apps will send push notifications to update you, something that makes Digit unique is that you mostly interact with the service via text. In fact, you can text Digit’s chatbot to make changes to your account, such as creating new savings goals. Then, you can get updates on those accounts simply be sending a selected emoji. It may sound a little silly, but it’s actually a pretty clever way to keep on top of your finances.

Next, Digit rewards users with savings bonuses that are paid out every 90 days

Like traditional savings accounts, Digit does pay out some interest on your money — although their execution is quite a bit different. Once a quarter, Digit offers users Savings Bonuses that amount to 1% over the course of a year. In other words, you’ll earn a quarter of a percent on your money every 90 days, with your bonus being based on your average daily balance. This might not be the highest return you can get, but at least it’s something.

Finally, one major downside of Digit is that the service comes at a cost of $3 per month.
After a 30-day free trial, Digit will charge use $2.99 a month to use their service. This fee won’t come out of your savings and will instead be taking from your linked checking account. In order to prevent subsequent monthly charges, you’ll need to completely close your Digit instead of simply limiting transfers. Once you do close your account, any savings you set aside will be transferred back to your checking and you won’t be charged again.

Overall, I think Digit is a really clever tool for helping you save money, but the monthly fee is certainly unfortunate.

As much as I enjoyed trying Digit, I can’t personally justify paying $3 a month for their service. Because of this, I’ll stick with free automated options like Long Game or Clarity Money instead. With that said, if Digit’s algorithms can help you save while other services can’t, perhaps that $3 a month will be a small price to pay after all.

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source: https://indiancinema-analysis.com

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19 Replies to “Digit App Review: 4 Things to Know About the Automated Savings App”

  1. If you want to try Digit for yourself you can get a 30 day free trial through this link https://dyernews.com/digit If you do give it a try let me know your thoughts below.

  2. been using digit for a few months I like it. One thing I do notice if you ask for your bank balance it's not always the current balance. Do like that it help you save towards your goal and put money away for emergency.

  3. sounds like digit is a clever way to charge you 2.99 a month, but only pays 1%, that's $10 pay on 1000.00 , but you give them 35.88 (2.99x12months). So they gain 25.88

  4. I downloaded this app a while ago and Paused the auto saving for a month until I could do some research. I completely forgot about it And it auto reenabled and just realized it today after a month. I honestly didn’t notice any money leaving my account and i mainly just used the text message feature to check my account balance when I don’t feel like logging into my bank account. It turns out it saved $270. Also btw the digit app is usually behind on balance updates. I don’t know how far behind but I just got paid. It shows in my bank account but digit hasn’t refreshed its info yet so it’s showing my balance from yesterday. I’m kind of annoyed that I know about it because now I want to spend the money 😂 I would rather have not seen it for another couple of months then REALLY be surprised.

  5. Can someone help me find an app that allows me to save money over time instead of investing the money it saves over time into depositing that saved money back into my checking account?

  6. A good review of the app. One unique feature I like about Digit is that you'll be able to manage your account just through text.

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