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Digit Reviews 2021: Is Their Savings Account The Best?
Can an app help you save money? That’s the Digit app’s goal. We put Digit to the test in our review.
Money management is based on automating finances. Savings are a top priority in automation. But how can you automate saving so you don’t have to think about it?
This review will go over Digit to see if it really is the best Money Management App out there.
You’ll learn whether Digit is the right online business app for you.
And at the end, you’ll find answers to some of the most frequently asked questions regarding Digit and Money Management App in general.
This system made them swear off Money Management App for good because it uses some of the same skills but in a much more powerful and profitable way!
Table of Contents
What is Digit?
Digit tracks your spending to see how much you can save. Then it transfers money from your checking to your savings. So you can save money automatically and without your knowledge.
Many new savings apps allow people to save money without changing their habits. Digit is unique in that it is fully automated. You go about your daily financial routine, and the app steals small amounts of cash from your checking account. Then it saves it.
Let’s see how Digit works.
How Digit Works?
Digit, also known as Hello Digit, is a San Francisco-based startup that was founded in 2013. The app has saved users over $2 billion. The company claims the app saves the average member $2,200 per year.
Digit’s main benefit is that it allows non-savers to save. That’s a big plus. According to a recent Go Banking Rates savings survey, 44% have no savings at all.
If that describes you, Digit is the app for you. It can help you save money without much effort. While only a few hundred dollars per month, it’s a start. After a year, you’ll have $3,000 if Digit saves you $250 per month.
That’s a lot of money if you’ve never saved. More importantly, Digit can help you start saving. People rarely save because they never start. But if you can save passively, it may encourage you to switch from non-saver/debtor to saver/investor.
Sometimes all you need is a little push–and that’s exactly what Digit provides.
Digit Features and Benefits
Digit calculates a safe withdrawal amount from your checking account based on your lifestyle, income, and spending habits. It does this without your input.
Digit reviews your spending habits after you sign up for the app and connect your checking account. (Note: Digit does not support PayPal, Green Dot, or NetSpend). Digit is only for US customers and banks. But they intend to go global in the future. The app can only handle one checking account.
Digit does not have a minimum account balance.
If there is money left over after the review, it will be transferred to your Digit account. The Digit savings algorithm considers five factors when deciding how much money to save:
- Linked checking account balance
- upcoming income, such as paychecks or unplanned income
- Upcoming bills
- Recent spending
- Set any savings controls
Digit reviews your checking account daily for savings. However, savings transfers typically occur twice or three times per week. They also say the average transfer is between $10 and $30. These numbers may differ from what you expect based on your personal spending habits.
Do you use a credit card? Credit cards aren’t supported. Your monthly payments on those cards should be reflected in your checking account, so no worries. The app considers your credit cards indirectly, even if not directly.
Bonus Savings. When you save with Digit for three months in a row, you will receive a 0.10 percent annualized Savings Bonus. The bonus is automatic, and there are no account minimums to qualify. The bonus is paid on a pro-rata basis every three months and based on your Digit account’s average daily balance.
Digit No-overdraft Guarantee. Suppose your checking account balance falls below a certain threshold. In that case, Digit will transfer funds from your savings account to your bank account. However, suppose your checking account is ever overdrawn due to Digit’s automatic savings withdrawals. In that case, Digit will reimburse overdraft fees up to twice. They do, however, promise that an overdraft will be “extremely unlikely.”
Along with savings, Digit plans to launch Direct, a banking service in partnership with MetaBank, later this year.
With Direct, you get spending and bill accounts, as well as a debit card with 55,000 fee-free ATMs. It will also help manage Digit’s other savings features. The bills account allows you to save money for monthly expenses. They also plan to add a savings section, similar to how goals work in Digit.
Digit Pricing and Fees
Digit allows you to use the app for free for 30 days. When the free trial period ends, the monthly fee is $5.00. The service can be canceled at any time without further obligation.
However, because Digit pays an annual yield of 0.10 percent on your savings, you can recoup the fee and more.
Digit will also charge you $0.99 for immediate withdrawals from your digit savings account. Standard withdrawals are usually deposited into your external account within one to two business days. However, suppose you require an immediate transfer. In that case, you can have the withdrawn money transferred in a matter of minutes by paying the instant withdrawal fee.
Digit is not currently running any promotions.
Signing Up For a Digit Account
You can download the Digit app from Google Play or the Apple App Store. Enter your mobile phone number and create a unique password to do so. You’ll connect the app to your bank account once you’ve downloaded it, but you won’t need to provide your bank routing number or personal account number.
When you open an account, the first thing you’ll do is set a checking account minimum balance. This is accomplished by texting “Minimum” to Digit. Digit recommends a minimum threshold of at least $200, but the choice is entirely yours.
Safe Saving Level. Save Money with Digit
After you open an account, you’ll begin by establishing a checking account minimum balance, known as a Safe Saving Level.
Digit recommends a minimum threshold of at least $200, but the choice is entirely yours.
Digit will then analyze your banking activity and deposit small sums of money into your Digit account every few days. The amounts transferred will be determined by analyzing your income and spending patterns in your checking account, with you setting the bottom level for the Safe Saving Level.
Adding a second user to your account is an option that is available to you. That person will be able to use the account the same way you do, but they will not be able to log in to the administration dashboard and make changes to the account. However, they will be able to transfer funds to the linked bank account or the connected checking account and view savings balances.
Your Digit Account has a Rainy Day Fund.
This is the Rainy Day Fund savings account into which withdrawals from your checking account will be transferred. The goal is to ensure that you have an emergency fund in place, and Digit will automatically fund this account. The app does not allow you to set a goal amount or an end date for the fund, nor does it allow you to delete it entirely. However, you will have the option of pausing the Rainy Day Fund to fund other savings goals.
Of course, you have the option of taking money out of that account and putting it in another one of your choices. This account has no minimum bank account balance requirement.
Your first automatic savings should be available within two or three days. Monthly financial statements will be available in PDF format.
Control your savings.
You can even control how much you save. For example, if you want to save more, simply message “Save More” to Digit, and the amount saved will be increased. If you change your mind, simply text “Save Less,” and your savings level will be reset to Minimum. It’s even possible to text “Pause” to stop saving.
You can also make manual transfers into your Digit account at any time, which can be done via text message.
Digit withdrawals using Checking Account
You can withdraw money from Digit Account at any time of day or night by sending the word “Withdraw” to Digit. With these transfers, there are no limitations on how often you can make them or any charges attached.rs, and there are no fees associated with them.
Standard Withdrawals are free of charge.
Withdrawals made before 4:00 p.m. (Pacific Time) should be credited to your debit card or bank account the following business day. Withdrawals made after 4:00 p.m. will be processed on the next business day. You can, however, pay a fee of $.99 for an instant transfer.
Unlimited Goals.
You can set goals for any purpose, such as an emergency fund (which is automatic), a vacation, debt repayment, or saving money for a specific purpose, such as funding an IRA or purchasing a car.
Debt and Bill Payments.
You can configure Digit to automatically apply saved funds toward paying down credit card and student loan debt, as well as paying specific bills, such as your phone bill.
Digit Security
Digit employs cutting-edge security measures, such as anonymizing and encrypting your investment account data. This includes the use of 128-bit encryption to protect data transmission and firewalls, and other security safeguards.
Deposits with Digit are FDIC-insured up to $250,000 per depositor.
Mobile Support and Accessibility
The Digit Mobile App is compatible with iPhone, iPad, and iPod touch and is available on the Apple App Store for iOS devices 10.3 and later and watchOS 3.0 and later. It’s also available on Google Play App for Android devices running 4.4 or higher.
Customer Service and Support
It’s only available on Digit’s Help Page, which is more of a FAQ than anything else. There’s no way to contact Digit via phone or live chat. If you look at the Facebook page, the company is located in San Francisco. Still, they don’t publish their address on the website.
Direct customer service contact is only possible via email or by submitting a help request at Digit.co/help. Digit promise to respond to all emails within eight hours. Regular business hours are from 9 a.m. to 5 p.m. Pacific Time, Monday through Friday, excluding major holidays.
Digit Pros and Cons
PROS
- First Time Savings — This app is ideal for someone who isn’t a saver but wants to become one.
- Extremely Simple to Use — There is no special effort required on your part to save money.
- Rainy Day Fund — Digit will automatically set up a Rainy Day Fund for you to ensure you’re always prepared for an unexpected expense.
- Overdraft Fees protection — If Digit accidentally overdraws your checking account, they will pay up to two NSF fees.
- Investments and IRAs — Digit now provides members with investment accounts and IRAs to help them save for the future.
- There is no need for a savings account to use Digit; When you sign up for the app, you will be given an FDIC-insured Digit account.
- Digit offers a 0.10 percent annual savings bonus — while the account does not earn interest, the bonus is significantly higher than the rate typically provided by banks on savings and money market accounts (though it can be entirely offset by the $5 monthly fee).
CONS
- The $5 monthly fee — It may seem strange to some to pay a fee to save money, especially since the fee will reduce savings.
- Not available internationally — Digit is currently unavailable to non-U.S. residents and cannot be linked to non-U.S. banks.
- Only one checking account digit can be linked to the app — if you have two or more, select the one with the most activity to reap the most benefits.
- Customer Support is extremely limited — there is no phone number for customer service. The only options are email and in-app chat.
Who is Digit For?
Sign up for Digit if you believe you have enough room in your budget to save at least $100 per month. If you can’t save at least that much, the monthly fee may not be worth it. For example, a $5 monthly fee may not justify saving $10, $15, or $20.
However, if the debt is the main reason for your tight budget, Digit does offer a way to redirect funds towards debt reduction. If the app can direct even a small amount toward credit card debt (say, more than $5), it may help you gradually gain budget control.
Pay as your credit card balance(s) decrease. As they do, you can use the extra cash to pay down your cards or save for other goals.
Is Digit Legit?
Digit is, in fact, legitimate. While there is no guarantee of investment performance, Digit’s saving and investing features are both legitimate, so you can be sure you’re not being duped.
But, when it comes to building a business, you have plenty of options.
Bottom Line: Digit Review
If you’re looking for a money-saving app, I recommend taking advantage of Digit’s 30-day free trial. Everyone has different financial habits and goals, so you may need to experiment with a few other savings apps before deciding on the one that works best for you. As a result, Digit should be considered as a potential candidate.
What Is Our Top Recommendation For Making Money Online In 2021?
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Sound too good to be true?
Of course it does!
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What exactly is the skill?
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What we mean is…
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But how?
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How do you get paid and how much?
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A fair price to charge per lead, depending on the industry is 10-20%… let’s just use the tree service industry for example and go by worst case scenario.
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That means at bare minimum you have an asset worth $1000 a month!
See why they call it digital real estate now? That’s a rent payment.
The great thing is how easy it is to scale. You don’t have to answer the phone…all you have to do is get the phone to ring.
Truly passive income!
The training program takes making money online to a whole other level. The owner of the program walks you through how to build and rank a site hand in hand, with the occasional voice over when he is sharing his screen.
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Digital real estate allows you to have passive income with most of your day being spent OUT of the brick and mortar landscape.
Now, we know you probably have tons of questions…
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