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Do you absolutely suck at saving money? Wished you could save without even thinking about it?
Well, that is exactly what Digit does for you! It automates your savings so that you don’t have to worry about it.
Read on for my full unbiased review of Digit.
WHAT IS DIGIT?
Digit is an online FDIC insured bank that studies your income and spending habits and automatically moves small amounts of money from your checking account to your Digit account.
HOW TO USE DIGIT TO SAVE AUTOMATICALLY
The app links your checking account to your Digit account and a super sophisticated algorithm analyzes your income & expenses and spending habits so that it knows exactly how much to save. Because the transfer amounts are so small compared to your overall balance, you don’t even realize you are saving! Trust me, you won’t even miss the money!
In fact, Digit has so much faith in their algorithm that they offer a “no overdraft guarantee” policy that states they will pay any overdraft fees you incur if they accidentally overdraft your account.
Digit usually saves every 2-3 days and the money is held in your Digit savings account, called your “Rainy Day” account.
Other great features about Digit is that you are able to withdraw your money at any time, set a minimum checking account limit, and set unique goals for different things such as:
- Miami vacay
- New stove
- New purse
To withdraw your money, simply download the Digit app to your phone and request a withdrawal or text “withdraw” to Digit. Within one business day, Digit transfers the money to your checking account.
The low balance protection feature allows you to set a minimum checking account limit and if your checking account ever dips below that limit, Digit will not save for you. You can even pause your savings and resume at any time.
It really is that easy!
SIGNING UP FOR DIGIT
Signing up for Digit is really easy! It literally is a few quick steps and will take at most 10 minutes to complete.
Visit Digit via this special invite link and enter your name, email address and password and click on Sign Up.
Enter your cell phone number and hit continue.
You will then receive a confirmation code from Digit that you will need to enter.
Link your existing checking account to Digit.
(Don’t panic! This isn’t the entire bank list. If you bank isn’t listed, be sure to search for it by name! Digit supports over 7000 banks!)
Sign into your bank account. (Your personal information is encrypted with state of the art security measures)
That’s it! Once you are set up, you will receive the confirmation below!
WHAT I LOVE ABOUT DIGIT
I love Digit because it allows me to save without even thinking about it. If I have to manually transfer money over to a savings account, trust me, it would never get done! I find it extremely convenient that the funds are automatically saved and I don’t even realize the money is gone. I normally check my Digit account once a month and the amount of money saved each month blows me away!
Digit also sends me a text every morning advising me of my checking account balance, if the balance has changed and what transactions caused it to change.
Another totally cool thing I love about Digit is that it rewards you with a $5.00 referral bonus for each person you refer with no limit to how many people you can refer!
They will need to complete their first transfer before you are eligible for the referral bonus. Digit deposits the referral bonus into your “Rainy Day” account and you will receive notification that the bonus has been paid.
- How does the Digit app work? Every 2-3 days Digit analyzes your income and spending habits and moves small amounts of money from your checking account into your Digit savings account.
- Is there a fee for using Digit? Digit is free for the first 100 days and $2.99 per month after the trial period.
- Does Digit pay interest? Yes, all customers are paid a 1% savings bonus interest every quarter.
- What if Digit transfers too much? Digit has a “no overdraft guarantee” policy that states they will cover all overdraft fees you incur if they accidentally overdraw your account.
- Is Digit secure? Yes, all personal info is anonymized, encrypted and securely stored using state of the art security measures.
- When can you withdraw your money? You can withdraw your money at any time. Simply text the word “withdraw” to Digit or login to the mobile app and request a withdrawal. Digit will then deposit the requested amount into your checking account, usually within a day.
Ready to begin saving effortlessly? Click here to get 100 days free to try Digit. (There is a small $2.99 per month fee after the first 100 days.)