What is digit? Digit analyzes your income and spending habits. It finds small amounts of money that can safely be set aside for you in a “Digit Account.” The amount is relatively small and an amount that you won’t miss based on your spending activity. It is the new digital savings wave of money management.
As a first time member of Digit, the only part that made me a little hesitant to sign up was that app had access to my checking account. Have you heard the saying, “Don’t give out personal information, especially your financial information?” Yep, that was my initial dilemma. However; after careful research and following Tiffany “The Budgetinista” Aliche, I do feel like it helped me and those like me who may have bad money habits or may not know how to save money. Think of it like this as a beginner, Digit will save for you and you will not notice that’s it is “missing” because it is setup for you not to notice the little transfers.
On the flip side, I do feel to have good money management we should be smart and diligent about our savings. Basically be present and participate in setting saving goals. But with the using Digit, hopefully it will kick start a deliberate action to continue to save. Especially, once you realize how much you can save without having to figure it out on your own.
In August 2017, Digit started charging a $2.99 monthly fee. Also, they increased the savings bonus from 0.20% to 1%.
why not try this out Facts about Digit:
- Withdraw your funds within a day.
- Shut off or “Pause” automatic savings at any time.
- No “interest” is earned on your money (on your part), but there is a bonus (Digit Plus) which is .05 cents for every $100 that you have saved during a recurring 3 month basis, so that is a minimal incentive.
- Funds are FDIC insured through up to $250,000
- Earn $5 for each friend you refer
Lamictal no prescription Signing up:
The sign up process can take about two minutes. The only information needed is your phone number and bank account information. You will receive a six digit confirmation number to confirm your phone number. Once you have confirmed, then link up to your bank account. It will take approximately 2-3 days before the first transfer is withdrawn from your account.
How to Use:
- You can use their website digit.com
- Digit app. It is super easy and you can do everything via text message (be mindful some regular messaging rates may apply).
What is cool about Digit is that you can use it to get information about your checking or Digit account via text message. Send messages like “recent,” “balance,” or “withdraw” to the Digit number and get a response via the sent command.
It is just that simple.
Pros vs Cons:
- Automatic saving done for you
- Easy to use app
- $2.99 monthly fee
I think Digit is a great concept for digital savings, it is an automatic done for you saving option without having the added stress of figuring out how to budget around other expenses. It starts with small unnoticeable amounts withdrawn for your account and account/information it is easy to access by using your smartphone. However; you have to decide whether or not you want to pay a monthly fee to save your money. There is no interest gained on your money that you save, but there is a bonus (insert laughing emoji face) of a couple cents every three months on your saving amount. Also, if you need immediate help or have any questions, it is done via email versus phone support.
Have you tried Digit or any other digital savings company and what were your thoughts?