One month ago today, I took the plunge and signed up for Oportun, (formerly known as Digit), a company known for helping people save automatically. I didn't go into this blindly.
I researched the heck out o Oportun before signing up. After all, I knew that when I signed up that I would be connecting this app to my bank account. That's not something I ever do without putting a whole lotta thought into it!
And now that I've experience Oportun, I thought I'd share this Oportun Savings Review so you can fully understand the Oportun Money Saving app!
After taking the plunge and signing up for Oportun, I started receiving text messages from them letting me know how my bank account was faring and how much Oportun was putting into a special savings account for me and I was literally blown away.
Oportun took money out of my account quite randomly but it never seemed like it was missed. Oportun also gave me the opportunity to slow down the savings amount or speed it up.
So now that I'm 1 month in, it's time I give you my thoughts on Oportun.
For starters, I saved $314.43 in the past month…without trying or without doing anything different with my spending!
How the Digit Money Saving App Works
When you sign up for a Digit account, they give you a savings account. This is a FDIC insured bank account. When money is transferred out of your checking account, this is where it goes!
Digit will send you a text message each time they take money out of your account. They took $16 out of my account on average, but what they take from your account could be more or less based on how much you spend and your bank balance.
It's super easy to access Oportun. You can access Oportun on your smartphone or on your computer. If you access them from your computer you'll get a dashboard like the one with your savings stats. If you choose to access it from your phone, you can text Oportun to find out the information you're looking for. You can also text the word withdraw to Oportun to withdraw the money from your Oportun account and put it into your checking account.
For the last 2 weeks, I've been raving about Oportun to anyone who would listen! I'm so impressed with how easy they make it to save money! Every time I talk about it, I get the following questions…and I figured you may be wondering the same thing! 🙂
Is Oportun Safe?
Yes!!! I would NEVER connect my bank account to something if I wasn't 100% sure it was safe! Oportun uses state-of-the-art security measures. Your personal information is anonymized, encrypted and securely stored. All funds held within Digit are FDIC insured up to $250,000.
How Much is Oportun?
Oportun used to be a FREE service, but now they charge $2.99 per month. I gladly pay that money as it's the first time I've ever been able to save a significant amount of money!
Oportun Savings Review
Algorithms
For starters, I am amazed at how accurate their algorithms are. Oportun never took more money out than I would feel comfortable with. The amounts they took from my account ranged from $2.21 to $40.77 with a whole lot of random amounts in between. They took money out of my account 20 different times during the month.
Regular Updates
I got regular updates via text from Oportun with my bank balance and my Oportun savings balance. This helped tremendously with my peace of mind. It also kept me from constantly feeling on edge that Oportun was taking out more than I could afford.
Ability to Add to the Account Manually
One of the things I really like about Oportun is how easy it is to add additional money to your account. I can just reply save to Oportun and they'll tell me my bank account balance and ask me how much I'd like to save. I can type in a dollar amount and it will confirm that I want to move that amount to my Oportun Saving account. I replied yes and they moved that amount of money!
Momentum
Oportun creates savings momentum! Think about a snowball. If you roll a snowball down a snow covered hill, it will grow and pick up speed along the way. That's momentum! And the same thing happens with Oportun. The more I see my savings account (my snowball so to speak) grow, the more I want to add to it and help it grow faster.
Transfer Money Back to Your Bank Account Almost Instantly
One of the things that made me feel good about Oportun is that I can transfer the money from my Oportun savings account to my primary checking account almost instantly. That way if I ever find myself in a pinch, I can move the money into my checking account. While it does cost $.99 for the Instant Transfer, knowing it is available gives me peace of mind.
Pause Savings
If you know that your cashflow is going to be tight, you can pause Oportun. Oportun will stop transferring money into your savings account until your ready to start saving again!
Why I Recommend Oportun
I am NOT a natural saver. I love that Oportun tricks me into saving money! If I continue to save at this rate, I will save more the $3600 in the next year. That's money that can be added to our emergency fund, invested for retirement, or used for a vacation! If you're like me, you probably need some saving help too and that's why I recommend Oportun!
How to Sign Up for Oportun
Sign up for Oportun here (and they'll automagically add $5 to your Oportun account)
It's so easy-peasy and there's even an app!
