One month ago today, I took the plunge and signed up for Digit, a company known for helping people save automatically. I didn’t go into this blindly. I researched the heck out of Digit before signing up. After all, I knew that when I signed up that I would be connecting Digit 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 Digit, I thought I’d share this Digit Savings Review so you can fully understand the Digit Money Saving app!
After taking the plunge and signing up for Digit, I started receiving text messages from Digit letting me know how my bank account was faring and how much Digit was putting into a special savings account for me and I was literally blown away. Digit took money out of my account quite randomly but it never seemed like it was missed. Digit 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 Digit.
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 Digit. You can access Digit 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 Digit to find out the information you’re looking for. You can also text the word withdraw to Digit to withdraw the money from your Digit account and put it into your checking account.
For the last 2 weeks, I’ve been raving about Digit 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 Digit Safe?
Yes!!! I would NEVER connect my bank account to something if I wasn’t 100% sure it was safe! Digit 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 Digit?
Digit is a FREE service. I’m sure you’re wondering what the catch is…and there is a very small one. When you move money into a Digit Savings Account, you do not earn interest on the money. Digit earns the interest that you would typically earn (which is a pretty minuscule amount) and that’s how it stays in business. While Digit doesn’t offer interest, they do offer savings bonuses every 3 months based on your account balance.
Digit Savings Review
For starters, I am amazed at how accurate their algorithms are. Digit 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.
I got regular updates via text from Digit with my bank balance and my Digit savings balance. This helped tremendously with my peace of mind. It also kept me from constantly feeling on edge that Digit was taking out more than I could afford.
Ability to Add to the Account Manually
One of the things I really like about Digit is how easy it is to add additional money to your account. I can just reply save to Digit 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 Digit Saving account. I replied yes and they moved that amount of money!
Digit 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 Digit. 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 in One Day
One of the things that made me feel good about Digit is that I can transfer the money from my Digit savings account to my primary checking account in 1 business day. That way if I ever find myself in a pinch, I can move the money into my checking account.
If you know that your cashflow is going to be tight, you can pause Digit. Digit will stop transferring money into your savings account until your ready to start saving again!
Why I Recommend Digit
I am NOT a natural saver. I love that Digit 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 Digit!
How to Sign Up for Digit
Right now, Digit is invite only, but lucky for you, I’m inviting you…just like someone invited me! 🙂
- Join Digit via my invitation link.
- Enter your phone number. Enter a valid number since Digit works through text messages.
- Connect an account to Digit.
- Voila…you’re saving like crazy!