Earlier this month, I published the article 9 Actions To Take To Trick Yourself Into Saving Money. While some may find it easy to save money, I know that not everyone does.
This is where my Digit review comes in. Digit is a new service that I recently heard about from many different people, so I knew I had to look into it and give it a try. I’ve been using it for a few weeks now and already love how easy it is to use.
The Digit savings app allows you to automatically save money. In fact, Digit helped their customers saved $4,000,000 just in the month of June.
With the Digit savings app, you link up your bank account to Digit and every few days Digit looks at your income and spending habits to see how much you could possibly save. Digit then automatically moves money from your checking account to a Digit savings account.
Whenever you want and/or are ready to, you can then withdraw your money from Digit quickly and for free. This can be a great way to save money and before you know it you may have saved up enough for whatever your goal may be. Having a separate savings account for a financial goal works very well for many and this is why I like the Digit savings app so much.
Below are some questions you may be wondering about.
How does the Digit savings app work?
When you sign up for Digit, you automatically receive a Digit savings account. This is where the money that is transferred out of your bank account is put. It is FDIC insured up to $250,000, so you know that your money is safe.
Each time money is transferred through Digit, you will receive a text message. Each transfer averages around $18, but it could be higher or lower depending on your individual situation.
Whenever you need to, you can access Digit on your phone or online. When you are ready to transfer the money from your Digit savings account to your regular bank account, all you have to do is text Digit (you will receive a text from them when you sign up asking you to save their contact information on your phone) the word “withdraw.” You can also change your settings for your Digit account by texting the word “settings.” You can also check your balance by texting “balance,” view upcoming bills by texting “bills,” and so on.
The Digit savings app is really that easy to use!
Why is Digit great? Why did you create a Digit review?
Digit is a service that I recommend because it allows you to save money even if you have a very hard time doing so. Digit figures out exactly how much you should save based on what you are spending.
Digit has a monthly subscription cost of $2.99. There are no fees for transfers, withdrawals, their service, or anything else except for the $2.99.
Digit also ensures that they will never overdraft from your bank account. They believe in their algorithm so much that they know that they will transfer the correct amount to savings each time. If something were to happen (which is extremely unlikely), they will even pay the overdraft fee.
You can also text “minimum” to set a minimum amount of money in your checking account in case you are afraid of an overdraft occurring.
Can you turn Digit off if you need to?
One thing I wanted to make sure before I tried this service was to make sure that I could turn off the automatic transfers just in case something were to come up.
The answer is: Yes, you can turn off transfers for however amount of time that you would like.
Is the Digit savings app safe?
Since you are connecting your bank account to Digit, I’m sure you are wondering if it’s safe.
Yes, it is safe. I wouldn’t have connected my bank account to Digit unless I was 100% positive. 🙂
Digit securely stores your information so that it is anonymous and encrypted. Also, your funds are insured with the FDIC just like with a normal bank of up to $250,000.
Why is Digit so affordable?
Okay, so after hearing all of the above, I’m sure you are wondering why the Digit savings app is so low. There are so many positives of Digit – their service helps many save money each and every day, it’s easy to use, it’s free, plus much more.
How could it possibly be this affordable?
Digit is affordable because they earn interest off the money that is transferred into your Digit savings account, just like how a regular bank earns income off the money that you have in your checking and savings account. In the future, they even plan on offering a return on your savings, which will make the service even better. It does stink that you won't earn interest, but the amount you are losing out on is so minuscule that it most likely will not matter. Plus, if it actually helps you save money, then that's great!
How do I sign up for Digit?
Digit right now is invite only. However, I have an invite link that will allow anyone to join through my Digit review.
All you have to do is:
- Join here via my link through my Digit review.
- Enter your cell phone number. Digit’s service is great, especially since they make it so easy to work with through text messages.
- Connect an account of yours to Digit.
Digit is only available in the United States currently, but they are hoping to expand internationally soon. I will keep you updated!
What do you think of the Digit savings app? Are you interested in starting a Digit savings account? Do you have a hard time saving money on your own?
Subscribe to get the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom. Get our newsletter and get access to the freebie: