Digit Review 2021: Best Saving App or Not?

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Saving money used to be hard. Now it's easy! Digit.co is the effortless way to save money without thinking about it. Is it right for you? Learn in our Digit Review.

Almost all of us would agree that setting aside savings is quintessential for our overall financial health. However, for most of us, the most difficult thing about saving money is figuring how to get started. Wouldn’t it be easy to learn how to save money and get paid to do it? Believe it or not, there is.

Building your savings is simple with Digit. This innovative app saves your money without you having to lift a finger. Simply link it to your checking account, and its algorithms will determine small (and safe!) amounts of money to withdraw into a separate, FDIC-insured savings account.

Key features:

  • Automated Saving – Digit analyzes your spending and saves the perfect amount every day.
  • Unlimited Goals – Save for a vacation, an emergency fund, or anything you can think of. Set as many goals as you like, and Digit will get to work.
  • Automated Debt Payments – Digit will save for and automatically pay down your credit card debt.
  • Overdraft Prevention – Digit sends money to your checking if your balance dips below a certain amount.
  • 1% Savings Bonus – Digit automatically rewards you for saving.
  • Unlimited Withdrawals – There’s no limit to how many times you can pull from Digit, and you can upgrade to instant when you need it.
  • Overdraft Reimbursement – The fee is on them if Digit saves too much.
  • No Account Minimums – You can leave as little or as much as you want in Digit.

Bottom line: Digit customers have saved over a billion dollars. If you are at all interested in saving money, you should be looking into using the Digit app.

Digit review

In this Digit review, you will learn more about an app called Digit which promises a way of making saving a painless and effortless process for its users.

It’s time we see how well that works and you can learn if it’s right for you by using our Digit review.

Quick facts about Digit

  • Saving money used to be hard. Now it’s easy!
  • Digit is an effortless way to save money without thinking about it.
  • Every day, Digit checks your spending habits and moves money from your checking account to your Digit account, if you can afford it.
  • Available for iOS, and Android devices.

What is Digit?

Digit is essentially an app with a goal of making savings a mindless task for its users.

The app is a micro-savings platform that analyzes your spending to determine the perfect amount that you can save over time.

Then it makes automatic withdrawals and transfers it to your savings without you even thinking about it.

As Digit’s CEO Ethan Bloch had it, the goal of the app is to make saving as easy, stress-free and automatic as possible.

Simply put, Digit does all the hard work of getting started with your savings. You can go with your regular financial habits and the app figures out how much can be the extra amount and move it into your savings. And, all that is done automatically so you won’t even notice it.

How does it work?

Ultimately, the goal of Digit is to push non-savers to save money. All you need to do is sign up for the app and connect your checking account.

This money-saving app works by evaluating your financial lifestyle and spending patterns and moves the extra money to your Digit account. The amount of extra money the app automatically transfers will depend on different factors including your checking account balance, your upcoming income, upcoming bills, and your recent spending.

The Digit app is free for the first 30 days. After that, you’ll be charged $5.00 monthly and you can cancel anytime. It offers a 1% annual savings bonus when you save using the app for three consecutive months.

Funds held are FDIC insured, up to $250,000 per depositor. It also enables you to make convenient transactions using your phone SMS services and allows unlimited withdrawals 24/7. When it comes to security, the app utilizes advanced 128-bit encryption to enhance the protection of sensitive user information and transactions.

Pros and cons

Pros

  • A great set-it-up-and-forget-it app which makes saving easier and automatic.
  • Simplified savings goals.
  • You get an annual savings bonus of $1.
  • It’s easy and convenient to use and you don’t have to set up a savings account to use the app.

Cons

  • Monthly charge of $5.00. Think before you start paying any amount to save money.
  • Not available internationally, as it’s only currently available for US-based users.
  • Customer contact is limited, no phone or chat support. So, if you have concerns the closest thing you can do is contact them via email.

Money-saving apps like Digit

Since one of our favorite automated savings apps, Digit, announced that they would be adding a monthly fee we were looking for other comparable saving apps.

So here are other best round up apps like Digit:

Acorns

Like Digit, Acorns offers a mobile and web app. It too functions by saving small amounts of money automatically, this time by rounding up your purchases on a linked account or card and by investing the difference in your Acorns account. The service recently launched “Acorns Later” — a full-featured retirement account that that’s perfect for anybody without an employer-sponsored retirement plan.

Chime

Chime brands itself as less of a mobile app and more a full-blown “alternative bank.” You can set your checking account to commit 10 percent of incoming paychecks to savings automatically. Additionally, some purchases you pay for using your Chime account are eligible for cash-back rewards. Chime also rounds up your purchases made on your Chime debit card to the nearest dollar and adds it to your savings account.

Qapital

Qapital is another mobile-focused savings app that makes automatic or manual deposits based on your income. But it goes a step further than some of the others by offering a social and family component, where you can save money as part of a group, as well as robust goal-setting features for when you have specific savings milestones in mind.

Summary

The Digit app can be a great platform to launch your savings habit for short-term savings goals.

The best thing about the app is that it does everything automatically for you.

If you are a non-saver this app can help push you to become one. If you aren’t a fan of paying $5.00 for the service, you can discover other free budgeting tools available to you.

About the author

Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.
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Bottom Line:

The Digit app can be a great platform to launch your savings habit for short-term savings goals. The best thing about the app is that it does everything automatically for you. If you are a non-saver this app can help push you to become one. The only thing we aren't a fan if is the $5.00 monthly fee, which is counter-intuitive to saving money given the plethora of other free alternatives.