Digit is an application designed to help you save money without having to think about it. The application analyzes how you spend money and then automatically determines how much you should save, and can afford to save and save the ideal amount for you every day.
This will give you one less thing to worry about and at the same time allow you to save for your future or goals. So far, Digit has helped users save more than $ 1 billion.
Read on while digging into Digit in our full review.
Who can use Digit?
Currently, the digit is only available within the United States. The company has plans for future international expansion, but this has not yet happened. At the moment, Digit supports more than 25,000 credit unions and banks within the United States.
If Digit is not compatible with your bank, you can complete an application form. Digit will add it to the list once they add support for their bank. You can also contact Digit before registering if you want to confirm support for your bank. Digit is also compatible with Mint. If you plan to connect using Mint, you can find Digit on your Mint "Accounts" page.
You can use Digit with a credit card and a bank account. The only key is that you must connect the checking account you use to pay the bills on that credit card. The only difference is that Digit will not see each individual transaction, so it cannot get as much detailed information. Even so, Digit works very well for credit card users.
Digit does not support prepaid accounts, but you can complete a bank application form. The team will notify you when this option is available. Similarly, there is currently no support for PayPal, but you can request it and receive notifications based on availability.
How do you start using Digit?
To sign up for Digit, you must enter your email address and phone number, then connect a checking account. Note that Digit currently only supports one checking account at a time. They are looking to increase the number of checking accounts that you can connect in the future. This means that Digit suggests connecting the checking account you use most frequently.
Digit will handle most of the configuration, in addition to automatic savings. You should probably start to see Digit save you in two or three days. To make the most of your digit account, set the minimum of your checking account. To do this, click on the conversation bubble on the application's home screen and type "Minimum" in the text box. Digit suggests that you set it to at least $ 200 since bank transfers require a day to settle. You can also set a maximum daily savings limit for each goal.
You do not have to do anything to enable automatic Digit saving when you register for the first time. The application will take care of this automatically and start saving based on your account, usually two or three days after your registration. You can also pause Digit's automatic savings at any time.
Can you change the checking account that links Digit?
Although you can only have one checking account linked to Digit at a time, you can easily change the account at any time. Enter the application and access your account settings by clicking on the icon in the upper left corner with your initials. Click "Change" next to the connected checking account.
Remember, if you change the checking account that connects Digit, you must withdraw all the funds you have in Digit to the account. After changing accounts, you can re-add the funds you want manually. If there are funds pending to be added to your Digit account, they will be returned as soon as your bank reconciles and makes them available. This may take three business days.
If the original account is closed, you must withdraw the funds by check. You must go to a link to disconnect your checking account and select “Closed checking account?”. You will then receive a check in the mail.
What goals can you save for?
With Digit, you can save for any goal you want. Simply inform the application for what you are saving and let it analyze your expenses. From there, the application will make a budget for you, saving automatically. Your goal can be anything from paying your credit card debt to saving money for an emergency fund and going on vacation. Best of all, you can save for multiple goals at once.
Rainy Day Fund was the original default fund that Digit offered to customers who wanted to start saving. This is still a default fund that Digit makes for you to have money for emergencies or surprises.
How to set goals with digits?
To set a savings goal with Digit, simply click on "Try to add a personal goal" while in the application. From there, you can create your own goal or choose one of Digit's suggested goals. You can add as much information as you want. For example, the amount you want to save, when you want to have the funds, a description and even an emoji. Do this for all the goals you want, and Digit will automatically distribute the funds you save automatically.
When you open the Digit application, you can see how much you have saved for your goals so far. This includes figures for that day (or recently if no savings were made that day). That figure includes a breakdown of how much was saved for each goal. You can also click on a target to see savings transactions in detail.
At any time, you can change or cancel your goal. To edit or delete it, touch the target you want to edit. Click on the three points in the upper right corner. Select "Edit", which will take you to the different things you can change or the "Delete target" option. If you delete a target, any remaining balance will be automatically transferred to your checking account the next business day.
How does Digit determine what to save?
One great thing about Digit is that you don't need to make an effort to determine what you can save. The application has its own sophisticated algorithms that will learn your spending habits. The application knows things like the current balance of your checking account, your next bills, your expected purchases and your minimum balance for your checking account. From there, calculate what you can afford to save that day and divide it appropriately among your goals.
Digit's algorithms for automatic savings are influenced by these main factors: your checking account balance, future income, upcoming bills and recent expenses. Based on those four factors, Digit will determine a small amount of money to save each day of the week. The algorithm was specifically designed to save an amount of money that you do not need and that you will not feel based on recent expenses. Digit then automatically transfers that money to your Digit account.
Digit automatically calculates those four pieces of information based on what is available for the algorithm. You will discover the cadence associated with your regular paydays, regardless of how often it is. If you currently have no payment, or is irregular, Digit puts more emphasis on your spending habits to save at the right time. To calculate your invoices, Digit will analyze your transaction history and look for recurring invoices, then analyze them to know the average amount and frequency.
The frequency with which Digit transfers the savings to you will vary according to your expenses and your financial situation. Frequency is also influenced by your goals. For example, for the Rainy Day Funds, most people will see two or three transfers each week, around $ 10 to $ 30. This varies completely depending on the person, the day and the financial situation.
Can you save manually with Digit?
Digit also offers the option to save manually with the application. If you want to increase your savings goals, go to the specific goal you want to finance. Select "Add money" and choose the amount you wish to transfer.
What are some other key features of Digit?
In addition to automatic savings, Digit offers the possibility of setting unlimited savings goals, and will manage them automatically. There are also unlimited withdrawals so you can get your Digit money when you need it.
There are Digit financial benefits, including a 1 percent savings bonus that you get paid for every three months you save with Digit. The application does not have a minimum account, so you can save as much or as little as you want with it.
Some people compare Digit with a recurring transfer to their bank savings account, but both have a key difference. With Digit, you don't have to calculate how much to transfer. Instead, Digit will handle this for you and adapt to your expenses and income. That way, you save the right amount without any thought or effort on your part.
It is also important to keep in mind that you do not need a savings account to use Digit. Instead, you get a Digit account that holds your Digit savings until you choose to withdraw those savings. All of these funds are insured by the FDIC for up to $ 250,000.
What is that savings bonus?
As mentioned, Digit offers you a Savings Bonus when you save with the platform for three months in a row. This is an annualized 1 percent Savings Bonus that Digit automatically deposits into your Digit account. The bonus is 1 percent per year and is paid quarterly, so you receive 0.25 percent each time.
This Savings Bonus is Digit's alternative to offering interest. This is because Digit is not a bank and, as such, cannot pay interest. The savings bonus depends on your average daily balance in the last three months. Includes savings for goals, rainy day and bills. It is also possible to deactivate this function if it conflicts with your religious practices. You can also see your next next bonus by opening the application and visiting the bonus section.
Does Digit offer other bonuses?
You can also get a Digit bonus for recommending a friend. It has its own personal reference link, which you can find in your profile, either in the application or on the website. When your friends sign up using this link, you earn $ 5.
How can you save for credit card debt?
Digit Pay is another very convenient feature. When you activate it, you can use your Digit funds to automatically make payments to any major credit card company. To activate it, simply go to the objectives section and select "Credit card debt".
Go to the Digit application and tap "Pay a credit card" to create a savings goal for your credit card debt. You must select "Create this goal" and answer some quick questions before connecting your credit card.
How are Digit funds withdrawn?
There are no limits on the frequency or amounts you can withdraw from Digit, nor are there any withdrawal fees. To withdraw, go to the Digit application and select the goal or fund from which you wish to withdraw. Select "Withdraw", then enter the amount you wish to withdraw. You will also see an estimated arrival date.
The time it takes for a withdrawal to reach your checking account depends on when you create the transfer and your bank. Transfers usually arrive the next business day if they are made before 4 p.m. PST and in two business days if they are after this time. The Wells Fargo and Chase accounts have transfers on the same business day before 4 p.m. PST
Digit also offers the possibility of configuring automatic transfers of accumulated savings from a goal to your checking account monthly. Do this by selecting the target in question and clicking on the three points in the upper right corner. Select "Automatic Withdrawal" and select the day and amount. You can edit or disable these automatic withdrawals in the future.
Will Digit accidentally lead to an overdraft charge?
Digit makes careful calculations so that it is never overdrawn in your checking account. There is also low balance protection. If your checking account is too low, it will automatically transfer the necessary funds and pause your savings until things are back under control.
Thanks to these processes, it is unlikely that you will overdraw your checking account using Digit. Even if Digit saves too much, they will automatically be responsible for it and pay the fees charged. They will do this twice without any worry.
Is the digit safe?
Yes, Digit takes multiple measures to ensure that your information, as well as your funds, are safe. The application uses state-of-the-art encryption, so your data will always be secure. All of your funds with Digit are kept in banks with FDIC insurance. This means you get protection of up to $ 250,000.
In addition, your data is secure with Digit, since it uses 256-bit encryption. This is the same level of security used by the military, so you can count on it.
Digits costs $ 2.99 per month without any hidden fees. There is a free 30-day trial to verify if it is right for you and if you think the price is worth it.
What platforms can Digit use?
You can log in to your Digit account through the platform's website. Alternatively, you can download the application for Android or Apple. Both applications have all the functions, so you will not lose anything when using the Digit application. There is also support for the Digit chatbot.
What is the Digit Chatbot?
Those who have been aware of Digit for a while may remember that it started as a chatbot that you used with SMS. You can still use that same functionality within the current Digit application, but it is now unnecessary. The application interface essentially includes all the information you obtained with the chatbot.
Even so, Digit still offers the chatbot within the application for those who prefer to use this method. If you choose this, see a complete breakdown of the chatbot commands with descriptions in the help center of the Digit website.
The commands for the digit savings account include Savings, Save, Minimum, Withdraw, Today and Refer. Digit target commands include New Target, Change Target, Remove Target and Cancel Target. To control the digit savings account, you can use Pause or Pause / Resume.
Checking account commands include Checking, Recent and More. Account setup commands include Notifications, Time Zone and Nickname. Finally, miscellaneous commands include Commands, Help, Stop / Start and Vcard.
Digit is an online application and platform that allows you to save money automatically to achieve any of your goals. You can sign up for an account in minutes and connect your checking account. Then, Digit analyzes your income and expenses and uses its algorithms to determine how much and when to save.
The application will automatically save money for you in a way that does not affect your daily life. You can set specific goals and you can withdraw from Digit at any time.
Digit works well if your spending habits are consistent and will help you save some extra money for larger purchases, holidays or a "rainy day" fund. It is not intended to be an investment application, so you will not obtain large amounts of interest or increase your investment with higher risk investment applications and plans.
Some disadvantages of Digit are the lack of instant customer service, Digit uses an email system for this and does not offer live chat or telephone assistance. Another disadvantage is the fact that it is limited to the application for transactions; You cannot do it through the website.
Digit works similar to Acorns, so also take a look at our review of that application.
In summary, Digit is an orderly savings application that will help you generate some savings automatically in a way you won't notice. It is a great way to start saving and will help you build a good nest for something along the way.
- Save money automatically
- Attractive application
- Easy way to start saving
- Easy to use
- Monthly fee
- I can't use the website for transactions
- No instant customer support
Disclaimer: The opinions expressed herein are only those of the author, not those of any bank or credit card issuer and have not been reviewed, approved or endorsed by any of these entities.
Disclaimer: The answers below are not provided or commissioned by the bank advertiser. The responses have not been reviewed, approved or supported by the bank advertiser. It is not the responsibility of the bank advertiser to ensure that all publications and / or questions are answered.[ad_2]