A New Way to Save with Digit

My husband sent me a link to an article about Digit, a company that is changing the way you save money. When I read the article, I was immediately intrigued, so obviously, I tweeted them. CEO and Co-Founder, Ethan Bloch, to my surprise, tweeted me back! We were able to set up a time to chat, and he gave me the inside scoop on his new company. Digit is a free service that connects to your checking account, analyzing your spending and transferring small amounts of money into a savings account for you. This is perfect for anyone who needs to automate their savings, and it’s an easy way to save money without any financial planning! After reviewing the service, my first thought was, wait … is this secure? Bloch informed me that yes they are! The accounts are FDIC insured, held at Wells Fargo Bank, and connected to each subscriber by a unique ID number. They also use 256-bit bank-level security, plus they don’t store your bank log-in.

How Does it Work?

Every 2 or 3 days, Digit transfers some money (usually $5-50) from your checking account to your Digit savings. They never transfer more than you can afford, so you don’t have to worry about over-drafting your account. In fact, they have a no-overdraft guarantee. With simple text message commands like, SAVE, BALANCE, SAVINGS, WITHDRAW  you can check your savings and checking account balance and also transfer additional money to your savings account if you like. You can access your money at any time and Digit allows unlimited transfers, with no minimums and no fees. 

 

Sounds like the perfect savings plan? Sign up today for free at Digit.co

My User Feedback:

I have been using Digit and have saved $15 in two weeks. I love the idea of this service and am very excited to add another automation to my life. The text commands work great, and I am pleased with the Digit so far. Because I use a credit card to do most of my day to day purchases, Digit may not be able to put aside as much for me compared to others who have a lot of activity on their checking account; nonetheless, I am looking forward to seeing how much I can save.

Update – 4/20/17 

Digit now charges $2.99/month for their service.

What do you think of Digit, have any tips for saving money?

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Sherita Rankins
Sherita Rankins

Detroit born, NYC based Model, Actress & Host, is the Editor-in-Chief of Busy Wife Busy Life. This fashion expert and former finance professional loves to travel and is a total foodie. When she is not staying “busy” she loves to cook, play tennis and relax on the beach.

Find me on: Web | Twitter | Instagram | Facebook

1 Comment

  1. January 5, 2015 / 4:07 pm

    Hey Sherita, thanks so much for covering Digit. Glad you’re enjoying the experience so far. And you’re right Digit will still be quite effective even though you do most of your spending on a credit card.

    Happy New Year!

    EB

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