Digit takes a novel approach to helping you save money. After signing up for a Digit account, you’re asked to connect your checking account to the app so it can analyze your spending habits, bills and deposits. The app currently supports 2,500 different banks and credit unions within the U.S., with plans to expand internationally.
Once armed with your financial information, the company determines how much money you can afford to safely transfer into a savings account every two to three days. After two months with the service, my withdrawals have ranged from $3.50 to $75.19 with the average transfer occurring every 1.8 days.
Another benefit for those who sign on with app is that it allows members to interact with the service through text messages instead of smartphone applications. This seemingly insignificant fact means regardless of your mobile platform you’re able to save money wherever and whenever you want.
Every morning I receive a text message from Digit with my checking account balance, how much it changed from the previous day, and given the option to view a list of my recent transactions. I also can pause withdrawals, ask Digit to be more or less aggressive with its savings plan, transfer money to Digit, and—most importantly—transfer money from Digit back to my checking account using text message commands.
Digit is free to use, making its profit by collecting any interest earned on your account. Basically, the app creates a savings account for its members and instead of giving them a quarterly interest payment, keeps the money as its fee. Sign up now and get $5 free to get started
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