Is Digit App Legit?
Welcome to My Digit App Review! Micro-saving platforms are highly popular these days. They help you impress the savings habit since; most of them are algorithmic. That is why, whether you like it or not, you will end up saving some money every month.
One such app is the Digit app. However, since you let them handle your money for you, it is essential to conduct your due diligence before using any such app or platform.
We will today share with you our Digit app review. It will help you understand whether this app is worth using or not.
What is Digit App?
Digit is a company in the Fintech space. They provide you with the saving solution in the form of Digit app. Many people find it difficult to save a substantial amount of money.
That is why; Digit enables you to save tiny amounts of money which you can put to use for your goals like retirement and travel. In essence, it is similar to Acorns, but Acorns will invest your money in stocks. Digit, on the other hand, helps you to save for a large purchase or an emergency.
The whole aim of the digit is to make it easy for you to save money. Let us now look at the actual working of it to help you understand how it can facilitate savings.
How to start using Digit App?
If you’re new to the Digit app, it is effortless to use. You can download it from Google play store or the Apple store. The sign up process is relatively simple, and you have to submit your identifying information and the checking account information.
The Digit app takes a few days to confirm your account. Once your account is set up, it will analyze your account for your expenses. It will understand your costs and spending momentum to gain more insights. The algorithm will then help you save money.
How does it work?
The best thing about Digit app is that after analyzing your spending trends, it will decipher the amount of money which you can save. An example is if you have $1000 and if out of that, $900 is your essential expenses, Digit app will move $2 to your digit account.
It means that with the minuscule saving, you will not feel the difference in your account balance at all. Moreover, you will be able to honor all your financial obligations as well which will make it easy for you to save more money.
If you currently do not have any financial obligations responsibilities, Digit app will then move up the savings rate to $10 or so. Digit app has an unwritten rule that it will not move more than $150 from your account at a time. It will only move smaller amounts than that.
Can you control Digit App by text?
The best thing about the Digit app is that you can easily control it using text messages. You can ask it to save money to its account or redeem money from the Digit account to your checking account.
You can even use goalmojis in the apps text interface to set up new goals. It means that controlling the app is very easy. In a single glance, you can also view the progress through this interface.
How to use it efficiently?
One thing where Digit app becomes much more efficient is that it makes you use your debit card. If you spend any money using your credit card, Digit app will not be able to track it. That is why; if you want to use the Digit app you will have to use your debit card.
Using the debit card means that you can only spend the money which is present in your account. That is why; it does not promote any overspending either. You can easily limit your spendings when using your debit card.
In such a way, not only you can help Digit app learn more about your expenses but also limit your spendings altogether.
How can the Digit App prevent Overdrafts?
If you have not used the algorithm-based app before this, you might think that it might pull out some extra money from your checking account. However, the truth is that the Digit app will never pull more money from your account and push it into overdraft.
It claims that it will do everything it can to avoid over-drafting. You can even pause the savings feature if you think that the next a few instances will reduce your checking account balance drastically.
In worst-case instances when your account goes into overdraft, the Digit app will refund any overdraft fees which you incur. That is why; it is effortless to use Digit app and ensures that it can save a significant amount of money over a period.
Is it safe?
Throughout our Digit app review, one question which might be plaguing everyone is, is Digit app safe?. The Federal deposit insurance Corporation covers digit app. It means that not only your Digit deposits are entirely secure but also your personal information.
The FDIC insured savings account covers you up to $250,000 In case; Digit goes bankrupt; it will reimburse up to $250,000. Due to this insurance, you can be sure that the amount of money which you have in the Digit app is entirely safe.
We understand that you might have some doubts regarding the app. We will try to answer them now.
How does the app make money?
Digit app charges you $2.99. It is a monthly charge. Sometimes, they might also charge you on interests or the savings incurred through the app. However, the monthly fees are not high enough, and therefore, you can easily use the app for saving a significant amount of money.
How fast can you withdraw from it?
You can withdraw from the Digit app within three business days. If you have an account at Wells Fargo or Chase, you can enjoy same day business transfer from the digit.
Does it pay you any Interest?
The Digit app does not provide you with any interest. However, it does provide you with a small payment of 0.25% quarterly on the account balance.
Hopefully, now your common questions would have been answered about the Digit app.
What should you know about the Digit App?
Before making your decision about the Digit app, there are a few things which you should know.
1. Relatively expensive fees:
On the face of it, $2.99 per month might sound-less. However, when you compare it with other savings app, they are a little on the higher side. Moreover, for a person who is trying to save every dollar, $36 per year might be a significant amount.
2. No interest payments:
The second point which you need to consider is that you cannot incur any interest on the amount in your digit account.
Apart from these two things, the Digit app is pretty useful.
Is it Suitable for you?
Digit app is suitable for every individual who wants to save money. It does not matter whether you want to $2000 or $10,000 per month; you can undoubtedly start saving a significant amount of money with the help of the Digit app.
Since it first analyses your spending habits, you can be sure that it will never save the amount of money which you need. It will take just a fraction of the extra amount. It means that you will never even feel the pinch in your checking account once you start using the Digit app. That is why it is suitable for everyone.
• Adaptive algorithm
• Easy to use
• App-based interface
• Interactive interface
• Great for developing a savings habit
• No minimum deposit
• No withdrawal penalties
• Protected account
• Low-interest payments
• Monthly fees on the higher side
Digit App Review: Verdict
If you’re looking to save more money, the Digit app is undoubtedly the best option for you. When you’re searching for our Digit app review, we found that many people have inculcated the critical habit of savings with the help of this app.
That is why, if you do want to set aside money for your life goals, the Digit app is the perfect solution for you.
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