Hey, Welcome to my Digit App Review!
If you have been trying your very best to save some money then you probably came across some ways to help you save money, and digit app should be on the radar when you were searching for money saving apps, but the next questions are, is Digit app a scam? Is digit app legit?
In this article I will help you see all the pros and cons of digit app and help you decide whether you need it or if you’re better off without it.
Firstly, I am really proud of you for taking your valuable time to do your own research before purchasing any course or services.
Secondly, that’s how you find the best proven method to avoid scams and make money online instead!
I know how hard it is to find a legit way to save money without resulting in spending even more money or getting frustrated because you don’t meet your initial savings goal.
Digit App Summary
Product’s Name: Digit App
Owners: Ethan Bloch and Christopher Wilson
Launched: In 2014
SAP Ratings: 7/10 ( Good )
Best Suited For: People that need savings, Goal Oriented Investors
Summary: The Digit App is great for anyone who has trouble saving money for a bigger purpose or goal. It automatically calculates how much you spend and how much they can put that into your savings account. Very handy while still able to earn back some of the money while saving.
Recommended: Definitely YES
What Is Digit App and How Does It Work?
At some point in life you’ve probably heard people talking about savings app now and then. Digit app is exactly one of those apps. It will save your money automatically.
A micro savings platform born with one sole purpose, to help you save the money you need, but for some reason was never able to do. That’s where Digit App comes in and save you.
Quite frankly, around 80-90% of Americans have less than $1000 saved up in a year, you may think this is an exaggeration, but it is not. Of course, you are free to do your own research and look for the exact number, but that’s not what I am going to talk about.
Let’s go with 70%, perhaps this doesn’t sound too fake to you. 70% of people save less than $1000 a year, and you are most likely one of them.
Perhaps due to the fact that you are here reading this now, but that’s alright, I always had trouble with saving my money for a vacation or for something I really want to buy as well, so don’t feel down or embarrassed, there’s no need for that.
Instead, let’s embrace the awesomeness of technology and where it is heading.
You can just download the app and link your checking account to it, as easy as that. Once you are linked, Digit App will then automatically take money off of your account and put it into your savings account every couple of days. The amount is between $5-P.
Can I Earn Money With Digit App?
There’s no need for a drive around, the answer is yes. The actual question you should be asking is whether you can earn a living with it or whether you can earn enough to call it a passive income.
Now the answer to this is kinda tricky, tricky in the sense that it depends on how much you have saved up. Makes sense? Digit app gives you a 1% on everything you saved up every 3 months.
To be totally honest with you, that’s a big plus point for me. If that isn’t a prime motivation technique then I don’t know what else can be.
The fact that they would give u money in return for believing and trusting them with your money shows how much they appreciate you as a customer and also how worthy they are as a company.
So for example if you saved up $5000 dollars in 3 months, that will be $50 for free. Completely passive, money you wanted to be saved in the first place and you get $50 from them as reward, that’s how I see it and that’s how you should see it as well.
But if you think this is something you can earn fast money with then definitely no, don’t count on it. Unless you are a millionaire or something close to that and you are saving…say $100.000 every month just for fun, then sure.
Other than that, no.
Is Digit App Worth It?
This question also varies from person to person, are you having problem with your savings? Are you committed to save a certain amount of money before the year ends?
A lot of things need to be put into consideration before you decide for yourself whether it is worth it or not. Digit App offers a 100-day free trial and you can try that first, and if the shoe fits your feet then you can pay the $2.99 a month to keep on using their service.
But if you have no problem or issue with finances whatsoever then I see no point of using it. Even though I doubt you don’t, there’s a possibility of which you are, so yea, there’s that.
And also if you are an irregular spender or if you are someone that uses the debit card a lot then Digit App probably isn’t for you either. The way Digit App works is by analyzing your spending and earnings. So for example if you were to use $1000 in one hit in the middle of the month, that could be a problem.
In a nutshell here’s what Digit App can help you achieve:
- Pay off your credit card debt
- Help you save up enough for vacations
- For emergencies
How To Sign Up For Digit App?
There are actually 2 ways you can do that, one is by going on the google playstore and download it for your iPhone or android phone.
The other way is by going directly to the website called Digit.co and click on the sign up for free button in blue.
How does Digit’s automatic savings algorithm work?
Digit App has 4 main factors that has influence on the savings algorithm:
- The checking account balance
- Upcoming Earnings (paychecks or predicted irregular income)
- Upcoming bills
- The amount spent recently
Digit will use these every week to find money you don’t need for savings, if it is able to find some money, Digit will then automatically transfer those funds into your Digit account.
Your money inside the Digit Account are held at FDIC insured banks for your benefit
The funds in your Digit Account are held at FDIC insured banks for your benefit and are insured up to a balance of $250,000.
Here are some of the commands within Digit Chat Bot
Commands within the Digit App Savings Account
Savings – You can check and view the complete breakdown of all the savings within Digit App. It will also show you your Rainy Day Fund and any Goals or Bills you are trying to save for.
Save – Transfer cash into your Rainy Day Fund. If you want to cancel your transfer just text “Cancel” before you confirm, you can also save $10 to your Digit App Account when you type in “save 10”
Minimum – By putting a minimum level like “minimum 300”, Digit App will not try to save cash from your checking account if your checking balance is for example under $300.
Withdraw – Make a withdrawal from your Rainy Day Fund. If you want to cancel the transfer just text “Cancel” before you confirm, you can also withdraw the amount you like, for example “Withdraw 20” to withdraw $20 from your checking account.
Today – To check what the savings activity is for the current day.
Refer – You can refer people to Digit App with a special referral code from Digit App itself and earn $5 per referral.
Commands for the Digit Goals
New Goal – Create unique savings goal inside Digit App.
Change Goal – Chance the amount for a specific goal.
Withdraw Goal – Withdraw the cash from your active Goal that you’re saving towards.
Cancel Goal – Cancel an existing goal and it will automatically transfer all the funds back into your checking account.
Commands for Digit Savings Account Control
Pause – This will pause all Digit savings for all goals and funds. This is to put a pause on Digit for saving your cash, for example “Pause 10” to have Digit put a stop to your savings for 10 days. Digit App will notify you before they resume the saving of cash.
Unpause / Resume – To unpause your savings, it will resume the next day.
Commands for Checking Account
Checking – Check/view your checking balance.
Recent – Take a look at your recent checking transactions. By texting “R” or “Recent 3” to check your last 3 transactions.
More – Text this “More” after using “Recent 3” and you will see the next 3 transaction.
Commands for Account Settings
Notifications – How often you want tog et notified for balance update.
Timezone – Select your own timezone.
Nickname – Change your nickname within Digit App
The Pros and Cons
- You get a free trial
- You can earn 1% of all your savings
- You can make money by referring
- You can access your money easily
- Your cash is saved automatically
- The interest rate is still very low
- Can’t make transactions through the website
So here are the pros and cons in my opinion, I still think Digit App is legitimate considering it’s only $2.99 a month and it could help you adjust your finances.
I am using Digit App, I am using it because I’ve seen a big difference in how my money is saved. Having this running automatically without me paying too much attention on it is what I really like about it.
I can check on it whenever I want, and sometimes it feels good to see how much I saved up without actually trying, you know what I mean?
If you are somewhat like me and you know you are spending money on unnecessary things etc, definitely give this a try, it’s free and even after that, it’s just $2.99 a month.
You know you best, so everything you need to know is here, the decision is yours.
That’s about it with this Digit App review, I hope this was thorough enough for you and if you have any question feel free to ask and also if you have some kind of experience with Digit App, I would really appreciate it if you could share it with us. Stay cool and stay humble.