Out of 6 experts, 100% would recommend Digit with an average score of 7/10.
The Digit app provides a great way to jumpstart a short-term savings habit by making it very easy with automatic savings and a 1% savings bonus incentive. However, there are more ideal solutions for larger and longer-term savings planning.
|Investor Junkie||Yes||“Digit adds a bit of fun to the mix for short-term savings goals.”||Full review|
|Yes||“Digit is a must for someone who wants to become a saver, but hasn’t been able to up to this point.”||Full review|
|TheWays to Wealth|
RJ Weiss, CFP
|Yes||“As one of the best savings app options available, Digit serves a particular purpose. And like most financial tools on the market today, it makes sense for some, but not for others.”|
|Yes||“Digit is a great financial tool for consumers who need to jumpstart their saving habits.”||Full review|
|Money Check |
|Yes||“Digit is a neat savings app which will help you build some savings automatically in a way that you will not notice.”||Full review|
|The College Investor|
|Yes||“While Digit is one of the best automatic savings apps, there may be better choices for you.”||Full review|
Key account information
- Customized automatic savings that go from your checking to Digit savings app.
- 1% savings bonus
- $2.99 monthly fee, first 30 days free
- Overdraft reimbursement
- Unlimited withdrawals
- One linkable checking account
- FDIC insured up to $250,0000
Most common pros
- Automatic savings (6 of 7 experts)
- Simplicity and ease (6 of 7 experts)
- 1% savings bonus (4 of 7 experts)
- $5 per user referral program (3 of 7 experts)
Most common cons
- $2.99 monthly fee (6 of 7 experts)
- Unclear savings algorithm (3 of 7 experts)
- Limited customer support (3 of 7 experts)
Who is this most frequently recommended for?
- People who are just starting saving
- People with short-term savings goals (travel, rainy day fund, etc.)
The Digit automatic savings app was on the average given favorable reviews primarily due to its ease of use and savings automation. The service is intended to be used for short-term savings goals.
While it was not commonly recommended to be used for longer term savings goals such as buying a house, the 1% savings back with a few thousand dollars should offset the monthly fee – which is cited as the most common con of the service.
Other experts noted alternatives such as Acorns and Qapital, albeit they specialize in automatically investing your savings versus putting them in a safer FDIC insured savings account.
Overall if you are looking to start saving for small to medium purchases of savings goals, Digit was recommended as a great app to do so. If you are looking to save with more capital or for larger purchases such as a home, other services were more commonly recommended.
Disclaimer: Backed by Experts’s recommendations are independently researched, with opinions that are solely those of Backed by Experts’s authors, and have not been reviewed, approved, or endorsed by any of the Experts or Providers included in the recommendation. Please check the Provider’s and Expert’s websites for most up to date information on their offerings and reviews. The information contained in these posts should be used for informational purposes only, ask a financial advisor for more details pertaining to your specific financial situation.