Digit is an automated saving device which encourages the habit of saving and it is based on a technology which makes saving money easy just as typing a message. It is free of cost service which requires no minimum balance and unlimited transfers. In other words, Hello Digit is a micro-saving account whose basic purpose is to save a small amount of money not considering your income. As said by the CEO of the Digit Ethan Bloch, the main aim of the Digit is to make savings easy and tension free as well as automatic. Digit is basically for those people who use web and technology in their day to day life such as Uber, Instacart, Venmo etc. and if one is looking for technology based automatic saving process Digit is the best way to start.
Steps on How Digit Works
- For using Digit App you need to connect with your checking account, then digit will scrutinize your income and spending habits and finalise small amounts of money that can be kept aside for you. The Digit makes use of 128-bit bank level security and the entire bank login is not stored in Digit.
- After 2 or 3 days Digit shifts some money between $5to $50 from the checking account to Digit Account. The amount transferred is always between your affordability and there is no botheration about over-drafting.
- Whenever you need your saving amount just do a text message to Digit and all the savings in Digit account are automatically shifted to checking account.
The savings made in Digit account are FDIC insured up to $250,000. The minimum transfer is about $9 on an average but sometimes it can be more or less depending on the amount in the personal account. The main signals that control Digit saving habit are checking balance in account, upcoming income, upcoming bills and spending patterns of the account holder. All these variables allow digit to decide an amount which is unnoticeable and can be transferred from the accounts without any effect on spending.
Cost and Important Features of Digit
The Digit provide you saving free of cost and also there is no hidden cost. For every dollar in your Digit account, you can get 0.05% return after three months. In every week, Digit makes a check over your account and for the savings not used for three months it bonus you with 5 cents for every $100. For checking your next reward amount you have to message Digit Plus or just check on your dashboard to make a track of the earned money.
There is also an Apple iOS app for I-phone users and new Android app is also being planned so as to provide more convenience to its users. Here you have to just text Digit for any queries. The app is totally secured as it is SSL secured and requires internet bandwidth only. With text messages, you can perform all the banking transactions, check your balance, make withdrawals, save money and see your upcoming bills without making use of the computer. In case if you want to stop savings for sometime what you have to do is just make a text message writing PAUSE at your digit account. You can also limit the number of text messages received to one in a week, one in a day and so on as per your requirements.
How does Digit Make Money?
The question that how does digit make money is very common in the minds of people as the app is free of cost. It just earns some amount of interest on your money and pays you a small amount of that interest i.e. 0.05%.
How does Digit Make Money?
Opening an Account with Digit is very easy. You just have to go to the app and click Signup. After this, just enter your personal details such as Name, Email address and password and your account will be opened. However, you have to fulfil some conditions in order to open your account. Some of them are as follows:
- You must be a citizen of United States and is above 18 years.
- You must have a bank account with any of the financial institutions in U.S.
- The information provided by you is accurate and updated.
- The documents required by digit prior to opening account are a Copy of driving license or Passport, a copy of utility bill, affidavit, and any other bill to verify you address.
Benefits of Digit
- Automatic savings: To do savings with the digit is a very easy process and can be done just at one click as sending a text message. In case if you do not want to make any transfers you can pause this by just sending a text message to Digit.
- $5 for every Referral: The best thing about Digit is that you can get $5 for every new referral and in this way you can increase your savings.
- Bank Level security: All your money is totally safe with Digit because it uses state of the art security measures. All the information of the users is encrypted and securely stored. And funds are FDIC insured.
Other Information Regarding Digit
You cannot use the funds in your digit account for making any kind of purchases and transfer them to third parties. As digit is not a Financial Advisor it is just a saving device so before using Digit you must take advice from your financial advisor and get all the additional information about the App. You can use the saving app for your personal use only and not for benefits of any third party.
In the end, we can say that Digit is one of the best automated saving devices for residents of U.S. without incurring any type of cost and without any burden on the account holder. The basic aim of the app is to encourage small savings in order to face any kind of emergencies in future because with Digit you can withdraw all the amount of money in your digit account at the time of need by just sending a text message.