Digit Review: A Super Easy Way to Build Your Savings Account

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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Digit review

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Saving money is tough, but user-friendly savings app Digit does the work for you.

Digit automatically saves a small amount of money from your checking account every few days. The Digit app deposits these savings into an account where they slowly add up over time. If you want your money back, you can withdraw at any time.

Check out this comprehensive Digit review to see if this financially savvy app is right for you.

Digit review: What is Digit?

It’s hard to strike a balance between spending and saving. Sometimes we forget about our savings goals altogether.

That’s where Digit comes in. It takes the work of saving money out of your hands and does it for you.

Instead of saving an arbitrary, set amount each month, Digit changes your savings to match your budget. How does it accomplish this?

Digit uses an algorithm to analyze your spending habits and record your income. By understanding your cash flow, the app finds saving opportunities and sets aside between $0.05 and $150 every two to three days. The average transfer is between $10 and $30.

Says the company, “Digit automates your savings so you don’t have to think about it or notice it happening.” It promises to set aside only money that you don’t need for your daily expenses.

Image credit: Hello Digit, Inc.

How does Digit work?

Digit is a free mobile app available on Apple iOS and Android. Once you download it on your phone, link up your checking account. The company uses bank-level security to protect your information.

The app will transfer your savings into a Digit account, which is FDIC-insured for up to $250,000. Your Digit savings account has no minimum. Every year, you’ll get a return of 0.20%.

If you need to use your savings, you can transfer money back into your checking account at any time. Transfers are unlimited and don’t cost anything. You’ll just have to wait one business day for the transaction to go through.

Visit Digit Now

How do you communicate with Digit?

Digit mainly communicates with you via text, but the company also recently introduced Digit for Facebook Messenger. Through text or Facebook message, Digit notifies you about savings transfers. You can also request changes in your account.

For instance, you could ask Digit to transfer more money, show your balance, or send cash back to you, among a number of other commands. You can also limit notifications so that the savings app is truly out of sight and out of mind.

When you first download the app and sign up for an account, you’ll get a text from Digit. It will ask you to add Digit to your contacts “so you’ll recognize me when I start reporting how much I’ve been saving for you.”

Depending on your settings, Digit can text you whenever it transfers money from your checking account to your Digit savings account. You can also text Digit to find more information or issue a command.

These are some of the basic commands you’ll need to use with Digit:

  • Savings: for your Digit savings balance.
  • Checking: for your checking account balance.
  • Recent: for your recent checking account transactions.
  • Minimum: to set a minimum checking balance below which Digit will stop saving. For instance, if you set a minimum of $200, then Digit will stop setting aside savings if your checking balance dips below $200.
  • Save more: to request that Digit increase how much you’re saving. You can use this command up to three times.
  • Save less: to request that Digit decrease how much you’re saving.
  • Withdraw: to take out money from your Digit savings account and put it back in your checking account.

You can find more information on using this text service in the Digit app. For the full list of text commands, head to the Digit Help Center.

Image credit: Hello Digit, Inc.

Getting started with the Digit app

To start using Digit, head to the app store on your phone. Search for Digit and start downloading.

Once you download the app, sign up for an account by entering your first and last name, email, and a password. Make sure to pick a secure password, as this app will contain your checking account and Digit savings account information.

After confirming your phone number, you’ll find your bank. Digit works with over 2,500 banks and credit unions in the U.S.

Finally, you’ll enter your checking account information and choose your settings. Once you give the app the green light, Digit will start analyzing your financial profile and setting money aside into your new savings account.

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Is Digit safe to use?

According to Digit, the company uses 128-bit encryption to protect your information. The company is committed to keeping users financially safe and healthy. So far, there’s no evidence of a data breach or security concerns among Digit users.

Some reviewers have said that the app caused overdraft fees on their checking accounts. Digit offers a “no-overdraft guarantee” that will cover any overdraft fees up to two times per customer.

To protect yourself from potential overdrafting on your bank account, make sure to set a minimum in the Digit app. When you set a minimum, the app will pause its saving transfers if your checking account is running low.

Create multiple savings accounts with Goalmojis

When you sign up with Digit, most of your savings will go into one account called the Rainy Day Fund. This fund is meant to set aside money for unexpected expenses.

You can also use Digit to save for specific goals, like an upcoming vacation or your next credit card bill. To help you set specific savings goals, Digit recently introduced Goalmojis.

As the name suggests, you label a Goalmoji with an emoji on your phone. If you’re saving for a fancy pair of shoes, you could use the high heels emoji. For a vacation, use an airplane or palm tree.

You can set up a separate bucket for a specific savings goal in the app. Simply select “New Goal” or “New Bill” and label it with the emoji of your choice. You’ll also use the emoji in your texts to Digit to withdraw funds from this bucket.

In a way, the benefits of these Goalmojis are largely psychological. All of your money is still in your Digit savings account, but Goalmojis let you organize your savings and set money aside for particular goals.

How Digit uses behavioral psychology to help you save

Digit uses positive reinforcement to improve your relationship with money. The app sends supportive texts, random fun facts, and funny memes to encourage you in your savings goals. Texting Digit almost feels like texting a friend. Plus, it makes saving money a whole lot easier.

If budgeting sounds time-consuming, frustrating, or just boring, then Digit could change your perspective. The app will manage your money for you, but you’ll get the rewards of seeing your savings grow over time.

Image credit: Hello Digit, Inc.

How does Digit make money?

As of April 2017, Digit costs 2.99/month. You don’t need to buy the app though, and there are no fees for saving money or transferring savings back into your checking account.

Besides the monthly fee, Digit largely makes money off of the interest accrued by your savings. It helps you set aside money and it pays itself with interest in return.

Digit is also venture-backed by a number of investors. It acquired over $22.5 million in funding in 2016.

Try Digit Today

How to close your Digit account

If you’d like to close your Digit account, you can do so on the Digit website here. When you cancel, Digit transfers any remaining funds back to your checking account within one business day.

It will store your information for 90 days. During this time, you can reactivate your account. After 90 days, you’ll have to go through a new sign-up process to create an account again.

Is Digit right for you?

Digit is geared towards tech-savvy millennials who enjoy conducting transactions through their phones. To use Digit, you’ll need to be comfortable with texting (and using emojis).

The app is best for people who have extra money that they can afford to set aside from time to time. If your checking account is hovering near zero, then it’s not worth the risk of overdraft fees.

That being said, most people will benefit from having an emergency fund. Even if you just set aside a small amount each week, you can save yourself a lot of stress the next time an unexpected expense pops up.

What Digit does really well is make its users feel good about saving. It takes the drudgery out of an otherwise boring process, plus it takes all the work out of your hands.

Instead of setting aside the same amount each month, Digit customizes your savings based on your spending habits and cash flow. In this way, Digit is one of the smartest savings strategies on the market.

How to contact Digit support

If you have questions that haven’t been answered in this Digit review, you can find more info on Digit’s FAQ page and Help Center. You can also submit a request or question online on the Digit website here.

Digit tweets at the handle @hellodigit. Check out the Digit Facebook page here.

Digit is located at 235 Montgomery Street, Suite 650, San Francisco, CA 94104.

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
LenderVariable APREligible Degrees 
Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on ourstudent loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes.

3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.899% APR to 8.179% APR (with AutoPay). Variable rates from 2.570% APR to 6.980% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. SoFi rate ranges are current as of September 14, 2018 and are subject to change without notice. See APR examples and terms. Lowest variable rate of 2.570% APR assumes the current index rate derived from the 1-month LIBOR of 2.08% plus 0.740% margin minus 0.25% AutoPay discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

4 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.

5 Important Disclosures for CommonBond.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.57%-8.17% (2.57%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Estimated average savings amount is based on 14,659 Education Refinance Loan customers who saved on loans between August 1, 2017 and July 31, 2018. The calculation is derived by averaging monthly savings across Education Refinance Loan customers whose payment amounts decreased after refinancing, calculated by taking the monthly payment prior to refinancing minus the monthly payment after refinancing. We excluded monthly savings from customers that exceeded $4,375 and were lower than $20 to minimize risk of data error skewing the savings amounts. Savings will vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Borrower’s overall repayment amount may be higher than the loans they are refinancing even if monthly payments are lower.

2.57% – 6.98%3Undergrad
& Graduate
Visit SoFi
2.47% – 5.87%1Undergrad
& Graduate
Visit Earnest
2.47% – 8.03%4Undergrad
& Graduate
Visit Lendkey
2.80% – 6.22%2Undergrad
& Graduate
Visit Laurel Road
2.48% – 6.25%5Undergrad
& Graduate
Visit CommonBond
2.57% – 8.17%6Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.