Is Digit App A Scam?
If you are here now, chances are, you are searching for a review of an app called Digit. It’s also fair to say that you know the value of money, hence, you being here searching for ways to make some. If that’s the case, then you are definitely in the right place. This website is dedicated to reviewing all kinds of online money-making that is available. If you are interested in my other reviews, you can click here – my other reviews.
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This Digit App isn’t exactly an online money-making program, but you can somehow consider it as one if you think about it really hard. This is a program that helps you save money automatically. If you are not a good money saver, perhaps you will find this review very helpful.
Without further ado, here’s my review of Digit App.
What Exactly Is Digit App?
Digit App is a program that helps its users save money without them having to think about it. It ultimately automates the process, making it possible for its users to allot a certain percentage as saving. What’s even better, is users won’t have to pay attention since all of this saving is done in the background.
Digit App was launched in 2014 which at the time of this writing, gives it more than 5 years’ worth of experience under its belt. Take note that this automated saving service isn’t exactly a new thing. In case you are not aware, many banks are already doing this – allowing their customers to transfer funds from their payroll account into their savings account once they get paid. The idea behind Digit App is basically the same.
How To Become A Member?
Since Digit App is an app that is available on all both iOS and Android platforms, you can easily download it using your smartphone. Just search for Digit app and download the first thing that you see. Once you have it on your phone, you just need to link it to your checking account. You don’t need to link your savings account because Digit App will do that for you. They will set up a savings account on your name on their partner bank.
Signing up on Digit is free. However, using the app would cost you $2.99/month. You do have an option to try it out for free in the first month. Once you’re done with the trial though, you will now need to pay a monthly fee just like everybody else. Also, take note that this app is only available for people living inside the USA.
How Does Digit App Work?
I’ve already said that Digit App helps you save money automatically, but there’s more to it than that. You see, Digit app does not just take away a portion of your earnings and save it. What it does is it actually analyzes your spending habit and create some sort of pattern wherein it compares the amount of money you put in versus the amount of money you put out. It basically gets you a summary of how you spend your own money. This way, it can formulate a strategy to help you save money.
Once you open your app, you will need to fill out how much you want to save and when do you need it. They will then cross-reference this data to your spending habit and automate the saving for you in the range of $5 to $50. There is one downside though – there is no way you can transfer from your savings account to your checking account. This means that once your money is put into the savings account, you can’t put it back again in your checking account. Depending on your outlook, this could be a good thing.
If you really want to transfer from your savings to your checking account, you must send them a text first. It’s a bit of a hassle but at least this ensures that you will only transfer the money if you really need it, which is the point of saving, at least from what I understand. In any case, this could be a good or bad thing, depending on your outlook.
Is There A Membership Fee?
There are two ways an app could make money. They can charge a monthly fee or a download fee or they could show ads while you are using the app. The latter introduces several security problems which is not a good look considering that the app has sensitive information in it.
Digit App goes for the membership fee route. Their fee comes in two parts. The basic fee is $2.99/month. They will also get to keep the interest earned on your money while it is on your Digit savings account.
Advantages Of Using Digit App For Saving
What makes Digit App great is you don’t have to actively think about saving. It does that for you. It only takes out an amount of money that you can afford. It does that by predicting and analyzing your cash flow. According to them, the money they set aside won’t really affect your way of life because you won’t even notice it.
You are also eligible for a bonus of you are able to save money through Digit for 3 consecutive months. You will earn 0.20% interest, which is on the low side, but on par with the interest rates of some banks. If you are able to save for a year though, you will get a bonus of 1%.
Disadvantages Of Using Digit App
Since it’s an app that is run by an algorithm, there is a chance that it won’t work out as designed 100% of the time. Algorithms are not perfect by any means so this is to be expected. That being said, algorithms should work out 99.99% of the time. There have been several complaints with user accounts being overdrawn, and not just once, but several times. All banks have overdrawn charges which really adds up fast. If your account gets overdrawn several times, you will be looking at a huge fee.
Digit App promises to pay your overdraft fees should they happen. But from the complaints I’ve read online, that doesn’t seem to be the case.
Another disadvantage of using Digit App is it can’t factor in emergency expenses, which is not really a good thing. After all, it’s just a program that can’t see the future. In the case that you will need your money asap, Digit App makes it hard for you to transfer back the money. This can become an issue when you run into some emergency expenses.
Conclusion – Is Digit App For You?
Saving money is actually not that hard but it’s not that easy either. Computing all your expenses day and day out can become a hassle especially if you do not have a cushy job. You will need to pay attention to all your expenditures which could be a tiring thing.
Digit App promises to rid you of all that stress by making all the saving automated. Now, I have to tell you what I really think about this app. In my honest opinion, the disadvantages outweigh the advantages of using the program. You can always save a set amount of money. Talk to your bank and create a separate account for that. In a way, that is automation, but in a simpler kind of way.
Is Digit App a scam? NO. It is a legitimate app that does have its uses. However, you can always save money on your own. You can even automate it, in fact. You don’t need to pay someone or something $2.99/month to save money. Overall, only use the app if you can spare $2.99/month for a “save money” assistant.