Digit Savings – One Month Later

by J. Money -

digit logo

A little over a month ago I raved about a new company on the scene that promises to save you money without lifting a finger.

It was called Digit, and I got hooked as fast as I did after my first sip of beer. (Actually, that’s a lie – beer tastes like CRAP the first time you drink it! I was hooked after… I downed my first cup of coffee? Damn – lie again! Umm… After my first kiss?? Aww yeahhh…)

Now that it’s been a solid month though, has it lived up to the hype? Am I just as excited logging into my account as I was back then? Or is it time to shut it down and cross the test off the list?

Well, let’s put it this way. I believe in them so much that I just signed on to be an “advisor” with them going forward :) I’m not allowed to say how many new members they’re signing up every week, or how many hundreds of thousands of dollars they’re saving for people (oops – I’ve said too much!), but it’s safe to say they’re about to blow this whole savings game up, and I’ll now be helping them do it. It’ll also be a helluva learning opportunity as well since I’ve never advised a company before.

So how much has Digit saved me so far? Here’s a snapshot of my acct:

digit savings update

$200 bones just like that.  And if you add it into my Challenge Everything Savings pot to boot, we’re now officially over $3,000 of money stashed away recently! That’s pretty cool! And I didn’t have to do anything to save this new $200, other than just connect my checking account to them one time.

As a recap, Digit’s software analyzes your spending and income patterns throughout the month, and then siphons out a few dollars here and there it thinks you won’t miss (which thus turns into savings). It’s all automated and free, and they send you texts to update you of your checking account balances, bills, recent transactions, as well as how much they’ve been saving you so far in your Digit account too. In fact, everything is pretty much done through text-based actions making it all pretty unique.

The down side? You currently get squat for interest. Exactly 0% on your money, actually (not that your own savings gets you that much more, really). But notice I said “currently” there ;) Again, not allowed to give away any secrets, but don’t be surprised if this magically changes in the future…

digit mobile snapshots(not my screen, but gives a good idea of how it looks/works on mobile)

The real question to ask yourself here is, “am I saving as much money as I possibly can be right now?” If the answer is yes, then Digit’s probably not for you (unless you want to automate it more). However if you really suck at saving and/or just like cool $hit, then they’re worth giving a shot. Worst case you just transfer back your own money, right? The service doesn’t cost a thing.

And from the response of last month’s review so far, I know a great number of you have now joined me which makes me all kinds of happy :) I don’t think we can ever have a shortage of money tricks up our sleeves, and I know for sure I wouldn’t have put aside an extra $199.04 last month as much as I would like to believe. This now forces me to make a decision and take action if I’m unhappy about it – which of course I’m not –  so I’m gonna do what I always like to do in these situations which is to enact the ol’ No Touchy Rule and watch that bad boy grow! If you never touch your savings it can only go up, right?! Something that’s unfortunately taken me over two decades to figure out, ugh…

Anyways, all that to say I’m still very much enamored with Digit and I encourage you to check them out if you think it sounds interesting. Regardless though, the important part is to always be looking for new ways to get your financial life in order so you don’t have to be worrying about this stuff forever down the line. Maybe Digit helps you with this, or maybe it’s Vanguard/Motif/USAA/Your own bank/favorite blogs/books/courses/etc, but as long as you’re trying stuff out and paying close attention to that money, you’ll be a-okay in the end. We all have our own things that work for us!

Now for all those Digiters alongside me, how much have YOU saved so far? Are you finding it to be awesome too, or are you having a totally different experience?

I hope you’ll tell us the good, bad and especially the ugly so it helps everyone reading this right now. I’m halfway tempted to set up a monthly competition to see which of us can save more here, but unfort. that would also mean we’re not that great at manually setting money aside, haha… So I’ll go ahead and just knight all of us winners since we’re stashing away more than we normally would have otherwise ;)

You can learn more about Digit here, or by checking out my review here. It’s still by “invite only,” but signing up through any of the links here will help you skip right past the waiting list.

Happy savings!

Jay loves talking about money, experimenting, blasting hip-hop, and hanging out with his two beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!

{ 130 comments… read them below or add one }

1 Emma | Money Can Buy Me Happiness February 11, 2015 at 5:22 am

I love the idea – hope they expand worldwide soon. This product would be amazing in New Zealand.

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2 Jay @ ThinkingWealthy February 11, 2015 at 11:13 am

It’s interesting but I feel like it’s a tool for irresponsible people. You should be able to maximize your savings AND earn interest on it. It’s like the “way to save” that some banks offer where they move $1 per transaction into your savings account that earns crap for interest. The creators found a niche they can exploit to make some money of their own but the savings benefit for users is minimal. Just my two cents as a responsible saver/investor…

Jay

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3 J. Money February 11, 2015 at 11:31 am

@Emma – They have plans, don’t worry :)

@Jay – Are you calling me irresponsible? :) Haha… Nah, I get it though. Good to hear differing views on this stuff, appreciate you sharing.

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4 Jay @ ThinkingWealthy February 11, 2015 at 3:18 pm

Not at all. Your job is to share tools and your experience. I was just pointing out the target market in my mind.

Jay

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5 Matt D February 11, 2015 at 5:38 am

Somehow I missed your first post on Digit. It is an interesting idea, but raises some questions for me.
1. The terms of service say that the funds are held at a bank, but are the funds held at a bank in the customer’s name or in Digit’s name?
2. If the funds are held in Digit’s name, how are the funds for each customer FDIC insured up to the FDIC limit?
3. If the funds are held in Digit’s name, what happens to customers’ funds if Digit goes out of business? Are customers’ left to try to get their money back alongside the other creditors?
4. If the funds are held in customers’ names, it raises question how the bank(s) where funds are held are meeting OFAC and other regulatory requirements to verify customers.
5. If the funds are held in customers’ names, how do customers get their funds if Digit goes out of business? I could not find where it was specified what bank held the funds.
6. If the funds are held in customers’ names, are customers going to receive a 1099-INT to pay taxes on the interest the account earned? Per the terms of service, the rights to interest earned on the funds are irrevocably assigned and transferred to Digit. If customers will be on the hook for the tax liability there is indirectly a fee for using Digit.

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6 J. Money February 11, 2015 at 11:36 am

All the funds are FDIC insured up to the $250,000 limit per person.

https://digit.co/about/faq

I’ll check with Ethan (the founder) on other questions but considering they’re backed by places like Google Ventures and others for millions of dollars, I guarantee the law is being followed ;)

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7 Ethan Bloch February 11, 2015 at 2:52 pm

Hey Matt, here’s some answers.

1. Funds are held in custodial accounts for the benefit of Digit’s customers (Digit has no legal right to the funds) and we maintain sub-accounts for each Digit user on our platform to track and report funds committed by users.

2. The custodial account is FDIC-insured on a “pass through” basis to the individual users. This means that each individual investor’s balance is protected by FDIC insurance, up to the limits established by the FDIC. Other funds that a specific investor has on deposit with Wells Fargo or BofI Federal Bank, may count against any applicable FDIC insurance limits for that user.

3. Custodial funds are liabilities for Digit and cannot be used for collateral or to make creditors whole in the event of bankruptcy. They can only be returned to the underlying users.

4. Funds within Digit can only return to the originating checking account, cannot be sent to a third party and cannot be withdraw for cash so because of the risk profile and the fact that signing up for Digit requires an existing US issued bank account (OFAC-ed) we currently do not again run OFAC our Digit users.

5. Customers can withdraw their funds 24/7/365 — even in the event we stopped operating customers would be given unlimited time to withdraw their funds. We hold customer funds at Wells Fargo and BofI Federal Bank.

6. Customers aren’t subject to 1099 because they aren’t earning any interest income on their Digit funds held in the custodial accounts.

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8 How to Save Money February 11, 2015 at 6:10 am

Cool! You can add it to your emergency fund. Can you withdraw it easily?

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9 J. Money February 11, 2015 at 11:37 am

Yup – all you have to do is text “withdraw”

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10 Tawfiq February 11, 2015 at 6:31 am

I love it, thanks for introducing them to us, since I joined a month ago I have saved over $244!

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11 J. Money February 11, 2015 at 11:37 am

Way to go!!

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12 Mrs. Frugalwoods February 11, 2015 at 6:48 am

Glad to hear you’re still enjoying it! Nicely done on the savings too! I’m all for anything that makes it easier for people to save more.

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13 David Damron February 11, 2015 at 7:02 am

I would share a screenshot if I could here in the comments, but since I can’t….

My digit savings in a month is $88.67.

Super painless.

One of the best things has been sending SAVE via text, replying with how much extra I want to save, then confirm with YES, and boom I have a handful more that I never would have transfered into savings beyond what digit is saving.

I know its not a ton, but it’s been easy and fun to have a bit I don’t even think about sitting out there.

David

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14 J. Money February 11, 2015 at 11:39 am

Yes – good point! Can always move over more money anytime with a few texts.

Glad you’re enjoying it man – haven’t seen you around in a while! :)

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15 Michael February 11, 2015 at 1:40 pm

Just a lil pro tip to save an extra step for your manual saving – you can send “SAVE [amount you want to save]” in one text. So for example “”SAVE 5” will save $5 all in one step.

Happy saving!

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16 Brian February 11, 2015 at 7:29 am

I like the idea of the product, but 0% interest is lame. I know they have to pay the bills and all, but my bank at least gives me 0.15% when they use my money. I am glad to hear that they might be considering paying interest in the future. When they do that I might sign up, but until then my money is better off (slightly) just hanging out in my regular accounts.

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17 Kevin March 25, 2016 at 7:11 pm

I don’t know how much you have saved, but just an example:
If you have $30,000 (you probably have less) in your .15% bank account and let it grow for 20 years (you probably won’t) you will earn $912 in interest. That comes down to paying less than $2 a month for an automatic and convenient saving app. But I’m sure your bank enjoys using your money at such a low cost.

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18 Megan February 11, 2015 at 7:48 am

I signed up for Digit when I read your first article about it so it’s been about a month for me too! I am one of those people that never grew up learning about saving money. I’m having to learn my lessons now, ugh. I am proud to say that with Digit now, I have saved $219.66 in this past month! Awesome! This “extra money” will really come in handy for my trip to Peru this June! Thanks for getting me hooked on Digit!

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19 J. Money February 11, 2015 at 11:40 am

WOOHOO!! Way to go! Makes it a lot easier not to touch being separated out, doesn’t it? :)

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20 Chris @ Flipping A Dollar February 11, 2015 at 8:21 am

Still skipping on this. :-D I love my control too much and every dollar is already budgeted. We do try to evaluate our targets every few months, and lower stuff by even $5. That’s $60 a year!

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21 J. Money February 11, 2015 at 11:41 am

No shame in using your brain over robots :)

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22 Bill Schoonmaker February 11, 2015 at 8:58 am

This sounds cool but a few of the bigger banks already have a similar plan. One in particular is called keep the change. Basically when you make a debit card purchase it rounds them all up and then makes one transfer a day for all your transactions. It can add up pretty quickly and it is also interest bearing. I don’t want to knock the digit thing though because I’m sure it will workfor some people. Thanks for sharing.

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23 J. Money February 11, 2015 at 11:45 am

Bank of America! Great idea they ran with for sure. I’d probably have to make over 400-500 transactions in order to save this $200/mo here in that case, haha… (I probably do 40?) but agree that it all helps :)

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24 Joe @StackingBenjamins February 11, 2015 at 9:04 am

Comments about earning interest make me laugh. Time for a math problem: If you’ve saved $85, what’s the difference in interest between 0% and 0.15%?

Twelve cents.

You lost out on twelve cents….while saving $85 that you NEVER WOULD HAVE SAVED.

Let’s argue about material things.

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25 J. Money February 11, 2015 at 11:45 am

Can you be our official mascot? ;)

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26 writing2reality February 11, 2015 at 1:58 pm

I can certainly agree with the immateriality factor, because your $0.12 is the annual amount on that $85… in reality, the one month of interest ‘lost’ is about a penny.

However, that being said, this is a product that is best used by those without the discipline to control their own savings. For me, I’m very much in charge of when/where my money is going, but can absolutely see the benefit of ‘removing’ the cash from people who feel they are living day-to-day with the spending. Think of it like the credit card in frozen water trick. The money is there, just takes a little while to get to, which should allow one to eliminate some impulse buys and accelerate the savings process by saying no to things.

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27 J. Money February 12, 2015 at 11:53 am

Have you ever seen anyone actually freeze a credit card in ice? I always hear of this example (and have used it myself in blog posts!) but I’d like to know if people *actually* do it, haha… It really is a brilliant idea!

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28 rendipi February 12, 2015 at 8:28 pm

I did put all my credit cards in a baggie of ice in the freezer right after I graduated college. They were in there so long I forgot about them until I defrosted my freezer to move.(I’ve fully recovered from that and I now use my rewards card and pay it in full every month – my budget is mad sexy. ;-) )

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29 J. Money February 13, 2015 at 4:17 pm

HAH! Love it!

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30 Sara February 11, 2015 at 9:15 am

Tried signing up but they don’t have my bank yet. Here’s hoping they’ll add it soon!

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31 J. Money February 11, 2015 at 11:46 am

Ahh, sorry to hear. What bank do you use? They have a running list of those that they’re working on.

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32 [email protected] February 11, 2015 at 9:21 am

They just barely let me know that they added my bank, so I’m gonna give it a whirl!

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33 J. Money February 11, 2015 at 11:46 am

Great! Let me know how it goes!

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34 David T February 11, 2015 at 10:06 am

I checked them out after reading your review. I believe I joined on Jan 13 and I’ve saved $360!! I did do 2 manual transfers totaling $40 or so… I love it! I hope they either bring in the interest or allow us to move to Vanguard or mortgage principal. That would be amazing!!

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35 J. Money February 11, 2015 at 11:47 am

You’re going to like what the future holds then ;)

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36 mike o February 11, 2015 at 10:23 am

I’ve never been a good saver. This was right up my alley. $312 this month. My lifetime savings was $423 to that point. Somehow the money is burning a hole in my pocket at all times. :) Couldn’t be happier with Digit, thanks for sharing.

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37 J. Money February 11, 2015 at 11:48 am

Holy $hit wow. You are killing it! And we’re only in month #1!

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38 Seymour Bucks February 11, 2015 at 10:52 am

I love this website. My plan is putting my 52 Week Challenge (reverse) money into the account and just let it do its thing. Opened it last week.. Up to about $100 Bucks now. Very interested how it grows.. I agree it sucks because its 0 interest but its still saving money.. Even though I’m not getting a Penny for a Dollar I saved.. I STILL GOT THE DOLLAR!!!

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39 J. Money February 11, 2015 at 11:49 am

I like doing that reverse 52 Weeks Challenge – gets easier and easier as time goes on vs the opposite, haha…

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40 Liz February 11, 2015 at 11:11 am

I signed up on January 15th and have $54.33 saved so far. I have a lot of transfers coming and going from my checking account to all of my other accounts, so this is just the icing on top of all of my other savings goals. I barely notice when they make a transfer, so this feels like money I found in an old coat or purse. I’m not sure what this will go to, so I’ll probably just let it go for a few months and see how much I can save in it.

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41 J. Money February 11, 2015 at 11:51 am

I have the same situation w/ money xfering all over since self-employment fluctuates so much, so glad it still works for you as it does me :) And a few months test is a great idea too – can always dump it out anytime you want!

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42 Kim @ Money Under the Cushions February 11, 2015 at 11:29 am

J$ That is awesome! My bank isn’t yet a member. Looking forward to when it is. But you reminded me because my husband said he’d do it. Vacation account. NIce!

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43 J. Money February 11, 2015 at 11:51 am

You married a smart man ;)

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44 Mrs. Marriage & Money February 11, 2015 at 12:47 pm

I heard about Digit on the Listen Money Matters podcast and it was definitely intriguing! Will you be using them continually or do you think that for you personally you have enough money saved that you don’t need their services? For us I think this might work out well, we are trying to save a little bit here and there each month to pay down student loans & I like the idea of it being automated depending on our spending habits.

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45 J. Money February 12, 2015 at 11:56 am

I plan on using them continually as just an extra way to stash more money and challenge myself :) I’m really REALLY good at not touching stuff once it’s set aside for something, so I need like 10 of these different tricks going on and I’ll eventually be saving like a mother, haha… This is why I loved it when I had a 401k plan and all that from the 9-5 world – all automated and don’t have to lift a finger! The fun part now is deciding what to do with the savings after a while… I’m thinking Roth IRA?

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46 Allison July 4, 2015 at 6:06 pm

Ok, that’s xactly what I was thinking with those who say they don’t like the no interest aspect. So, decide what the magic number is and when you hit that in your digit account, transfer it to your interest bearing account and start the digit game over again. Win, win, win. I’m gonna give it a whirl.
Stumbled upon this from Pinterest. So glad to find more spreadsheet- and penny-saving geeks like me in the world. I’m one of those who opens a new account every time the banks wave the $100 bonus and you have to make 10 debit purchases with your new account. I follow all the little rules and collect my $100. Then I close the account, or I’ve found a new bank I like. Either way, that’s a win too.

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47 J. Money July 6, 2015 at 7:58 am

hah – you’re a hustler :)

you’re def. in good company here though. we love tricks to get us to save more – thus my obsession with Digit still now after 6 mos of being with them :) Gotta rock what works!

let me know what you think once you’ve tried them out – would love to hear and share w/ the top dog over there. Thx for stopping by!

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48 AJ February 11, 2015 at 1:19 pm

Yes, I am loving Digit. I’ve had it for just over two weeks now and my savings is at $109 already. I would have never thought I’d have that much extra to set aside these days. It’s an awesome concept, especially with our automatic savings deposits on hold while my husband is on disability. Thanks for sharing it!

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49 J. Money February 12, 2015 at 11:57 am

Great! I hope you continue to get a lot out of it!

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50 Carrie Smith February 11, 2015 at 1:37 pm

I haven’t quite hit my first month of using Digit (in fact, I’m only about 3 weeks in) but I’ve already saved $64.46! It’s been such a fun extra way of saving and it’s not linked to my other bank accounts so it’s like bonus money. So glad you turned me onto this service, J!

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51 J. Money February 12, 2015 at 11:58 am

So cool Carrie! That makes me happy to hear :) I think of it as “bonus” money too, which is funny since it’s still OUR MONEY but now feels differently. We’re silly humans like that.

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52 Shannon @ Financially Blonde February 11, 2015 at 1:37 pm

Congrats on making Digit more money!!! As we’ve discussed in the past, I have a big issue with the fact that the money is not your own and you can’t invest and grow it other than moving the money out of your checking account. I challenge clients to do something similar and that’s auto draft from their checking to their savings. I know you might not have planned to save $200, but if you challenged yourself, I am sure you could have risen to the challenge like you do just about any challenge.

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53 J. Money February 12, 2015 at 12:02 pm

I love that you always battle me on this, haha… It’s the only comment I know I can be guaranteed to get ;)

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54 Lety February 11, 2015 at 1:42 pm

I have saved $173.82 in my first month including one referral. I don’t miss the money I’ve saved on Digit. I probably don’t miss it because I would have spent it mindlessly on something I don’t need. Hoping I can ignore it for a few months and then we’ll see where it goes.

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55 J. Money February 12, 2015 at 12:03 pm

I know where it can go – Index funds :)

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56 nick February 11, 2015 at 3:42 pm

I’ve been using them since 1/7 and am up to $111.81, average transfer is $9 and 2 days between.

But i did pause them on the 4th for a bit, my checking account has a much larger balance than normal due to an upcoming mortgage closing (normally it’s pretty empty). Once that’s done then it’ll be interesting to see how quickly this savings grows.

Nick

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57 nick February 11, 2015 at 3:44 pm

forgot to add that i find it fun to get a weekly text saying how much was saved and how much my checking changed from the previous week.

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58 J. Money February 12, 2015 at 12:04 pm

Cuz we’re nerds like that ;)

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59 Chris February 11, 2015 at 4:17 pm

I see everyone complaining about not earning interest on this money but what is to stop them from withdrawing the money from the Digit account which will send it back to their checking account in one lump sum and then immediately transferring it to their interest bearing savings account? It seems like if you are truly concerned about those few extra pennies that would be the work-around.

Just my two cents worth of interest!

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60 J. Money February 12, 2015 at 12:05 pm

Hah! And you’re right – you totally can do that and SHOULD do that at some point :) The whole thing here is just forcing yourself to put aside as much savings as possible vs the $0.00 people are normally doing now.

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61 [email protected] February 12, 2015 at 12:40 am

Looks like a great tool for a lot of people to get started on their savings in a painless manner. Although it seems that a lot of PF folks prefer more direct control over their money, myself included. We love our spreadsheets, I suppose.

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62 Elena February 12, 2015 at 6:21 am

It sounds like a great tool! One concern though – it seems like they get pretty solid access to your financial data/behavior. Are there any plans to ever sell that data or otherwise share with with affiliates/other businesses? I always ask this question, btw, not picking on Digit! It’s just that these days selling data has become the favorite way for tech companies to earn money.

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63 Ethan Bloch February 12, 2015 at 6:07 pm

Hey Elena,

We will never sell our users data. We will never share it with any affiliates for marketing purposes. We cover a lot of this in our Privacy Policy and have a new version in the works which does a better job spelling this out directly. Totally understand why you asked, it’s a good question cause you never know.

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64 Bridget February 12, 2015 at 9:31 am

Interesting!! This is really cool… though I doubt it’s available in Canada. I’m a little wary of giving an app access to my banking info (this is why Canadian banks frowned on Mint) but I think the concept is really cool.

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65 J. Money February 12, 2015 at 12:07 pm

Not in Canada yet but high on the list I believe :)

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66 Kali @ XY Planning Network February 12, 2015 at 12:05 pm

That’s impressive! I’m really tempted to sign up now, but I have a feeling I already act as a human Digit app the way I shovel every last cent into savings/investments each month :) This would definitely be an interesting experiment to run with anyone who feels like they’ve hit a savings wall and are already saving everything they can. Thanks for an update on this tool, J!

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67 J. Money February 12, 2015 at 12:08 pm

Thanks for stopping by and commenting :)

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68 Ben Luthi February 12, 2015 at 12:09 pm

“Am I saving as much money as I possibly can be right now?” If the answer is yes, then Digit’s probably not for you

And

Jay’s comment above: “It’s interesting but I feel like it’s a tool for irresponsible people.”

I’d consider myself as responsible a saver as they come, but I don’t consider myself infallible. I started Digit a couple weeks ago and am up around $60 already. Even if I’m working the zero-sum budget, it’s NEVER a bad thing to save more than I already am :)

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69 J. Money February 13, 2015 at 4:28 pm

Amen, brotha.

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70 Lora @ Crazy Running Girl February 12, 2015 at 11:44 pm

Apparently my spending is wonky because I haven’t saved *too* much with Digit (under $50), but it’s more than I would have saved on my own! Still loving it. :)

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71 Ethan Bloch February 13, 2015 at 3:19 pm

Hey Lora,

Here’s a new pro-tip, we just shipped this yesterday and is still kind of secret — try texting Digit “Save More” :)

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72 J. Money February 13, 2015 at 4:32 pm

BAM!

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73 Elisa February 13, 2015 at 12:08 am

I am ‘behind’ on reading what J. Money has been up to, so it wasn’t until last week that I read the January post about Digit. I just signed up a few moments ago, and I come back and here is the one month follow up! How cool! This will be interesting, as I’ve just opened new accounts at a CU, and should be getting my first DD paycheck, etc. It may be a slow start, as I still have to close out my bank acct and tidy up things, but money saved is money saved! I love this idea- I know intellectually I can get by with less, (save more) but it’s difficult to do sometimes. (I leave the money in checking). This will be another way in assisting me! I will email you in a month, J$!

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74 J. Money February 13, 2015 at 4:29 pm

Rock on Elisa! Please do let me know!

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75 Jordan February 13, 2015 at 12:35 pm

Is anyone else here using Digit with their Capital One 360 account? Every week, mine loses connection with my bank for some reason. Will have to check into this with Digit

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76 Ethan Bloch February 13, 2015 at 3:18 pm

Hey Jordan, that’s a major bummer. Sorry to hear about that. Can you send us a note at help (at) digit.co and we’ll take a look at what’s up? Thanks!

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77 Jessi February 13, 2015 at 4:46 pm

Hey Jordan!

I’ve been using it with my Capital One 360 account and have had no problems for the month I’ve been using it. I hope you get it all figured out!

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78 Jessi February 13, 2015 at 4:51 pm

I decided to try out digit by reading this post as an “experiment” of sorts. I already have a 401K and Roth through work, plus I do a weekly contribution by auto-draft from my bank, so it’s not like I wasn’t already saving.

But seriously in the month that I’ve been using digit, it’s saved me as of right now $348! That’s nuts in my head – my savings auto draft took me almost 4 months to reach $600, but yet doing pretty much nothing and watching it grow like that is great! So while I could increase my weekly auto-draft, I feel like digit is a small surprise for me every day. It’s kindof addicting in a way to watch the number always jump up.

I figure as long as I’m saving in general, why not diversify the streams? :)

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79 J. Money February 13, 2015 at 4:59 pm

EXACTLY.

More streams and more laziness is all perfectly fine with me :) It’s not like you lose any of your money either – if any of us start hating Digit later all we do is send that xfer text and we’re out!

Keep me updated over the months – would love to see how high your account gets, you’re doing better than me :)

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80 Kayla @ Femme Frugality February 13, 2015 at 3:58 pm

What an interesting concept behind Digit. I actually haven’t heard of it before. But since I’m kind of a control freak (and finance tracking freak) I don’t think I’ll sign up. I like making all the decisions myself. :)

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81 Grayson @ Debt Roundup February 13, 2015 at 11:05 pm

I signed up some time ago and was able to save $33 in three days. Simple and effective. That being said, I do enjoy my money sitting in accounts that make me money. That either being my saving account which gets me about 1% or my investments which are averaging 10%. I will say this product is great for those who think they can’t save. This will show you that you can. I will be using this product to save for a trip. “Set it and Forget it” kind of thing!

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82 J. Money February 14, 2015 at 3:43 pm

I like that idea of saving up for something. Nice start and finish goal :) Until you want the next “something” again haha…

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83 Finance Gru @ Money and Minions February 14, 2015 at 12:35 pm

Congratulations on becoming part of the digit team. I want to thank you for your 1st post in January on introducing Digit to your readers. I immediately signed up and watched how much money Digit saved me each day! The Minions’ are up to $224.19 so far! I can’t believe how incredibly easy a service can help you save some extra money every few days. And I also enjoy seeing my new best friend, digit, sending me a text each day with a summary of what is going on in my checking account. I am looking forward to seeing the new and upcoming features you hinted at.

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84 J. Money February 14, 2015 at 3:44 pm

Rock on – love to hear that! In a weird way they do start becoming your friend cuz they text you every few days, more than your real friends! haha… and they help you save more/pay attention to your $$ more than most real friends too ;)

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85 M D February 15, 2015 at 4:00 pm

I absolutely love Digit! I’ve been using it for about a month now and I’ve already got $358 in the account! Automation is the best thing you can do to save your money!

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86 J. Money February 18, 2015 at 3:52 pm

There you go!

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87 Jon @ Money Smart Guides February 15, 2015 at 4:23 pm

I’ve saved about the same about as you in my first month as well. I thought I had a nice, tight budget, but clearly I can tighten it up a little bit more.

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88 J. Money February 18, 2015 at 3:52 pm

Maybe you’ve just been hustling more and didn’t account for the extra income? ;)

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89 Jerri Lyn February 18, 2015 at 10:22 am

I signed up when you lasted posted about it (you’re welcome.)

I honestly thought it would not find any money to save, but my account today is $150.72! I’m amazed.

Thank you!

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90 J. Money February 18, 2015 at 3:53 pm

Woo! Look at that :)

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91 byjer February 20, 2015 at 11:11 am

Just joined yesterday…saved 0.69 so far. LOL Anyway, is there a way to not be notified every single time money is transferred? Maybe just a year end statement? I’d like to periodically check for myself and be pleasantly surprised instead.

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92 Ethan Bloch February 23, 2015 at 1:17 am

You won’t be notified every time. Just at certain milestones as well as every Thursday. Interesting idea re: year end statement. Can totally understand that — will share with the team!

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93 Raphael M. February 23, 2015 at 4:44 pm

What if my bank has a minimum balance requirement and the Digit withdrawals bring me below that number? Who pays that fee?

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94 J. Money February 28, 2015 at 3:45 pm

There’s no way to currently set a baseline like that unfortunately, but I know it’s on their radar as it’s a concern for others wanting to give Digit a shot too.

So in your case, I wouldn’t sign up because if it looks like money’s just sitting there, I’m sure the bots are going to want to save it :)

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95 Bert February 27, 2015 at 1:39 pm

I signed up for Digit a week ago and so far it’s taken out ~$40 in four different transfers. Seems aggressive, but not to the point I need to stop. But I do have questions as to how it analyzes financial activity in my case.

I have income from a variety of sources, ranging from my main job’s direct deposits into my Digital accessible account, rental income (which goes to a separate account but I will occasionally transfer into my Digit accessible account), and freelance income ranging from $175-$350 per deposit into my Digit accessible account every week or so).

Will the erratic nature of the rental income transfers and freelance deposits “confuse” Digit’s algorithm at all? I’m not concerned with it taking out too much, or even too little as this is more or less an experiment for me. Rather I’d just like to make sure it is optimized for my own financial situation.

Anyone have a similar situation they can comment on vis-a-vis Digit?

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96 Ethan Bloch February 28, 2015 at 3:59 pm

The regular and sporadic income won’t confuse Digit. It will see all of it and in fact could be way it’s being somewhat aggressive here. Btw. love that you have so many sources of income, legit!

Worth noting if you feel it’s still too aggressive after a while you can tell Digit to “Save Less” and always if you want “Save More” to dial in how aggressive it’s being.

EB
CEO @ Digit

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97 Liz March 10, 2015 at 11:28 am

I’m running into my first issues with Digit. The daily balance update seems to be frozen on a balance from a couple weeks ago, and when I text recent I get 3 transactions from a month ago! I disconnected my bank (Wells Fargo) and reconnected it to see if it fixes the problem. There hasn’t been an automatic transfer now for a few weeks, even though I’ve been getting paid every Friday. Has anyone else been having this issue? If so, how do you fix it?

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98 Ethan Bloch March 10, 2015 at 4:45 pm

Hey Liz, really sorry to hear about the trouble you’re running into. Can you (if you haven’t) already submit a help request at digit.co/help? We’ll take a quick look and see what’s going, and how we can get this resolved, and get you back on the Digit savings path!

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99 Kimberly May 8, 2015 at 12:12 am

I love how they send you pictures at every milestone. I just reached $575 with my 2nd month in. I LOVE DIGIT

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100 J. Money May 8, 2015 at 11:19 am

Haha yeah! They’re hip, I’m telling you :)

What are you going to do with all your savings?

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101 Paola August 1, 2015 at 12:25 pm

I have saved $1000 this summer. I love digit!! I have both a savings and checking account, but with it being so easy to transfer out of my savings, I tend to not be able to save as much as a I would like. Half of the time I forgot I even have digit and therefore am not tempted to take out money. It’s like it’s not even there, but it is. I don’t even know if what I’m saying makes sense. But anyways, I wouldn’t have ever saved this much if it wasn’t for digit.

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102 J. Money August 2, 2015 at 11:13 am

Love it! $1,000 is no joke – way to try them out and rock it :)

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103 Jennifer August 25, 2015 at 12:35 pm

I signed up with digit 2 weeks ago and so far it hasn’t saved any money for me. How long does it take for it to start saving? I save money, but I’d love for it to help me save more.

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104 J. Money August 26, 2015 at 7:13 am

weird – usually starts within a couple of days… maybe you’re so perfect at saving that there’s no room for it to do so for you? ;)

try texting in “save more” and see what happens – that’s set up to *ahem* save people more. If it doesn’t work, I’d email or tweet them and ask them to look into it for you in case there’s something else wonky going on.

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105 Elizabeth September 8, 2015 at 1:35 pm

If I ask Digit to take out more, will it only take out the amount I tell it to that one time?

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106 J. Money September 9, 2015 at 2:08 pm

Yup :) You mean like putting money into savings, yeah?

You can text in “Save $50” for example and it’ll then just push over $50 to your Digit savings as a one-time thing. It’ll also ask you to confirm first in case you accidentally typed in an extra 0 or something, haha…

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107 Elizabeth September 8, 2015 at 1:40 pm

Also, Has anyone tried taking their money out to see if it does get transferred in one business day?

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108 J. Money September 9, 2015 at 2:17 pm

I’ve tested it out and gotten my money pretty quick… Wasn’t paying attention to the exact # of days/hours, but I feel like it was the next day most times?

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109 Sam October 5, 2015 at 2:45 am

In your first article you stated that you love Personal Capital as well. Have you figured out a way to connect Digit with Personal Capital?

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110 J. Money October 5, 2015 at 10:53 am

Nah, but I also haven’t tried yet. I know that it pulls from your checking so if there’s a way to categorize those “expenses” into “savings” in personal capital it might do the trick? I tend to stick with my Excel spreadsheet for most of my stuff cuz it keeps me accoutable by manually tracking stuff vs automation. But my friends are obsessed w/ PC!

Here’s a recent review we featured on them btw if you’re interested:

Why I Use Personal Capital Almost Every Single Day

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111 Megan October 14, 2015 at 1:35 pm

How do I get in touch with someone from digit regarding an issue? I have two different funds transfers on back to back days totaling $60 that is not reflected in my digit savings balance. I have tried contacting them through their website with no luck in getting a response thus far. This is the first issue I have had and aside from this I love everything about digit.

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112 J. Money October 19, 2015 at 1:13 pm

Weird!

I’ll shoot them a note and see if they can contact you. Sorry to hear!

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113 Elisse November 30, 2015 at 1:21 pm

Has anyone tried to take the money they have saved out? How do you do that?

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114 J. Money November 30, 2015 at 2:33 pm

Yup – I’ve xferred money out here and there.

All you have to do is text “transfer” and tell it how much you want to move back over to your account :) You can even just say “transfer $50” and it’ll move it over even faster (after sending you a message first to double-check you want to move it). It’s super easy.

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115 Kay December 31, 2015 at 10:51 pm

I was hesitant about giving digit access to my bank info, but this has turned into one of the things that I love about digit. I researched digit a LOT before doing it and the only downside that I found was that it does not have a good interest rate program. The pluses of digit outweigh that! It automatically withdraws, but it only does small amounts so I don’t even realize it’s missing. The average it withdraws is $2 on my account, but this has turned into a nice savings account already. The texting feature let’s you transfer more if you want to, it also let’s you check you digit balance, your bank balance, or pause digit from withdrawing. If you are ever worried about digit withdrawing when your balance is low then texting to pause digit will put you at ease.

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116 J. Money January 2, 2016 at 12:28 pm

Glad you’re liking them!

They do offer “interest” now actually, it’s just called “bonuses” or something like that…

I’m now over $2,600 saved since signing up to this last year :)

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117 William Khardacor February 3, 2016 at 7:16 am

I think the comments sections is better than the article. Read all the replies. I like what I saw and joined. Joined Digit 7 days ago $15.95 already saved! Hopefully I can have $2000+ by the end of the year!

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118 J. Money February 3, 2016 at 8:08 am

I hope you can too :)

Just recently crossed over $3,000 here and looks like it’s been a year now since first posting this.

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119 Noelle April 5, 2016 at 2:34 pm

How much do you need to have in your account for Digit to transfer money? I have had it for a couple weeks and have requested the max in savings yet it never transfers money for me.

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120 J. Money April 6, 2016 at 1:16 pm
121 sharon June 26, 2016 at 11:49 am

I know I’m late to the comment game here, but I started using Digit in January, and I’m almost at $1000!

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122 J. Money June 29, 2016 at 6:28 am

ROCK ON!!!! That’s awesome! You’re averaging like $150+ a month, not too shabby :)

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123 Gina July 13, 2016 at 4:56 pm

I signed up for Digit 2 weeks ago. All I have been getting are text updates on my balance. When do the savings start?

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124 J. Money July 19, 2016 at 3:19 pm

Weird… do you typically have money left over each month or are you breaking even/losing money? It should start working within 2-3 days :( Shoot ’em an email ([email protected]) or hit them up on Twitter (@HelloDigit) and ask if it’s still not working for you.

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125 Lisa September 11, 2016 at 12:15 pm

how long before digit starts saving money for me??

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126 J. Money September 11, 2016 at 2:37 pm

Usually just a few days.

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127 Jerry October 24, 2016 at 1:10 am

I started using digit about a year and a half ago.

I have saved almost $5000.00 as of today.

This really is a great tool.

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128 J. Money October 24, 2016 at 6:54 am

Beautiful!!

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129 Derek January 10, 2017 at 5:02 pm

They are STEALING my money!! Ive deposited $60.05 so far in the Digit account but it only accounts for 35.50 saved. Where is the rest?? I don’t know it doesn’t show it.

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130 J. Money January 15, 2017 at 3:54 pm

Sorry to hear that man! I’m sure it’s there somewhere – they’re def. not in the business of ripping people off :)

If you shoot me an email I’ll pass it over to my contacts there and see if we can get to the bottom of it for you: j @ budgetsaresexy (dot) com

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