Digit helps consumers save money through automation and predictive accounts analysis

Country: USADigit
Year: 2013

Concept

  • Digit is a mobile app designed to help savers put money aside by automatically transferring money from their checking account to their Digit account
  • Based on financial statements and activity, the app calculates available cashflow and transfers small amounts of money every few days (typically between $5-50)
  • Every three months, Digit users are rewarded by savings bonuses of 5 cents per $100 saved
  • Customers receive text message notifications to remind them how much they have saved
  • The company says that it will never transfer more than customers can afford and has a no-overdraft guarantee (which covers the fee, up to two times per customer)
  • Digit customers can transfer money back to their current account by messaging “Withdraw” to Digit
  • Currently, only available in the USA, Digit is available to customers from over 2,500 banks (including Simple) and credit unions. An international expansion is in the pipeline
  • Digit accounts are FDIC-insured up to $250 000, with 128 bit security (bank level)

Consumer Benefits

  • Free: no user fees or hidden costs. Customers have unlimited transfers and no minimum transfer amount
  • Easy to use: regular automated transfers remove the hassle of remembering to transfer money to a savings account
  • Rewards: small financial incentives encourage users to save more

How To Use

  • US residents can sign up for free through the site and enter their mobile number
  • A confirmation code is sent by text
  • Once entered, users select their bank and link their current account

Illustration

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