Digit Checking account review
This account divvies up your money where you need it, but it comes with a monthly fee.
finder.com’s rating: 3.0 / 5.0
★★★★★Digit Checking is part of the Digit Direct trio, which gives you a checking, savings and investing account through its licensed partner bank, MetaBank. But what sets Digit Checking apart from traditional checking accounts is Digit’s algorithmic technology.
Digit budgets, saves and invests your money for you, so you know what’s left is safe to spend. But unlike some other bank accounts, a Digit Checking account will cost you $9.99 a month and your funds won’t earn any interest.
$9.99 per month
Kimberly Ellis is a personal finance writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
Expert reviewDigit Checking is best for those looking for a spending account that helps you budget, save and invest. Use your Direct Checking alongside Digit’s existing Savings and Investing accounts to more effectively manage your money.
You’ll get all the features of a traditional bank account with Digit’s AI technology as an added perk to help you divvy up your income to pay your bills and invest for the future. It’s best for customers who want to take the guesswork out of budgeting and saving.
But you’ll have to pay $9.99 a month to use it. If you prefer a checking account that combines an optional savings account, consider Chime Checking account, which is free to use and automates your savings. But if you want a spend account that combines savings and investment options, consider opening a cash management account.
How do I open a Digit Checking account?Digit Checking is currently not available, but you can sign up for it’s waitlist on Digit‘s site.
To sign up for a Digit Checking account, you’ll need to meet these requirements.
- Minimum 18 years old
- US citizen or legal resident
- Have a US bank account
During the onboarding process, you’ll need to provide the following information:
- Full name
- Email address
- Cell phone number
- Online credentials for your bank account
- Social Security number
What are the benefits of Digit‘s checking account?
The Digit Direct account is changing the way you bank with the following perks:
- Budgeting. Digit Checking takes your deposits and automatically allocates them to pay your bills.
- Saving. Set up savings goals and Digit will help you reach them by moving a specific amount each day from your Digit Checking account to your Savings.
- Investing. Digit can also create a diversified portfolio of exchange-traded funds (ETFs), so you can prepare your money for the future and your long-term savings goals. Digit can regularly pull cash from your checking account to fund your portfolio.
- Overdraft protection. If a transaction dips below $0, Digit will instantly transfer funds from your savings into your checking to prevent overdraft fees. Also, set up Overdraft Prevention to automatically move money to your bank account if it falls below a specific amount.
- Get paid early. With Digit Checking and direct deposit, you can access your paycheck up to two days early.
What should I look out for?Digit Direct may not be all it’s cracked up to be with the following disadvantages:
- Subscription. Digit Direct includes a Digit Checking, Savings and Investing account at a monthly fee of $9.99 or pay $95 annually and save $24.88 per year.
- Algorithmic savings. Digit intelligently allocates funds and saves money for you based on an algorithm. But it’s not 100% foolproof. But if Digit causes you to overdraw your account, it’ll reimburse you for up to two overdraft fees.
- Not available yet. Although you can sign up for Digit Savings and Investing, Digit Checking isn’t yet live.
- Doesn’t earn interest. While Digit offers a 0.10% annual savings bonus, you won’t earn any interest through your Digit bank account.
Digit‘s ATM network and fees
Although Digit is a completely digital bank, it partners with a network of 55,000 surcharge-free ATMs through Allpoint’s ATM network. Out-of-network ATM transactions cost $2.50.
Compare Digit Checking with other checking accounts
How do I deposit or withdraw my money?Digit Checking offers several ways to fund your account and spend your cash:
- Direct deposit
- Mobile check deposit
- ACH transfer
- Debit card
- Send checks from the Digit app
- Bill pay
- ATM withdrawals
How to contact Digit customer service?Digit plans on offering live phone support in the near future. But right now, the only way to contact customer service is by:
- Submitting a help request on its website.
- Emailing email@example.com.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Digit Checking is not currently available on Finder
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- No minimum balance