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finder.com’s rating: 3.1 / 5.0
★★★★★
Digit savings is a microsavings app that helps you avoid overdrafts and passively set aside cash for short-term goals like vacations, emergency funds, investing and debt repayments. But it has a $5 monthly fee that can’t be waived and you only earn 0.1% interest — that’s $0.10 for every $100 you save.
0.10%
APY
$5 per month
Fee
$0
Minimum deposit to open
Annual percentage yield (APY) | 0.10% on balances of $0+ When you save for three consecutive months, your account is rewarded with a 0.10% annualized savings bonus. |
---|---|
Fee | $5 per month |
To waive the fee | Digit is free for the first 6 months. |
Minimum deposit to open | $0 |
New account fee | $0 |
Minimum balance to earn interest | $1 |
Interest compounding | Annually |
More info | Go to site |
Review by
Ryan Brinks is a former editor and publisher at Finder, specializing in investments. He holds a journalism degree from University of Wisconson–River Falls.
But there’s an unwaivable $5 monthly fee and the APY is only 0.1%, paid out quarterly. This APY likely isn’t enough to justify the cost as you’ll pay more in monthly fees than you’ll earn in interest.
If you’re looking for a Digit alternative, Ally Savings offers similar features but is free, earns more interest and lets you split your money up into different savings goals, round up debit card purchases and set up recurring transfers.
Get started with Digit in three easy steps:
To use the Digit app, you need the following:
When you sign up for Digit, you’ll need your:
We gathered a quick comparison of similar accounts to help you decide if Digit is right for you. For more options, select “Compare accounts” to review even more accounts for your savings.
Digit |
Western Alliance Bank High Yield Savings Account through SaveBetter |
Cloud Bank 24/7 |
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★★★★★ |
★★★★★ Finder rating 4.9 / 5 |
★★★★★ Finder rating 4.3 / 5 |
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|
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Fee $5 per month |
Fee $0 |
Fee $0 |
APY 0.10% |
APY 4.75% |
APY 4.48% |
Minimum deposit to open $0 |
Minimum deposit to open $1 |
Minimum deposit to open $1 |
Minimum balance to earn interest $1 |
Minimum balance to earn interest $0 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
Available for download to your smartphone, Digit is a simple, FDIC-insured means to passive savings that offers:
If you prefer a savings account with higher returns and no fees, you’ll want to keep looking. As always, compare your options when choosing a savings account.
Digit makes use of technology for everyday transactions. Transfer money in or out of the app in three ways:
Everything about Digit is online or on mobile, including its customer service:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.