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finder.com’s rating: 3.4 / 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
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. |
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Fee | $5 per month |
To waive the fee | Digit is free for 30 days |
Minimum deposit to open | $0 |
New account fee | $0 |
Minimum balance to earn interest | $1 |
Interest compounding | Annually |
More Info |
Review by
As the news editor at Finder, Ryan Brinks melds decades of experience in business news and online content into creating comprehensive and helpful comparisons of the companies you trust your money with. He loves to innovate and put money to work while keeping a careful eye on managing risk. Beyond work, Ryan's also passionate about his family and serving his community.
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 and earns more interest. With Ally, you can split your money up into different savings goals, round up debit card purchases and set up recurring transfers. Ally will even analyze your checking account and move extra funds to savings.
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
★★★★★
Find out more |
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Fee
$5 per month |
APY
|
Minimum deposit to open $0 |
Minimum balance to earn interest $1 |
American Express® High Yield Savings
★★★★★
Go to site |
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Fee $0 |
APY 0.50% |
Minimum deposit to open $0 |
Minimum balance to earn interest $1 |
Aspiration Spend & Save Account
★★★★★
Go to site |
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Fee $0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually) |
APY
|
Minimum deposit to open $10 |
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.