We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Digit app review

Last updated:  

This microsavings app helps you save money effortlessly — but don’t expect to get rich fast.

finder.com’s rating: 4.0 / 5.0

★★★★★

The world of finance is ever-changing, helped along by new technology. The Digit microsavings app is the perfect example of old-school frugality mixed with 21st-century tech.

With Digit, you can easily save money for short-term goals. But you might try other ways to save if you have a more rigorous target in mind.

1.00%

APY

$2.99 per month

Fee

$0

Minimum deposit to open

Details

APY1.00%
Fee$2.99 per month
To waive the feeDigit is free for 30 days
Minimum deposit to open$0
Intro or bonus offerWhen you save for three consecutive months, your account is rewarded with a 1% annualized savings bonus.
Minimum balance to earn interest$0
Interest compoundingQuarterly
Go to site
More Info

Expert review

Ryan Brinks

Review by


As the assistant publisher of banking and investing at finder.com, Ryan Brinks melds more than a decade 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.

Expert review

Digit is best for savers who are looking for an automated way to save. Digit learns your habits and transfers a portion of your income to a savings account where you’ll earn 1% APY.

However, there’s an unwaivable monthly fee of $2.99 a month.

What are the benefits of saving with the Digit app?

Available for download to your smartphone, Digit is a simple, FDIC-insured means to passive savings that offers:

  • Automatic transfers. Digit learns your habits, including your expected income and spending. It then transfers the leftovers into savings for you.
  • No minimum balance. Start with your small change, and let the savings add up over time.
  • Overdraft protection. Digit helps avoid overdrafts by transferring back into your checking if your balance runs too low. Plus, if the app causes your checking account to overdraft, Digit reimburses fees for up to two transactions.
  • Unlimited withdrawals. Need to tap into your savings? Withdraw what you need anytime without incurring fees.
  • Manage from mobile. View your balance, make a withdrawal, move money into your Rainy Day Fund and more from your smartphone.

What should I look out for?

Digit only offers the ability to deposit or withdraw your money online, by app or by text. Other potential drawbacks to be aware of include:

  • Monthly fee. You’ll pay $2.99 a month to use Digit‘s services. Or more than $35 a year.
  • Low interest. You can earn a 1% bonus on your average daily balance every three months — a rate most high-yield savings accounts can beat.
  • Limited support. You can’t get help by phone, in person or through live chat. Instead, you’ll need to email your question and wait for a response or search the online Help Center.

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.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
1.90%
$0
$0
Earn 20x the national savings account average with no fees or minimums.
1.75%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
1.50%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
1.85%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
Betterment Everyday Savings
Betterment Everyday Savings
1.85%
$0
$10
This savings account has no account and overdraft fees, plus it requires no minimum balance.
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account.

Compare up to 4 providers

How do I sign up?

Get started with Digit in three easy steps:

  1. Download the Digit app to your mobile phone or visit the website. Click Sign Up Now.
  2. Enter your cell phone number and choose a password. Click Sign Up.
  3. Choose one or more savings goals inside the app, connect your bank’s checking account and start saving.

Eligibility

To use the Digit app, you need:

  • A US checking account to link to Digit.
  • An iPhone or Android mobile phone.

Required information

When you sign up for Digit, you’ll need:

  • Your mobile phone number.
  • Social Security number or tax ID number
  • Your bank name and account details.

How do I deposit or withdraw money?

Digit makes use of technology for everyday transactions. Transfer money in or out of the app in three ways:

  • Online. Log in to your online dashboard from Digit‘s website.
  • App. Transfer money into your Digit account or withdraw from it using your phone.
  • Text. Text the company commands like “withdraw” or “pause” for fast transactions.

How can I get in touch with customer service?

Everything about Digit is online or on mobile, including its customer service:

  • Online. If you have a question, search the help center. It’s chock-full of articles breaking down how the app works.
  • Email. Complete the secure contact form from the help center for a response from customer service.

Frequently asked questions

Savings account ratings

★★★★★ — 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.

Read the full methodology of how we rate savings accounts.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site