Trying to save up for a getaway this summer? Hoping to buy a house in the next few years? Remembering to save is hard, and keeping that money you’ve set in your savings account is even harder – when the going gets tough, it’s always tempting to dip into your savings account for a little extra cash to get you through to next month. However, with Digit, you can set goals and save up your money without even having to think about it.
Digit is an app that connects to your checking account, and uses a chat bot to communicate with you about your finances and help you start saving. After analyzing your income and spending patterns, Digit will start saving a bit of money for you every two to three days, with the saved amount ranging between $2-$17. You can also set specific savings goals with a deadline, symbolized in the app with an emoji of your choosing, through Digit, or directly tell the app to transfer a desired amount of money from your checking account to your savings. The Digit app then transfers your saved money into an insured FDIC account, which you can access at any time.
To connect to your checking account, the app uses 128-bit encryption, and does not save your online banking details. Once the connection has been made, Digit uses a chat bot that you can either text or message in the app to check your account balance or your savings, pause Digit’s saving for a time period, or see how you’re progressing on your different savings goals. The chat bot, while cute, only recognizes specific commands, which you can send through the Digit keyboard in the app. You can also send said commands through your iMessage conversation with Digit, but I prefer just using the app itself.
Digit is a great app for someone like me, who is still learning what financial management techniques and patterns work best with my lifestyle. Very low maintenance, with a daily check-in on your account balance, it simplifies and develops your relationship with your own finances. Digit’s reminders and interactive nature instills a discipline to track your savings and gives you the boost you need to start tucking money away for your goals, both short and long term. A bonus with Digit – when you refer your family and friends to the app, you receive $5!
Digit is available for Android and iPhone.