Digit App Review: Budgeting, Saving, Investing (2024)

Gone are the days of manually tracking every dollar and struggling to find the savings to achieve your financial goals. With the Digit app, budgeting, saving, and investing have never been easier. Formerly known as Oportun, Digit has quickly become one of the most popular financial apps on the market, praised for its innovative features and user-friendly interface. In this in-depth review, I’ll explore everything you need to know about Digit and how it can revolutionize your approach to personal finance.

Key Takeaways:

• Digit automates the process of budgeting, saving, and investing, making it easy to achieve your financial goals.
• The app uses machine learning to analyze your spending habits and balance, ensuring that you save and invest an amount that you can safely afford.
• Digit offers a savings account with FDIC-insured partner banks and investment options to help you grow your wealth.
• Digit prioritizes the security and privacy of your financial data through encryption and robust measures.
• While there is a monthly fee, the convenience and value the app provides make it a worthwhile investment in your financial future.

How Digit Works

Digit is a powerful financial app that utilizes machine learning to revolutionize the way you budget, save, and invest. By connecting your bank account, Digit analyzes your spending habits and balance to determine how much money you can safely save. Let me walk you through the remarkable features of this app.

• Automated Saving: Digit automatically withdraws money from your linked bank account and deposits it into your Oportun account of choice. This innovative feature ensures that you consistently save without having to manually transfer funds.
• Set Savings Goals: With the Digit app, you can set specific savings goals to keep you motivated and on track. Whether it’s saving for a vacation, an emergency fund, or a down payment on a house, Digit helps you visualize your progress and stay focused.
• Debt Identification: Identifying and reducing debt is an essential part of financial health. Digit allows you to track and manage your debts, offering insights and strategies to pay them off efficiently.

Digit’s user-friendly interface and intelligent algorithms take the guesswork out of managing your finances. It’s like having a personal financial advisor in the palm of your hand.

“Digit simplifies the saving and investing process by automating the transfer of funds from your bank account.”

To give you an even clearer picture of how Digit works, take a look at the table below:

Features	Description
Automated Saving	Digit analyzes your spending habits and automatically transfers money to your savings account.
Savings Goals	Set specific goals and track your progress within the app to stay motivated.
Debt Identification	Digit helps you identify and manage your debts, offering insights and strategies for repayment.

With Digit, you can take control of your financial future effortlessly. The app’s seamless integration with your bank account and its advanced features make saving and investing a breeze.

Security and Pricing

When it comes to your finances, security is of utmost importance. With Digit, you can trust that your data is well-protected. The app employs full encryption to safeguard your personal and financial information. While no method is foolproof, Digit takes the necessary measures to ensure the security of your data.

In terms of pricing, the app offers a free trial for the first six months, giving you ample time to experience its benefits. After the trial period, Digit requires a monthly subscription fee of $5. Some may question the cost of a budgeting app, but consider the value it brings to your financial journey. The convenience and support it offers in achieving your money-saving goals may outweigh the nominal monthly fee.

For a comprehensive overview of Digit’s pricing and security features, refer to the table below:

Features	Security	Pricing
Full Encryption	Digit provides a fully encrypted app, protecting your personal and financial information.	$5 per month after the 6-month free trial
Secure Data Handling	Digit takes measures to handle your data securely, though no method is entirely infallible.

Savings Account

Digit offers a savings account within the app that redirects to FDIC-insured partner banks, such as Pathward. This means your funds are protected up to $250,000 per depositor, per bank.

The savings account also offers a savings bonus of 0.10% APY, which is paid out every three months as long as you save for three consecutive months.

Investment Options

When it comes to saving for retirement or achieving long-term financial goals, Digit provides a range of investment options to help you grow your wealth. The app matches users with a diversified portfolio of exchange-traded funds (ETFs) tailored to their risk tolerance and investing goals.

Diversification is a key strategy for minimizing risk and maximizing returns in an investment portfolio. By investing in a variety of assets, such as stocks, bonds, and real estate, you can spread your risk and potentially achieve steady growth over time. Digit’s diversified portfolio approach takes the guesswork out of investing and ensures that your money is allocated across different asset classes.

One of the standout features of Digit is its ability to help you save for retirement. The app offers an Individual Retirement Account (IRA) option, allowing you to contribute to your retirement savings while enjoying potential tax advantages. With an IRA, your money grows tax-deferred until you withdraw it during retirement.

Here is an overview of the investment options available through Digit:

Investment Option	Description
Diversified Portfolio	Automated investment in a mix of ETFs based on your risk tolerance and investing goals.
Individual Retirement Account (IRA)	Saving for retirement with potential tax advantages. Digit ensures that you don’t exceed the annual contribution limit.

Table: Investment Options Available through Digit

By offering investment options alongside its automated savings features, Digit provides a comprehensive solution for building wealth and securing your financial future. Whether you’re a beginner investor or an experienced one, Digit’s investment options can help you grow your savings and work towards a comfortable retirement.

Access and Ratings

Digit is available on multiple platforms, ensuring accessibility for users across various devices. Whether you prefer using your iOS or Android device or even accessing it through your desktop, Digit has you covered. This flexibility allows you to manage your finances anytime, anywhere, with ease.

When it comes to user ratings, Digit has garnered a strong reputation. The app has received high praise and positive feedback, reflected in its impressive ratings on both the App Store and Google Play. With 4.7 stars out of 5 on the App Store and 4.4 stars out of 5 on Google Play, it’s clear that users appreciate the app’s features and performance.

What sets Digit apart is not just its accessibility but also its user-friendly interface. The app’s simplicity makes it easy for users to navigate and utilize its various functionalities. Whether you’re a tech-savvy individual or someone who prefers a straightforward approach to personal finance management, Digit caters to both ends of the spectrum.

Highlighted Ratings

App Store	Google Play
4.7 stars out of 5	4.4 stars out of 5

Pros of Using Digit

Using the Digit app comes with several advantages that make it a top choice for budgeting, saving, and investing. Here are some of the key benefits:

1. Automated Saving and Investing: Digit takes the hassle out of manual saving by automatically analyzing your spending habits and withdrawing money from your linked bank account. It intelligently determines the amount you can safely save and invest, helping you effortlessly grow your finances.
2. Simple User Interface: Digit app offers a user-friendly interface that is easy to navigate and understand. It provides a streamlined experience, making it convenient for users to manage their financial goals effectively.
3. Security of FDIC-Insured Savings Account: Digit ensures the security of your savings by partnering with FDIC-insured banks. This means that your funds are protected up to $250,000 per depositor, per bank.
4. Helps Achieve Financial Goals: Many users report positive reviews about how Digit has helped them reach their financial goals. By automating the saving process, Digit makes it easier to stay on track and build a solid financial foundation.

With these advantages, Digit app empowers users to take control of their financial future and achieve their money management objectives.

Advantages of Using Digit:
Automated Saving and Investing
Simple User Interface
Security of FDIC-Insured Savings Account
Helps Achieve Financial Goals

Cons of Using Digit

While the Digit app offers many benefits, there are a few limitations that users should consider. Understanding the potential disadvantages can help you make an informed decision before downloading the app.

1. Inability to Directly Move Money from Savings to Investing

One limitation of the Digit app is that users are unable to directly transfer funds from their savings account to their investment account within the app. This means that if you want to allocate some of your savings towards investments, you will need to manually withdraw the funds from Digit and transfer them to your preferred investment platform. This extra step may be inconvenient for some users who prefer a seamless transition between saving and investing.

2. Six-Month Time Limit on the Free Version

The free version of the Digit app has a limited trial period of six months. After the trial period ends, users will be required to pay a monthly fee of $5 to continue using the app. Some users may be hesitant to commit to a monthly subscription fee for a budgeting app, especially if they are unsure of its long-term value. It’s important to evaluate your budget and financial goals to determine if the cost of the app aligns with your needs.

3. Potential User Resistance to Paying for a Budgeting App

Although the Digit app offers valuable features and automation capabilities, some users may still be hesitant to pay a monthly fee for a budgeting app. The availability of free budgeting apps and alternative methods of manual budgeting may discourage users from investing in a paid app like Digit. It’s important to weigh the convenience and value that Digit provides against the cost and any potential alternatives before making a decision.

Summary: Cons of Using Digit

While the Digit app has many positive attributes, it’s important to consider the limitations before committing to it. The inability to directly move money from savings to investing, the time limit on the free version, and the monthly fee may deter some users. However, it’s crucial to evaluate these factors based on your personal financial situation and determine if the benefits of the app outweigh the disadvantages.

Introduction to Digit App Review: My Experience with Digit

As a personal finance journalist, I had the opportunity to explore and evaluate the Digit app firsthand. Intrigued by its automated saving and investing features, I was eager to see how it could simplify my budgeting process and help me achieve my financial goals. In this review, I will share my personal experience with the app and provide an in-depth analysis of its features and functionality.

At first glance, Digit offers a user-friendly interface and a range of tools designed to make your financial journey seamless. But how does it fare in real-world scenarios? Join me as I delve into my digit app review, highlighting the app’s strengths, weaknesses, and whether it truly lives up to its promises.

Throughout my review, I’ll cover various aspects of the Digit app, including its usability, automated saving and investing features, security measures, pricing structure, and overall value proposition. My objective is to provide an honest and unbiased assessment to help you determine if Digit is the right budgeting app for your needs.

So, sit back, relax, and let’s dive into my personal review of the Digit app!

Setting Up the Digit App

To begin using the Digit app, you’ll first need to download it from either the App Store or Google Play. Once the app is installed on your device, the next step is to create an account. Simply follow the registration process within the app, providing the necessary information.

After setting up your account, you’ll then need to link your bank account to the Digit app. This will allow the app to access your transaction data and analyze your spending habits and balance. The app uses this information to determine the appropriate amount to save and invest on your behalf.

Once your bank account is linked, the app will initiate the onboarding process. This involves analyzing your financial habits and patterns to personalize the savings and investment recommendations it provides to you. By understanding your specific circumstances, Digit can offer tailored guidance and suggestions to help you achieve your financial goals.

Within the Digit app, you also have the option to set savings goals. This feature allows you to specify the amount you want to save and the timeframe in which you want to achieve your goal. The app will then calculate how much you need to contribute regularly to reach your desired savings amount within the given timeframe.

By setting up the Digit app and completing the registration and onboarding process, you’ll gain access to a simplified and automated approach to budgeting, saving, and investing. With personalized recommendations based on your financial habits and the ability to set savings goals, Digit empowers you to take control of your financial future.

Using the Digit App: Automated Saving and Investing

Once you have set up the Digit app, it seamlessly takes care of your saving and investing needs, automating the process to make it effortless for you. The app analyzes your spending habits and balances by accessing your linked bank account. Based on this information, Digit intelligently determines the amount of money you can safely save and invest.

With the help of machine learning technology, Digit ensures that you save and invest an amount that aligns with your financial capabilities and goals. This personalized approach allows you to optimize your saving and investing strategy without any guesswork.

Using the Digit app, you can easily view and manage your savings goals within the app itself. Whether you are saving for a dream vacation, a down payment on a house, or retirement, Digit provides a user-friendly interface that allows you to track your progress towards each goal.

With automated saving and investing as its focal point, the Digit app simplifies the process of reaching your financial goals. It takes the burden off your shoulders by handling the transfer of funds from your linked bank account to your Oportun savings or retirement account.

By automating the saving and investing process, Digit not only makes it easier for you to save consistently but also helps you stay on track with your financial objectives. With the app, you can enjoy the peace of mind that comes with knowing you are steadily building your savings and investing for a secure future.

Security and Privacy: Protecting Your Financial Data

When it comes to managing your finances using a mobile app, security and privacy are of utmost importance. At Digit, we understand the significance of safeguarding your financial data and have implemented rigorous measures to ensure the protection of your personal information.

Digit’s app is fully encrypted, utilizing advanced technology to secure your data during transmission and storage. We employ industry-standard encryption protocols and regularly update our security measures to stay ahead of emerging threats.

“At Digit, we prioritize the security and privacy of our users’ financial data. Your trust in our app is of paramount importance to us.”

While we continuously strive to maintain the highest level of security, it’s important to note that no method of transmitting or storing information can be entirely immune to potential risks. As with any financial app, it’s crucial to remain vigilant and take additional steps to protect your personal data.

Review and Understand Privacy Settings

To further enhance your data protection, Digit provides comprehensive privacy settings within the app. These settings allow you to control the information you share and customize your app experience. It’s essential to review and understand these settings to ensure they align with your privacy preferences.

By familiarizing yourself with the privacy settings, you can have peace of mind knowing you have control over the data shared through the app and tailor it to your comfort level.

Terms of Use and Data Handling

In addition to privacy settings, familiarize yourself with Digit’s terms of use and data handling practices. These documents outline how your data is collected, stored, and processed, ensuring transparency in how we handle your information.

By reviewing the terms of use and data handling practices, you can gain a better understanding of how your data is utilized within the app and make informed decisions about using Digit for your financial management needs.

At Digit, we are committed to providing a secure and trusted platform for managing your finances. Protecting your financial data is our top priority, and we continuously strive to enhance our security protocols to keep your information safe.

Security Measures	Privacy Settings	Data Handling
Advanced encryption protocols	Customize app experience	Transparent data handling practices
Regular security updates	Control shared information	Aligns with industry standards
Continuous monitoring for threats	Enhance data protection	Informed decisions about data usage

Pricing and Value: Is Digit Worth the Cost?

When considering the value of the Digit app, it’s important to evaluate the cost and the benefits it provides. The app is free for the first six months, giving users an opportunity to experience its features and determine its usefulness. After the trial period, Digit charges a monthly fee of $5. Some may question the cost of a budgeting app, but the value it offers in streamlining your saving and investing efforts can make it worth the price.

Automating the process of budgeting and saving, Digit eliminates the need for manual transfers and calculations. It analyzes your spending habits and balances to determine the right amount to save and invest, relieving you of the burden of decision-making. By effortlessly setting aside money that you can safely save, Digit saves you time and empowers you to reach your financial goals.

While $5 may seem like a small amount, it’s important to consider the overall value Digit provides. The convenience of automatic savings, the potential for investment growth, and the peace of mind that comes from having a dedicated app to manage your finances are all valuable aspects of the app. Digit streamlines the process and keeps you on track, helping you build a stronger financial future.

As a personal finance journalist and someone who has used the Digit app, I believe that the value it brings to your financial journey surpasses the monthly fee. By eliminating the effort of manual budgeting and saving, Digit frees up time and mental bandwidth, allowing you to focus on other important aspects of your life.

Ultimately, the decision of whether Digit is worth the cost depends on your individual financial goals and preferences. If you value convenience, automation, and an intuitive user experience, Digit could be a game-changer for you. However, if you prefer a completely free budgeting app or have specific features that are essential to you, exploring other options might be worth considering.

Remember that financial management is an ongoing process, and finding the right tools to support your journey is crucial. The value of Digit extends beyond the price tag, as it offers a streamlined approach to budgeting, saving, and investing that can greatly enhance your financial well-being.

Pros	Cons
Automates the process of saving and investing	Monthly fee after the free trial period
Intuitive user interface	Cannot directly move funds from savings to investing
Offers an FDIC-insured savings account	Free version has a six-month time limit
Provides investment options for long-term goals	Paying for a budgeting app might deter some users

Comparisons to Other Budgeting Apps: How Does Digit Stack Up?

When looking at the landscape of budgeting apps available today, it’s important to consider how Digit stands out from the competition. While there are numerous options to choose from, Digit differentiates itself with its unique focus on automated saving and investing.

Many budgeting apps offer a wide range of features, such as money management tools and net worth tracking. While these features can be beneficial, they may not be the primary focus for everyone. Digit excels in simplifying the saving and investing process, making it an ideal choice for those who want to automate their savings and effortlessly reach their financial goals.

By leveraging machine learning algorithms, Digit analyzes your spending habits and balance to determine the right amount to save and invest. It eliminates the need for manual transfers or calculations, ensuring that you consistently allocate money towards your goals without lifting a finger. This hands-off approach saves time and streamlines the budgeting process.

While other budgeting apps may offer a broader range of functionalities, Digit’s laser-focus on automated saving and investing sets it apart. It’s particularly suited for individuals who prioritize simplicity and convenience in their financial management tools.

The Benefits of Digit’s Automated Saving and Investing:

• Effortless savings: Digit automatically withdraws money from your linked bank account and deposits it into your savings or retirement account, eliminating the need for manual transfers.
• Consistent progress: With Digit’s automated approach, you’ll consistently save and invest without having to actively think about it, ensuring steady progress towards your financial goals.
• Time-saving: By automating the saving process, Digit frees up your time and removes the hassle of manual budgeting, allowing you to focus on other aspects of your life.
• Goal-oriented: You can set specific savings goals within the app, and Digit will intelligently allocate money towards those goals based on your spending patterns and financial situation.

Alternative Budgeting Apps Comparison

While Digit excels in automated saving and investing, it’s important to consider the unique features and functionalities offered by other budgeting apps before making a final decision. Here is a comparison of Digit with some popular alternatives:

App	Features	Automated Saving and Investing	Money Management Tools	Net Worth Tracking
Digit	Focused on automated saving and investing	✓	✕	✕
Mint	Comprehensive money management tools	✕	✓	✓
YNAB	Envelope budgeting system	✕	✓	✓
Personal Capital	Investment tracking and wealth management	✕	✓	✓

While Mint, YNAB, and Personal Capital offer a more comprehensive suite of features, Digit’s focus on automated saving and investing makes it a standout choice for those seeking a simple and hassle-free approach to achieving their financial goals.

In conclusion, if your primary goal is to automate your savings and reach your financial goals effortlessly, Digit is a great choice. While other budgeting apps may offer a wider range of features, Digit’s focused approach simplifies the process of saving and investing. By leveraging automated systems and machine learning algorithms, Digit streamlines the budgeting process, enabling you to consistently make progress towards your financial aspirations.

My Final Thoughts on Digit: Should You Download It?

As a financial professional and personal finance journalist, I believe that the Digit app is a valuable tool for those looking to streamline their budgeting, saving, and investing efforts. The app’s automated features make it easy to save and invest without having to manually transfer money each month. While there are some limitations to consider, the overall value and convenience of Digit make it worth considering for anyone looking to improve their financial habits.

Conclusion

In conclusion, the Digit app provides a reliable and user-friendly solution for budgeting, saving, and investing. With its automated features and innovative tools, Digit simplifies the process of reaching your financial goals. The app’s automated withdrawals, customizable savings goals, and diversified investing options give users the flexibility and convenience they need to take control of their finances.

While there are some limitations and a monthly fee to consider, the overall value and convenience of Digit make it a top contender in the budgeting app market. Whether you’re just starting to save or you’re an experienced investor, Digit can help you make progress towards a more secure financial future.

So, if you’re looking for an app that offers an automated and user-friendly approach to managing your finances, Digit is definitely worth considering. Its intuitive interface and powerful features make it a valuable tool for individuals who want to simplify their financial planning and achieve their goals. Give Digit a try and take a step towards a brighter financial future today!

FAQ

What is Digit?

Digit is an app that automates the process of budgeting, saving, and investing. It uses machine learning to analyze your spending habits and balance and automatically withdraws money from your linked bank account to save and invest for you.

How much does Digit cost?

The Digit app is free for the first six months. After the trial period, it costs per month.

Is my information secure with Digit?

Digit prioritizes security and provides a fully encrypted app. While no method of transmitting or storing information is 100% secure, Digit takes measures to protect your data.

Can I access Digit on different devices?

Yes, Digit is available for iOS and Android devices, and you can also access it on desktop.

Does Digit offer a savings account?

Yes, Digit offers a savings account within the app that redirects to FDIC-insured partner banks. This means your funds are protected up to 0,000 per depositor, per bank.

Can I invest with Digit?

Yes, Digit offers investment options and matches users with a diversified portfolio of exchange-traded funds (ETFs) based on risk tolerance and goals.

How does Digit compare to other budgeting apps?

While other budgeting apps may offer a wider range of features, Digit excels in simplifying the saving and investing process with its automated features.

What are the advantages of using Digit?

Some advantages of using Digit include automated saving and investing, a simple user interface, and the security of an FDIC-insured savings account.

Are there any limitations to using Digit?

Some limitations include the inability to directly move money from savings to investing and a six-month time limit on the free version of the app.

Is Digit worth the cost?

The value of Digit’s automated features and the convenience it provides in reaching your financial goals can outweigh the monthly cost.

Our Friends

• https://www.cnbc.com/select/why-i-decided-to-delete-the-digit-app/
• https://www.forbes.com/advisor/banking/digit-budgeting-app-review/
• https://www.thepennyhoarder.com/save-money/digit-review/