Saving money might be something that most of us could have a tiny problem with, and for others it’s near impossible. There are many reasons as to why people simply don’t save a little money here and there, but the fact remains that more people don’t save money than you might think. That’s why there’s a new service called Digit which helps people to save money every month by setting things up to automatically transfer little amounts of money here and there without you having to think about it. After you set everything up Digit looks at your spending habits and begins to calculate where it can save you money, and proceeds to do so in a way that it won’t affect you.
Right now the service is only accessible through an online web portal, but you can access it through your smartphone even though there is no app. Think being able to save money automatically is a good idea? So did Google, which is why Google Ventures is investing into it along with other investment firms like Baseline Ventures and a handful of others, totaling an amount of $2.5 million in seed funding. The way it works is that you set up a Digit account, tie your checking account to it, and it will analyze how you spend your money on a day to day basis so it can decide where it can transfer money without hurting you or affecting what you might need for bills and other stuff.
The amounts that Digit transfers are small so it shouldn’t affect you overall, and about every two to three days it will transfer anywhere from $5 to $50 depending on what you can afford. They also have a no overdraft guarantee which states that they’ll pay any overdraft fees should they transfer money which causes the overdraft. Digit currently works with over 2,500 different banks and credit unions so they should cover just about everyone, and the service is also free to use so it isn’t going to cost you money to save money. One thing to note though about using something like Digit as opposed to a traditional savings account or CD at your bank is that the money transferred into your Digit savings doesn’t earn your any interest, something which they hope to change as they grow enough of a financial base to share the interest back with their users. Digit accounts are also FDIC-insured so should anything happen to your bank or Digit, your money is insured up to $250,000. Transferring money back from Digit is easy too as they set everything up to work through text messages, so if you want to transfer some money back just send a quick SMS to Digit with the word ‘Withdraw’ and Digit will transfer the amount you specify within one business day. You can sign up to give it a try at the Digit website, and remember it’s free so if you don’t carer to continue with you can always close the account.
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