Sometimes it's nice to just put your money goals on auto-pilot. The Digit app does that arguably better than any other savings app, auto-detecting spare amounts of cash from your bank accounts and moving them into savings funds. The cost of membership is also much very straightforward: simply $5 per month after a 30-day free trial.
To get started with Digit, you'll link one or more bank accounts to retrieve their balances and fund your contributions to savings. Simply navigate to the External Accounts section, search for your bank and enter the same username and password credentials you use to log into its app.
One nice aspect of Digit's bank connections is the added protection they provide against overdrawing a linked account. With the app's "Overdraft Protection" feature, you can set a rule that moves money from a savings goal back into your bank account if its balance goes beneath a certain amount.
SET UP SAVINGS AUTOMATION
Like most savings apps, the process begins with defining your unique goals, plus optional target amounts, emojis and completion dates. From there, you're able to make an initial deposit and then let the app go to work, finding amounts that the app determines are safe to withdraw. Unlike other apps that offer a mix of different ways to automate savings (including round-ups and custom rules), Digit keeps it simple with its auto-saving algorithm doing the heavy lifting.
That's not to say you can't influence the savings contributions at all. While Digit decides exactly how much to stash away at any given time, it still affords you the control to set caps on the amount that can be saved each day. And, in cases where you have more than one goal, you'll be able to prioritize which should get the lion's share of a day's worth of deposits with Digit's "Boost" feature.
Like Stash, Acorns and Qapital, Digit offers the option of investing saved money in a diversified portfolio - but at no additional cost from the basic membership package.
Once savings goals are live, you can always pause them, keeping in mind that some pending deposits may not always be paused. Naturally, Digit will let you know when you've reached a savings goal and offer to move money to your bank. If you prefer to periodically reward your savings efforts, you'll be able to set up scheduled withdraws from the goal.
Finally, every three months you'll get a bonus - coming in the form of 0.10% interest - based on the average daily balance over that period. Keep in mind that this rate may fluctuate based on the economic cycle.
NOTE: This review was based on Version 3.102.0 of the Digit iOS mobile app