When disaster strikes or the unexpected happens, you don’t need a savings account. You need a thousand dollars right then and there to fix the broken-down car or pay a medical bill.
Think back on a time when you were stressed for money. It was probably during an unexpected life event where something shook the ever-so-even ground you were walking on, and suddenly created a financial mountain for you to climb.
For me, it was after we totaled our Honda Accord (the second one totaled in just two years mind you). Sure, the accident wasn’t our fault and insurance would reimburse us, but we knew that the amount we would get for the car wouldn’t be a fair trade for what we wanted. We started car shopping and quickly realized that if we wanted a similar car with low mileage, we would be forking out at least $1,000.
Having just moved to a new city (hello moving expenses!) where my husband started a new job, we didn’t have an extra $1,000 at the time. Yes, we had a checking and savings account with our new local bank, but with closing costs on our house and moving expenses from just three months previous, little had accumulated in that savings account.
What if there was a different account, not connected to our bank checking or savings account that we could’ve pulled the money from? Oh, how that would’ve been a lifesaver!
Well, Digit is changing the way you save money now and creates a Rainy Day Fund for things just like this. It is separate from your bank accounts and helps you save money a little at a time, without hardly even noticing.
In the three years since launching, Digit has helped its customers set aside over $1 billion for emergency funds. The average Digit user saves close to $2,500 a year.
Digit is your new digital piggy bank
Digit is a digital piggy bank that saves your money for you without you noticing. It is the easiest way to automate your savings, without having to change any spending habits too. With Digit, you will accumulate a Rainy Day Fund fast, without even realizing it.
Digit uses your spending history and habits to help you set aside money. It looks at your checking account’s spending patterns, payment schedules, payday dates, upcoming bills and other factors and figures out how much cash you can afford to put into savings, without feeling like you’re taking a big hit.
With Digit you’ll get:
1% annual cash back on your Digit savings, paid every 3 months
The freedom to withdraw your money at any time, with no fees or account minimums
FDIC-insured and protected accounts
Text message updates
Digit sends you weekly updates and text messages to keep you up-to-date on the balance of your Digit account. It will notify you each time a transfer is made and you can request account information via text message. For example, you can text ‘Recent’ to get the last three transactions recorded by your checking account, or ‘Withdraw’ to move money from your Digit account back into your checking account at any time. You can also text or message the app to ‘Save More’ or ‘Save Less’ as you need. There is no penalty to pause Digit at any time as well.
You don’t earn interest on your account, but Digit does the calculating and saving for you. There is a “no overdraft” guarantee so if they accidentally overdraw your account, they will cover and pay for any fees or charges.
Worry less about overdrafts
Not only will they cover you in case an overdraft fee does occur, but now Digit is helping you avoid them. As of this week, Digit launched the new Low Balance Protection feature that will help users maintain their optimal checking balance and avoid overdraft fees. With this feature users will tell Digit the minimum balance they need in their checking account and when any transaction puts the account below that minimum, Digit will automatically send money from the user’s Digit account back into checking.
Americans pay an estimated $17 billion in overdraft fees per year, but with this protection from Digit, you can drastically cut this down overnight!
Your Digit account
Setting up an account is quick and simple. Register, sign up for text message updates and link your bank accounts to get started. You will also earn $5 for every friend that signs up!
The best thing about Digit is that you can use it as your primary savings or Rainy Day Fund, or to supplement whatever accounts you currently have.
Digit puts money aside for you, so you don’t have to. It’s the digital piggy bank that makes it quick and easy to get your hands on fast cash when the next life crisis hits.