Today, I’m going to talk about how to automatically and painlessly save more money in a savings account. And, you won’t even realize you’re doing it! Win-win!

Update:  See my Digit balances at the end of the post.

Save more money with Digit

What is Digit?

Digit is a free service that saves money for you and you don’t even have to think about it. You do absolutely nothing but sign up for the service and Digit takes care of the rest.

All you have to do is input your checking account information*. Digit analyzes your current and past spending and income and comes up with a way to deposit small amounts of money you won’t even miss into a savings account.

How it works

From the Digit website:

Every 2 or 3 days, Digit transfers some money (usually $5-50) from your checking account to your Digit savings. We never transfer more than you can afford, so you don’t have to worry about over-drafting your account. In fact, we have a no-overdraft guarantee.

You can stop transfers or withdraw your savings at any time, with no limits and no fees. Simply sign in online or just text digit to withdraw money or stop transfers.

Digit has a handy texting feature that allows you to check balances and control transfers right at your fingertips.

(As I was typing this, Digit texted me telling my checking account balance yesterday and today, allowing me to see recent transactions if I wish.)

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Super charge your savings! Take 5 minutes and sign up for Digit** today!

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How do they do that?

Digit is so confident in the algorithms they have set up they offer a no-overdraft guarantee. Their robots analyze spending patterns, high/low balances, and upcoming bills and income to determine a small amount of money you won’t likely miss that won’t impact your finances.

Your Digit savings account

No need to set up a new savings account – Digit automatically sets up your new savings account when you sign up. Just like any other bank, Digit is FDIC insured up to $250,000 and your personal and account information is encrypted and secure.

And you do earn interest of sorts! Digit calls it a bonus; every 3 months, Digit looks at your average balance and awards you a bonus of 5 cents for every $100.

My experience so far

I’ve considered Digit for over a year now, but never got off my duff to actually follow through on signing up. Unfortunately, by delaying, I may have lost out on hundreds of dollars in savings I wouldn’t have even missed!

I recently signed up with Digit and it literally took me 5 minutes. My only question is why didn’t I do this sooner? Sign up is simple, completely user friendly, and fast.

I signed up just a couple of weeks ago and here is what my balance looks like:

Want to boost your savings this weekend? Sign up for Digit and let them do the work!

*Note: Digit is available at over 2500 banks and credit unions in the U.S., but some banks and credit unions are not yet supported by the app.

UPDATE: I am three months into using Digit and am loving the app and the painless savings. I really thought I had maxed out what I could save each month, but Digit has shown me I had room to save even more. I used the “pause” feature twice to stop Digit savings for a couple of weeks and it worked great. I also check my checking balance and recent transactions in my checking account through their app almost daily. Love it!

UPDATE #2 (04/11/2017): Digit is now charging $2.99/month for it’s services, which now include goalmojis (which allow you to set specific savings goals). I admit, I was disappointed to learn this. That said, if you struggle to save or want to challenge yourself to save even more, I still think Digit provides a great service. 

DIGIT SAVINGS UPDATES:

• July 12, 2016: $104.22
• August 7, 2016: $204.70
• September 6, 2016: $739.76 (We didn’t have a mortgage payment this month, resulting in additional savings)
• October 10, 2016: $1164.70 (Mortgage payment resumed)
• December 13, 2016: $1389.54 
• February, 2017: $2788.89

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**This post contains affiliate links, which means that if you click on one of the product links, I’ll receive a commission if you buy products through these links. See the full disclosure here. If you sign up for Digit through my links, I receive $5 for the referral.

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Are you ready to take action on your monthly expenses? Take the challenge!