6 thoughts on “Automate Your Savings with Digit”

    1. The accounts are custodial accounts held in the end user name at major banks and are FDIC insured. There is no interest paid on the accounts, but they are also fee free. The interest is how the company is making money to pay for the product. The owners have stated that they would like to offer an interest share at some point in the future.

    1. I am a fan of this service because of how easy it is. I don’t think it would be the best savings account for the long-term for everyone, but with a negative savings rate among young people, this is a great tool that could help turn that trend around.

      In the long run, this could be a good way to build up a substantial savings without doing any extra work. If you are concerned about losing out on interest, which is only about .06% on average, you could wait for your balance to grow and every time you hit a milestone, like $500 or $1,000, transfer the balance to a savings account.

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