Digit offers an automated savings app that analyzes the user’s spending habit and automatically diverts small amounts to their savings. It analyzes their income and spending pattern and finds small amounts of money that can be safely set aside. When the user requires funds for any particular purpose, they can send Digit a text message and the money is transferred directly from Digit savings to the checking account. The savings accounts are FDIC-insured custodial accounts held at partner banks Wells Fargo and BofI Federal Bank.
PRODUCTS & SERVICES:
Digit offers an automated savings platform that connects customers' checking account to Digit savings. It has developed an algorithm that determines the amount of money that a user can safely save each month after forecasting upcoming expenses and automatically sweeps that amount from user’s checking account into their savings account. The app also offers a credit card debt payment feature that automatically make an extra payment every month on a user’s credit card.
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The company has partnered with FDIC-insured banks where customers' funds are held.
The company supports over 2,500 banks and credit unions and all Digit accounts which are FDIC insured.