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Digit is an all-encompassing money management app that uses technology to automate savings, spending, and investing for its users. The highly rated mobile app automatically tracks spending habits and payments to set aside funds for recurring bills and savings goals.
Mixed in with Digit's popular features are several lesser-known perks that provide additional value for customers. Unlike some budgeting apps that are free, Digit charges a $5 monthly fee. However, it may offer enough value to outweigh the cost. Here's a look at some of Digit's features you may not know about yet.
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1. Budgeting for bills
Digit calculates your spending and incoming deposits to set aside funds for recurring bills. The app lets you manually enter bill account details, but it also scans linked bank accounts to find monthly bills. As it identifies recurring charges, the app sets aside funds periodically instead of all at once.
2. Credit card linking
If you prefer to earn credit card rewards for spending and bill payments, you can still do that with Digit. App users can link credit cards, and Digit will budget credit card payments for the minimum monthly payment, statement balance, or the complete account balance.
3. Early direct deposit
Digit accounts feature a deposit account thanks to banking partner Pathward (formerly MetaBank). App users may receive their direct deposit paychecks up to two days early, depending on their employer and payroll processor.
4. No-fee ATM access
Another banking perk you get with Digit is a free debit card and access to thousands of fee-free ATMs across the country. Digit users can withdraw funds at more than 55,000 no-fee ATMs through the Allpoint network. Keep in mind that using ATMs outside of the Allpoint network could result in ATM fees.
5. Multiple investment portfolios
Digit offers three investment portfolio options to fit various needs and comfort levels. Each portfolio is expertly balanced with stocks and bonds to provide the best chance to grow your investments over time. Customers can choose from a conservative, moderate, or aggressive investment portfolio of exchange-traded funds (ETFs) and whether it's kept in a traditional or Roth IRA. While the investing features may not be enough for more experienced investors, it’s an excellent tool for beginners who aren’t sure what stocks or bonds to choose. There are also no extra fees or commissions tied to Digit investing, only the $5 monthly fee for access to all of the app’s features. Digit IRAs carry the same contribution limits and withdrawal restrictions as any IRA.
6. Unlimited savings goals
The ability to set aside funds for savings goals is a fairly common feature among budgeting apps, but some apps limit the number of goals or "buckets" you can create. Digit allows users to create an unlimited number of savings goals. Regardless of what you're saving for, you can create a goal with the app and start saving. Choose from one of Digit's goal suggestions or create customized goals to fit your needs. You can also add end dates or amounts to save.
Digits users have complete control over how much money the app sets aside. You can set daily maximums on savings goals. And if you need to pause savings to focus on other financial needs, Digit lets you stop and start saving at any time.
Using an app to help manage your money
Digit helps users budget money and save for big life goals and financial goals. The app offers many benefits, but it may not be right for everyone. Check out our list of the best budgeting apps to find one that fits your needs.
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