Digit works by reading your linked bank account to intelligently and safely save money for you automatically.
Your funds in Digit are safe and protected, and you can easily move what you've saved back to your linked account when you need it.
How does Digit save for me?
Digit looks at a few things when it determines when and how much to save for you:
- Linked bank account balance
- Upcoming income (paychecks or predicted irregular income)
- Upcoming bills
- Recent spending
- Any savings controls that you set (Overdraft Prevention, Safe Saving Level)
Every day that your bank is open, Digit uses this information to try and find amounts that you can spare. That money is then distributed into your different savings goals.
The funds in your Digit Account are held at FDIC-insured banks for your benefit and are protected up to a balance of $250,000.
Will Digit tell me when it saves?
Digit works on the idea that you save money more effectively when you don't have to think about it.
We've heard countless stories from members who have gotten through emergency situations (or were able to splurge on fun) thanks to the money in Digit that they didn't even realize they had saved away.
With that in mind, there are several controls you can set to ensure Digit is saving just how you want it:
Can I tell Digit when and how much to save?
While it's not currently possible to schedule when and how much Digit saves for you, you can always add money to your goals whenever you'd like by creating a manual save.
Will Digit work if I do most of my spending on a credit card?
As long as the bank account you have linked to Digit is the one you use to pay your credit cards, Digit will still be very effective at saving. However, Digit won't be able to see your spending habits in as much detail as if you regularly used a debit card or made other bill payments from that bank account.