When you link your bank account, Digit checks to see when it is safe for you and moves smart amounts of money from your bank account to your Digit account. Easily withdraw your money at any time.
There are a few factors that influence how Digit saves:
- Checking 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 these inputs to try and find amounts that you can spare and puts that money into your different savings goals.
The funds in your Digit Account are held at FDIC-insured banks for your benefit and are insured 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.
That said, we do offer features so you can reach your financial goals comfortably:
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 payments from that bank account.