The Digit savings app is getting a major upgrade—but there's a catch (via CNBCMakeIt)
Currently, Digit primarily operates by having users link their external checking account, such as a Bank of America or Wells Fargo account, to the app. Digit then analyzes each consumer's spending habits and automatically pulls extra money from their checking account into a Digit savings account.for a waitlist to be among the first to start testing its new checking account format. The new banking features, including a Digit debit card, will officially launch publicly this fall.
"We've spent really about the last year building this new product, which is going from intelligent savings account to the intelligent bank account," Ethan Bloch, founder and CEO of Digit, tells CNBC Make It. "Today, Digit works alongside any bank account you might have, and the new Digit replaces your bank account."
How the new Digit Direct will look on users' app screens. Consumers can start signing up for the waitlist June 15, 2021.Say you bring in $5,000 a month, or $2,500 each paycheck, and your monthly bills, including rent, utilities, cable and your phone, add up to $2,225. Whenever a paycheck hits your spending account, Digit will analyze which bills you have coming up and apply that pay toward what you owe.
The same automatic prioritization happens when you add savings goals to the app. Say you want to fund an emergency savings, set up a travel fund and start putting some money aside for end-of-the-year holiday gifts. You can set up separate savings goals in the app, noting how much you want to save and when you want to have the money by.
"The key value really is that it budgets your paycheck for you," Bloch says. "Even if you don't get paid frequently, and you just deposit money into the account whenever you can, the underlying AI helps figure out how much of this should go aside for bills — and truly keeps it aside for bills — and how much should go toward savings."
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