New Digit Subscription Fee

IMG_6362I’ve been a loyal user of Digit since January 2015.  Digit is an automated savings app, designed to monitor your bank account, and withdraw small increments to save.  I’ve had anywhere from $0.11 to $230 withdrawn and placed into my Digit savings account.  This is my out of sight, out of mind savings account and has worked wonders for my family.  Over the last 2 years, we have saved thousands of dollars we otherwise wouldn’t have.  For that I am thankful.

However, today I received the following email:

IMG_6361

One of my biggest pet peeves in our tech world is subscription services.  Now Digit wants to charge $2.99 per month to save my own money.  Mind you this savings account is not interest bearing.  I knew that when I signed up.  I accepted that.  It was a trade off for the free service that would force us to save extra.

I suppose $2.99 per month isn’t a lot, but it bothers me enough to withdraw, and cancel my account if Digit goes through with this change.  I have 100 days to decide.  I am disappointed.  Maybe an annual fee, but monthly?  And their new “perk” of 1% doesn’t offset the subscription fee unless I average $4,000 in my account for three consecutive months.  I could just manually transfer money into my regular savings account, for free, and gain interest.  Or invest.

Digit was our “travel slush fund” – we recently decided that.  Now I’m bummed.  We planned to use this account to save for a huge family vacation in 2018.   Right now we have $1,977 in the account, and $1,000 of that is (was?) earmarked for a mini road trip in June.  More on that later.

Anyway, it’s a bummer.  Obviously Digit was making money in interest off all the saved money of their users.  How is that not profiting?  I just can’t justify $2.99 a month to save when if I am diligent, I can do this myself for free.  Note: if

Any other Digit users?  Any thoughts?  I still love the concept of the app, but the subscription fee’s kill it for me.

  • Affiliate links in this post, because it’s still a great concept/service, if you’re willing to fork over $2.99/mo.  Sign up with link and we both get $5.  At least for the next 100 days – lol!
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8 Responses to New Digit Subscription Fee

  1. Lucy says:

    I’m not familiar with them but I’m not so sure I’d want to fork over almost $36/year to save my money! FYI, just out of curiosity, I clicked your link which brought me to an error page.

    Like

    • Thanks! The links are correct, but their site is having major traffic due to the mass exodus lol. I can’t even load the app. I have a feeling they are going to quickly regret this change. If not the fee, at least the condescending way in which it was delivered!

      Liked by 1 person

  2. OneFamily says:

    I have heard of them, but I wouldn’t pay for the service. Like you said, they are certainly earning interest on everyone’s money. I get what you mean that they are making it easy for you to save and if you have to work at it yourself you might not be as inclined. Maybe just take a set amount and have it automatically transferred to a (free) savings account each week.

    Like

    • Yes, not worth paying for it, that’s for sure. We do have an automated savings set up with our regular bank, $25 weekly. I liked Digit, because it was random, and we never noticed the withdrawals. If I’m making the transfers, I feel like I wouldn’t save as much, because I’d overanalyze the amounts. After watching the fallout on their facebook page, I’ve been introduced to a few other free apps, maybe one of those will work out!

      Like

  3. I had a feeling they would start charging for it sooner or later. Or they would need to start posting affiliate ads on their site to make money for the company. but I don’t think that would convey the right message. i tried it once, but my bank was not available.

    Like

    • I read the Forbes article and and it stated that the CEO debated between ads and a subscription fee. I’m pretty sure most people using the service would have preferred the ads. I would like to know just how much interest Digit has earned off our saved money….

      Like

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