I’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 I’ve had anywhere from $0.11 to $230 withdrawn and placed into my Digit savings account.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:
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!