Automate Saving Using Digit with Ethan Bloch
- Written by Candice Elliott
Want to save money but don’t want to feel it in your lifestyle? CEO of Digit, Ethan Bloch explains how they’ll make that possible.
Digit will put aside money that you don’t need to spend but aren’t necessarily saving either. It takes the pain out of saving. If you need the money back, you can text Digit and have it back in one business day.
You link your checking account information to Digit. It looks at things like when you get paid, recurring bills, transaction history and takes that information to decide on a small amount that could be put aside without hampering your usual activities. Digit’s average transfer is $23 every three days.
You need to use an active account in order for Digit to work so don’t link it to a secondary account where you just have money sitting. If you do have such an account, someone ain’t heard. Please listen immediately to our entire back catalog to find out why this is bad.
Digit primarily works via text messages. The money is stored in a custodial account that is FDIC insured. Wells Fargo is one of Digit’s partners. Digit does keep the interest accrued because it’s completely free. So that sweet, sweet 0.01% is all theirs’.
Digit started because the founders decided to create a product they wished already existed. It can be hard to learn Lesson One of personal finance which is to pay yourself first. Digit takes the decision out of your hands.
Digit is still not open to everyone yet. They were finishing the integration with banks and want to open to communities that have the most need for Digit before opening to a wider audience. But, because you are LMM’s listeners you can get it now! Go to the link in the show notes to sign up.
Digit: Saving without the pain.
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Digit LMM Offer: Be among the first to sign up for Digit.