Yesterday, I got an email from Digit and they said they were charging.
Now, I don’t mind that they are charging, but it’s the amount that they want to charge that confused me.
$2.99/month.
Am I cheap? No. I’m frugal. I can justify spending money. For example:
I have a savings account with a credit union that charges me a fee of $5/month if I don’t keep at least a minimum. So, yeah, I understand charging, but there’s a difference. The credit union can actually give me more services like a micro-loan option, which I used twice. That’s worth the trouble of keeping up with a credit union. If $5 is docked, I can at least say “it’s worth the trouble to go across town to make sure I have enough money in there”.
So, what do I get for $2.99/month with Digit? A savings account that I have little to no control over (which is the point because I want to be lazy about it), a “goal” feature, which can be recurring so I pay my bills on time (which doesn’t work very well) and a Saving Bonus of 1%… which isn’t really that good in the long-term of things (you need to have over $3K in there and keep it in there for at least 3 months to cancel out the charging fee).
In short, nah, I’m good.
I mean, Digit did help me saved money to get my phone. I saved over $400+. It’s wonderful. But just not $2.99/month wonderful. I just can’t justify it. If it’s 99 cents, I would still use it (more than I’m using it now). If they just charged for the “goals” feature, I would keep their classic rainy day stuff.
But for $35.88/year, I’ll just spend that on budgeting software, which BTW, I have done in the past and will continue to do so (it’s $45, but still. Software does more than Digit as I’m more aware of where my money is going.).
Spending money to save money is a bit ironic to me. However, I still like the idea of hiding money, so I’m giving Qapital a try. And they told me they are not planning to charge a fee since they are making money by collecting on interest (you know, like the way Digit is supposed to.)
So, if you want to give another service a try, give your business to Qapital. They will even give you $5 to start.
Now, if you’re going to ask me “why not an actual savings account,” my answer is… I never actually said in any posts that Digit is for people who is already actively saving. It’s for people who SUCKS at saving money. So, if you have an actual savings account and you’re doing well in actually using it, keep doing you!
If you want to close your Digit account, go to this link, login and boom… close.
That’s really shitty because I’ve been excited to start using it as soon as I had the time and spare money to set up a bank account for it
Yeah, but I suggested another service and according to Qapital (they tweeted me during a Twitterstorm), they have no plans of charging for the service. Qapital works differently from Digit, as you can pretty much save money from yourself depending on triggers.
So imagine saving 50 cents each time you post on Tumblr. You can do that. Wait… really? Well, if that’s what you want to do. They also have “round ups”, which basically looks at your transactions, save up to nearest dollar. (example, you spend 4.50, Qapital will put aside 50 cents, rounding up to $5.) Qapital is a bit more flexible as well. I’ll cover them another time tho, as this was meant to be just a post about Digit.
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