Posted: 5/9/2015 8:47:39 PM EDT
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So a buddy of mine from college started this company called Digit. Uses an algorithm to analyze your spending/bills upcoming and pulls small amounts of money that you don't need out and into a separate savings account. Controlled through your phone and text messages. If you need money moved back into checking, you just text the command and it's available the next business day.
Since I already have savings deducted from my paycheck before going into my checking, I'm using for my gun fund. Been using it for a week now and it's pretty nifty. ETA: guess it's kind of strange to put a random website that wants your money. But they just got a lot of money from Google Ventures so link 1 and link 2 to write ups. |
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Quoted:
So it's a replacement for common sense?  Sorta - I mean if I really spreadsheeted out every dime I likely wouldn't need it. But the way I currently fund my gun fund is with whatever I have leftover for my usual budget. If there's a new thing I want, I eat chicken more. If there's not, I get steak every now and then at the store. I already have a lot of money coming out and straight into savings to more than cover the future, this helps fund the "fun stuff" automatically. |
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Quoted:
I give them access to my savings account? Ummm...Fuck no. And how do they make money? They're hooked up with a lot of the big banks to pull past transaction data, and yes can pull money from whichever account you want to save from. They don't really make money right now. That's why they needed seed funding, while they get users. I think their end goal is to create more banking services a la ING Direct (branch-less bank). One caveat is your savings with them doesn't earn interest, so they'll eventually make money that way once they have a more traditional banking setup and can use deposits to earn money for the business. |