Digit Introduces $2.99 Monthly Subscription for Savings Service
Popular AI-powered savings platform Digit announced a significant change to its business model: starting in the next 100 days, the service will transition from free to a $2.99 monthly subscription fee. This move comes as the fintech space becomes increasingly competitive, with new players offering similar automated savings solutions.
Key Changes to Digit’s Service Model
- 100-day grace period: Existing accounts will remain free for the next three months before the fee takes effect
- Automatic enrollment: Users who don’t cancel will be automatically charged after the trial period
- Refund policy: Digit promises refunds for customers who were unaware of the fee after the transition period
“Users who accept the new Terms of Service will be charged the $2.99 monthly fee after their 100-day free trial concludes,” a Digit spokesperson confirmed to VentureBeat. “We’ll provide refunds to any customer who closes their account after this period without realizing about the new fee.”
Enhanced Savings Bonus
Alongside the pricing change, Digit announced an improvement to its savings incentive program:
- Bonus increase: Savings bonuses jump from 0.2% to 1%
- Proven track record: The platform has helped users save over $500 million since its 2015 launch
Growing Competition in Automated Savings
Digit faces rising competition from:
- AI-powered finance assistants (Kasisto KAI, Varo Money’s Val)
- Bill negotiation services (Trim)
- Traditional financial institutions (Bank of America, Mastercard) entering the bot space
Platform Availability and Recent Features
Originally SMS-only, Digit has expanded to:
- Facebook Messenger (since January 2017)
- Dedicated iOS and Android apps
The service recently introduced Goalmoji, a feature that helps users save for specific goals like rent payments or vacations with progress tracking.
Article updated with additional details about Digit’s transition policy and refund assurance.
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