Bank and File
SF's Digit is helping reluctant savers grow a nest egg
Is there anything duller than a savings account? Money that could be spent on a massive television or a trip to the Bahamas just sits there, accruing minute amounts of interest while you lose interest fast.
San Francisco-based startup Digit can relieve the tedium. The service, currently in beta, analyzes your checking account for spending patterns and uses that data to move a few dollars from your bank account to a Digit saving account every two or three days.
The goal is to “refresh the interactions between humans and their money,” founder and CEO Ethan Bloch told us.
Bloch wanted to answer the question, “How could we help people maximize their money, while at the same time driving the amount of time and effort it takes to do so as close to 0 minutes per year as possible?” In pursuit of this answer, Digit was born in March 2013.
Five prototypes later, Digit launched in closed beta in August last year. Thus far it has helped users save more than $700,000, according to Bloch.
Though the service is currently in beta, Digit is offering Wakefield readers a chance to jump the line – you can sign up for the service now here.
A team of five, Digit is also looking for a fullstack software engineer. Get all the details here.
Now go forth (and break the bank).
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