Fintech Changes Savings
Comparing alternative ways to save money
Digit is a simple product that moves your money into a savings account based on your spending habits. It separates itself from other similar services on the fact that it does not burden the consumer with information. When it comes to saving money, Digit has found that the consumer wants results without hassle.
Dyme is similar to Digit in that it communicates with the consumer via SMS. It also saves as the consumer spends and has the transparency for the consumer to know what is going on.
goal for savings and then visually work towards that goal. The service is directed to people who make purchases that are forgettable or impulsive. It wants to aid these consumers into saving for major goals. It was originally launched in Europe.
Acorns is another investment service, but it differs from the above services because it saves money based on a “round-up” system. Each purchase results in savings of the change after the purchase is rounded up. These savings are put into an investment portfolio that can be adjusted by the user. Acorn makes money by charging a $1/month fee (free for students) and a small percentage of the investment portfolio.
SavedPlus is another service that saves automatically based on spending habits. The service adds on a little percentage to each purchase and automatically puts that savings in a new account.
California Fintech Network is a non-profit trade organization for professionals, founders, executives and investors that work in financial technology. Join us at www.californiafintech.org