How to be sure a financial app is safe
There are lots of apps that can help with your finances. We’re (obviously) partial to Digit, but it’s still work trying others to see which ones work best for you. Since most require you to connect your bank account, it’s always a good exercise to understand how they use your information and access to your bank.
We take safety and security incredibly seriously, so we’d recommend any financial app you use meets the same standards.
Your money is insured
Always check to make sure your cash is FDIC-insured. The Federal Deposit Insurance Corporation (catchy name, right?) was established in 1933 to ensure that even if a bank goes away, your money doesn’t. FDIC-insurance is absolutely necessary if a financial app is holding your money in a savings or checking-type account.
Your cash savings at Digit are FDIC-insured up to $250,000. That means no matter what happens to Digit, you won’t lose the cash you have saved with the app.
Your sensitive info is protected
Digit, for example, features 256-bit encryption (some banks use 128-bit encryption). If you’re putting in sensitive information like your bank login (a necessary step for many apps to see and move your money), you should be sure the app’s security is up to industry-standard levels. Additionally, Digit uses Plaid to securely connect to bank accounts, so bank login information is never stored in the Digit app.
You understand how they make money
Are there any hidden fees? Is it a flat monthly subscription, or do you pay different amounts depending on how much money you have with the app? Are there incentivized offers where other companies will encourage you to sign up for other financial services? Are you locked into a contract, or can you cancel any time?
Digit has a flat membership fee no matter how much money you save, and you can cancel at any time. We wanted to have a low, upfront membership fee instead of other ways of making money because then Digit’s only successful if you like using it and want to continue. We’re completely aligned in your journey towards financial health.
Bottom line, you’ve gotten to where you are by making smart money decisions. Secure financial apps like Digit that have your best interests in mind can help you go even further financially, but it’s always a good idea to do your due diligence research, and if possible, a trial.
That’s why Digit offers the first 30 days completely free, with no strings attached. Digit members save an average of over $200 a month, using an algorithm designed to make saving easier for people. And Digit can even help you save on a tight budget. How much could you save in your first 30 days? Sign up for Digit now and see for yourself.
