19 thoughts on “Digit vs Acorns: And the Winner Is….?

    • I’ve been using Digit for 2 years – I paid for my trip to London last year, a trip to Colorado in January. I have little over $2k in my Digit right now, let the trip planning begin!

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  2. Apparently I didn’t read the fine print with Acorns. I didn’t realize they charge $1 per month. That makes me want to dump a few hundred in there to counteract the fee.

    I love digit and I prefer the daily text messages, it’s nice knowing my daily checking balance.
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  3. I have had acorn for about 5 months and have invested $624 through roundups which i have not missed but have a balance of $587. I went 3 months agressive and 2 months moderate and they lost money all 5 months. So I would say unless acorn actually make you interest it’s not the one to choose. I would love to see what kind of interest Digit is making and keeping for themselves since if Acorn cannot than Digit people are comparitively geniuses.

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  5. Digit is nicer and now they are throwing some interest on top of our money which is good.

    I accumulated 3000 in an yr without being missed. It is good to have it as emergency fund.

  6. I’ve found a lot of people complain about the $1 fee on Acorns, especially on the PF Reddit thread, however I have been using it consistently since January with round-ups and a weekly deposit of $7.50; it didn’t charge me the first month’s $1 fee, but since then has charged me the $1 four times. On average, I’m depositing $60-70 a month, and have currently put in just under $300. After the fees have come out, I’m still up about $12 on the market right now, and have earned another $1 in dividends to date. Yes, it fluctuates up and down over time, but overall it’s been a great way to add up money over time in an investment account, and I expect to continue to make small amounts on it. When it reaches a thousand or more, and I am in a better position financially to contribute $100+ to investments a month, I plan to move it to a different service.

      • I started using it in January, but didn’t use it the entire month, so I think it skipped charging me. I’ve otherwise been charged consistently. I think it gets a bad rap on the finance blogs/forums! Sure, it’s a little pricier in terms of percentage of fee/return, but it’s great for starter investing.

  7. I love Digit! <3 But, you can disable the text messages! I did that so I am not reminded that it's taking money. I don't check my bank account every day. So, today I was looking at my account and went "oh crap" because I spent more than I should've and had a bill coming up… Digit to save the day! It had been squirreling away money for months without me remembering it! I forgot all about it. Love it.

    I'm going to give Acorns a shot,

    • Me too! I’ve actually gotten really used to the text messages and kind of enjoy the quick reminder of my balance now. It also helps me catch the “wait, what??” moments when a check is cashed later or something and I realize my balance isn’t what I thought it should be.

      I’m definitely a bigger fan of digit than Acorns, but they’re both worth looking into.

  8. As a current digit user I wanted to chime in. I love the service but with the recent change to charge $3/month I’m going to have to think about continuing.

    • OMG. Me too actually. I have loved LOVED digit since it first came out, but that email today has me really bummed too. I don’t think I’ll be spending $3/month to help me save. Seems counterintuitive. I have my fingers crossed that others see it the same way and it drops back to being free soon.

  9. I want to share a word of caution, in this article and some of the comments I see the term “interest” used to describe growth on funds invested through Acorns. “Returns” is more accurate, since Acorns isn’t a savings account, it’s an investment account comprised of stock & bonds. It’s not FDIC insured and you can incur losses. Digit is (reportedly) FDIC insured and yields true (“safe”) interest.

    I also wanted to share that you can link Acorns to multiple credit/debit cards, not just one like the article implies. This might be a relatively new tweak given the age of the article to be fair. In my experience, they also monitor and round-up transactions that hit your checking account directly (e.g. transfers between my checking and savings accounts, transfers to pay credit cards, possibly even checks). This can be a pro or a con- I don’t mind it since it tips the scales toward savings. 🙂

    And they waive the fee if you sign up with a .edu email address.

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