hello-digit

Hello Digit, Inc.

For those of us who can't save a dime, here comes Hello Digit Inc. to the rescue.

It's a robot financial tool that analyzes your spending.  Then, if it deems it's safe, withdraws money from your checking account and puts it into savings.

Voila, you have an emergency fund, a way to pay down debt, or savings for a trip, a big event, or even the down payment on a house.

hello-digit

The Company

Hello Digit Inc is based in San Francisco and they opened doors in 2011.  Their CEO is Ethan Block, who founded Flowtown Inc in 2009.  Flowtown is a social media platform and business tool for marketing professionals in companies to communicate with their customers.  It merged email and social media worlds for business, in a nutshell.  It was acquired at the end of 2011.  Before that, Mr. Block was the host of an internet TV show.

Company advisors include Tom Brown, a partner at Paul Hastings, and Sharda Caro-del-Castillo, from GC Payments and AirBnB.  Other advisors include a founding member of Square, and the CEO of Opportunity Hub.

Investors include Google Ventures, baseline Ventures, General Catalyst Partners, NYCA, and more.

The Product

hello-digit-reviewThe product concept is very simple: make saving automatic.  Sure, you can schedule automatic bank transfers from checking to savings but that doesn't take into account your monthly fluctuations in spending.

Hello Digit Inc. does.  The software (“robot”) takes a look at your daily spending and uses that data to figure out how much you can afford to put into your savings account.

They're so sure of their product that if your checking account gets overdrawn because of them, they'll pay your bank overdraft fees.

It's free to sign up for the service, and all you do is connect your checking account to Hello Digit Inc.  If you're worried about the security, don't be.

They use 128-bit security…that's what banks use for online accounts.

Another thing that's just like a bank: your Hello Digit Inc. account is FDIC insured up to $250,000.  The only draw back is that although it's a savings account you're getting with Hello Digit Inc., the interest rate pretty much sucks.

But you wouldn't be saving at all if it weren't for this product, so what are you really losing?  And look at all you get:

  • texts every day to tell you how much is in your checking account
  • texts every week to tell you how much is in your Digit account
  • transfer money back into your checking account by texting “transfer” to the Digit number and saying how much you want to transfer back in
  • you can pause transfers at any time (you know, in case you have a major purchase coming up or just behind you- oops!)
  • link to about 2,500 banks at this time, although not all banks work with Digit accounts

The Hello Digit Inc. blog features case studies of real Digit members (one a week, actually).  They use the service to save anywhere from $600 to a few thousand per year and pay for things like student loans and emergency funds.

You may withdraw your Digit money at time, 24/7/365.  There are also no limits to how many withdrawals you can maker per month, thankfully.

The Verdict

Saving wee little bits of money at a time is something most people can't fathom any more.  It just doesn't compute, even though it's a solid way to manage your finances.  Yes, the little things do count, and saving just a few bucks a week does add up.

The past decade or so has proven that most people still just don't get it when it comes to this concept.  That's why Hello Digit Inc. is a great product.  It does this necessary process for them.  Seems we just can't manage our own money any longer…good thing there's software to do it for us.  And it's free!

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