'I'm Going to Fucking Hawaii'

Casey Newton for The Verge, in a profile of digital savings service Digit:

Here’s how Digit works. You can sign up for an account on the desktop web or on your phone; you’ll need your banking information handy, but the process is relatively painless. By signing up, you’re creating a new savings account, managed by Digit and insured by the FDIC. Once you’ve built up some savings in Digit, you manage it with simple text commands: text "withdraw" along with an amount, and Digit moves the money from your savings account back into checking. The service is "free" in that there’s no fee to use it, but it does come at a cost: your Digit savings account doesn’t pay interest. (Digit has a good FAQ here.)

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Digit was designed so that you can interact with it entirely through SMS. Once a day it will text you with your checking account balance; you can text back commands to view your Digit balance, check recent transactions, or move your money back and forth. For now, there are no plans for an app beyond the mobile web version of the site. "We want to see how far we can push it SMS-only," Bloch says. I appreciate the simplicity of SMS, but it feels a bit basic for something as important to me as my personal finances. (I’d much rather have push notifications and a native app, myself.)

I first heard of (and signed up for) Digit on MG Siegler's recommendation, and I'm a fan. It's been almost a month, and I've already amassed $120 in savings. As Newton writes, the best part about Digit is the saving is done automatically, without you having to think about it. It's a wonderful idea executed very well. I would prefer a native app, among other things, but so far, so good using the service.