For most Americans, tax refunds are the biggest windfall received all year. Research has found that we ideally plan to save 40% of our refunds, but in actuality only end up saving a fraction of that.
Today, we are rolling out a feature in to enable you to automatically save part of your tax refund. We’re collaborating with CommonCents, a financial decision-making lab that focuses on identifying ways to help Americans improve their spending habits. By combining behavioral economics with sophisticated technology, Digit will help you save part of your tax refund — whether you want to save 40%, 100%, or 1%.
How does it work?
Digit will send you a message asking about how much of your tax refund you’d like to save. To opt-in, just tell Digit what percentage to save. And if you already have plans for your refund money, no problem! Unless you turn the feature on, Digit will continue to intelligently handle your savings without setting aside a large chunk of your refund.