Back in April 2020 as we all watched as the number of Covid19 cases rise, I watched as my digital savings account dropped lower and lower.
This was expected because all the money in that account gets invested in stocks and with the Covid19 pandemic a drop in stocks should be expected.
Although I don’t have alot of money in this particular account, within just a couple of days I was down $400. At this point I seriously considered pulling out all the money I had left in this account and transfering it to my bank account. I even considered the whole “hiding my money under the mattress” spiel. You know, considering the whole pandemic thing we were all facing. I eventually decided not to so that. However I did put a hold on the account to freeze adding any more loose change to it.
How this account works, it’s an app, and whenever you buy something on a debit or credit card that you assign to your account it takes your loose change and saves it for you. By save, I mean it gets invested in stocks for you and you earn money on the money already being saved for you. So if you spend $1.80 it rounded up to $2.00 and the $0.20 gets transfered from your personal account to this digital account and gets invested for you. In my experiences my gains out weighs my loss.
I am happy with my decision to leave my money where it was and not withdraw it all for safe keeping. I did eventually remove the hold and unfreeze the account. To date, I have gained my $400 back plus and additional $370. So now i’m up $770 from investing my loose change.
I am actually greatful for this digital savings account. Last winter I was able to withdraw $1500 in cold hard cash to replace my boiler to keep my home warm. That was $1500 that I did not budget for but didn’t have to worry about it because I had enough money in this account to cover it.
So if you are thinking of a way to save a few dollars without much of an impact on your already tight budget, this is a great way to go.
If you are interested in signing up and getting a cash bonus when you sign up click here