Bible Money Matters

Christian personal finance

Menu
    • About
    • Archives
    • Contact
    • Close
  • Making Money
      • Popular Articles

        • 50 Ways To Make Money: Maximizing, Creating And Increasing Your Income
        • 10 Weird And Unconventional Ways To Make Money
        • Making Money With A Blog (e-Book)
        • 10 Places To Sell Or Trade Your Unused (Or Broken) Electronics
        • Ways To Make Extra Money Series: 20 More Income Generating Ideas From Our Readers
        • Making Side Income Can Help Blunt The Impact Of Becoming A One Income Family
        • Earn Cash Back With Discover it® Credit Card
      • Recent Articles – Making Money

        • Best Sites Like Fiverr To Make Money As A Freelancer
        • 13 Of The Best Independent Contractor Jobs
        • 25 Of The Best Gig Economy Jobs
        • How To Make Money Blogging: Turn A Blog Into A Business
      • Categories

        • Making Money
        • Investing
        • Retirement
        • Jobs & Work LIfe
        • Money
        • Income
    • Close
  • Saving Money
      • Popular Articles

        • 50 Easy Ways To Save Money Every Month
        • 10 Weird And Unconventional Ways To Save Money
        • 10 Practical Ways To Save Money And Increase Your Net Worth
        • How To Save Money On Just About All Of Your Regular Monthly Bills
        • Ways To Watch TV Without Paying An Arm And A Leg For Cable TV
        • Save Money On Your Hospital Bill - Just By Asking
      • Recent Articles – Saving Money

        • Living Stingy: 13 Tips For Spending Less
        • How To Save $100k In 7 Practical Steps
        • Stairs App Review: Save And Invest To Earn 4-6% Interest
        • Honey Review: Save Money Automatically When You Shop Online
      • Categories

        • Saving Money
        • Frugality
        • Planning
        • Finance
        • Saving For Retirement
        • Savings Accounts
    • Close
  • Banking
      • Best Rates For 2019

        • Best Credit Cards
        • Best Savings Accounts
        • Best Mortgage Rates
        • Best CD Rates
        • Best Brokerages
        • Free Credit Scores
      • Recent Reviews

        • M1 Finance Review: Free Trading App And Automated Investing
        • Tablo 4th Gen Over-The-Air DVR Review: The Best Device For Cord Cutters
        • TradeStation Review: Commission Free Stock And ETF Trades
        • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
      • Categories

        • Bank & Software Reviews
        • Investing
        • Credit
        • Banking
        • Mortgage
        • Insurance
        • Family Budget
    • Close
  • Recommended
  • Video
    • Close

My Digit And Axos Invest Experiment Update: Automated Saving & Investing Trial

By Peter Anderson 2 Comments - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited September 8, 2020.

Share
Pin4
Tweet19
Share2
25 Shares

About 6 months ago I discovered two cool new services that had recently launched, both of which were a part of the recent trend towards automated saving and investment account options.

The first one was an free online savings account from Digit, an account that helps take the busy work out of saving. It analyzes your checking account daily and at regular intervals it saves small amounts of money from your checking and puts it into your Digit savings account – without your intervention. It allows you to save money, a little bit at a time, without even realizing it.

digit plus axos invest experiment

The second account is a free automated investment adviser from the folks at Axos Invest. When you have an investment account from Axos Invest, their system will allow you to regularly invest in a taxable or tax-advantaged retirement account, and it will automatically invest your funds in a portfolio of low-cost ETF index funds. It’s a great new long term investing site, along the lines of Betterment or Wealthfront, but without any account management costs.

Digit and Axos Invest are both big on the idea of automating things in order to make them more efficient, more cost-effective and better for your bottom line. I liked the idea behind both sites, and after signing up I decided to take them on a trial run and to run an experiment.

Just how much could I save automatically for the year using Digit’s tools? How much would I be able to invest at no cost using Axos Invest? How much intervention would I need to have – and just how much could I save over time? First, let’s take a brief look at these two accounts.

Quick Navigation

  • Digit Savings Account
  • Axos Invest Investing Account
  • The Digit + Axos Invest Experiment (D+AI Experiment)
  • The Experiment In Progress
  • How’s It Going So Far?
  • Join In The Digit & Axos Invest Experiment

Digit Savings Account

According to Ethan Bloch, the founder of Digit, the company was started to help people, “maximize their money, while at the same time driving the amount of time and effort it takes to do so as close to 0 minutes per year as possible”

So how does Digit work? You sign up for an account, and link your checking account. Digit will then analyze your income and expenses, find patterns and then find small amounts that it can set aside for you – without any pain for you.

So once you sign up and turn on auto-savings, every 2 or 3 days Digit will transfer some money from your checking to your savings, usually somewhere between $5-$50. Digit won’t overdraft your account, and they have a “no overdraft guarantee that states they’ll pay any overdraft fees if they accidentally overdraft your account.

Open Your Digit Savings Account

Axos Invest Investing Account

Axos Invest launched with the goal of being the world’s first completely free financial advisor.  Their founders had a mission “to ensure everyone can achieve their financial goals, which starts with investing as early as possible. This is why there is no minimum to start and we do not charge fees.” 

Axos Invest’s founders understood that one of the drags on the typical person’s portfolios is the fees that they’re paying to invest, as well as the friction point of having to invest thousands of dollars to start.  They changed that with no minimums to invest, and no fees charged for investing.  Axos Invest will be releasing some premium add-on products for their users, which they will charge for, but a basic investing account will not cost anything beyond the mutual fund expense ratios associated with your investments.

What do you invest in with Axos Invest? Axos Invest will invest your funds based on Modern Portfolio Theory (MPT). Your investments will be diversified, low cost and recognize the value of long term passive investing by investing in ETF index funds.

Open Your Axos Invest Investing Account

The Digit + Axos Invest Experiment (D+AI Experiment)

So for my  Digit and Axos Invest experiment, the goal was not only to try out these two free products, but also to show just how easy (and low cost) it can be to invest.

When I started in early February my goal was to allow Digit to automatically save money from my checking account and put it into my Digit savings. Whenever the amount in my Digit savings reached $75 I would transfer that money over to my Axos Invest account and invest it in their highly diversified set of ETF index funds.

Why was I doing it this way? I did it this way because Axos Invest has no minimums and you can buy fractional shares, so why not? I can transfer money in small chunks, and engage in a bit of dollar-cost averaging while I’m at it.

So how are things going now that we’re more than half the way through the year?

The Experiment In Progress

Once I had setup my Digit and Axos Invest accounts I put the plan in action and allowed my Digit account to start saving on my behalf. After a few days Digit had started saving small amounts in my account.  There was $7.50 here, $15 there – as well as $5 deposits for referrals of friends and readers. Multiple transfers and deposits ended up adding up to larger amounts over a couple weeks time. The first time that I invested with Axos Invest I deposited $186 that had accrued in my Digit account.

From then on every time the amount reached around $75 or more, I would transfer the money to Axos Invest.

Amounts Withdrawn And Invested So Far

I’m now just over 5 1/2 months into my little experiment, and so far I’ve withdrawn my Digit savings balance and invested it in my Axos Invest Roth IRA 14 times.  The amounts were:

  • $74.36
  • $79.76
  • $121.75
  • $82.03
  • $95.67
  • $81.27
  • $93.28
  • $109.47
  • $76.20
  • $99.08
  • $99.32
  • $90.88
  • $74.72
  • $186.00

Here’s a screenshot from my Digit account showing my latest withdrawal for the purpose of investing.

digit-co-review-withdrawal

After withdrawing the money I then transfer it from my checking account over to Axos Invest. Here’s a screenshot of one of my latest deposits with Axos Invest. In the screenshot you can also see how deposits are then used to purchase fractional shares of the ETF index funds used in the account.

Once my latest deposit of $74.36 goes through I’ll have $1380.70 invested at Axos Invest.

wisebanyan-account

Here’s my portfolio’s asset allocation in my Axos Invest account. It is a bit more aggressive than in my other retirement accounts.

wisebanyan-allocation

The funds that Axos Invest currently uses, and their expenses, are shown below (and are subject to change)

  • Vanguard Total Stock Market ETF (VTI): 0.05%
  • Vanguard FTSE Developed Markets ETF (VEA): 0.09%
  • Vanguard FTSE Emerging Markets ETF (VWO): 0.15%
  • Vanguard Intmdte Tm Govt Bd ETF (VGIT): 0.12%
  • Vanguard Short-Term Government Bond Index ETF (VGSH): 0.12%
  • iShares Investment Grade Corporate Bond ETF (LQD): 0.15%
  • State Street Global Advisors Barclays Short Term High Yield Bond Index ETF (SJNK): 0.40%
  • iShares Barclays TIPS Bond Fund (ETF) (TIP): 0.20%
  • Vanguard REIT Index Fund (VNQ): 0.10%

We’ll see what kind of returns my account sees over the coming months/years, but I’m sure it will about match what the market does.  Since I’m not paying any account management fees as well, I’ll be coming out ahead as compared to some other robo-adviser competitors.

How’s It Going So Far?

So how is the experiment going so far?  I think it’s been pretty successful.  I’ve saved $1380.70 over the 5 1/2 month period. If we round that up to 6 months it means an average saved of about $230.12/month.

Multiply the $230.12 by 12 months and it means that if I continue this experiment for an entire year, I could expect to see somewhere  in the neighborhood of $2761.40 saved for the year.

While $2761.40 isn’t going to profoundly change someone’s life, it isn’t a small amount of money either.

If you look at that $2761.40 amount, it’s just over half of the annual $5500 contribution limit for a Roth IRA.  So essentially, over half of my year’s worth of Roth IRA contributions are happening without any pain for me.

The money is coming out in small chunks, so small I don’t even notice. Over time those small chunks are adding up to larger dollar amounts that do make a difference to my long term strategy. All in all I think it’s a pretty powerful idea, making savings and investment happen automatically in the background, with only a small amount of intervention needed from you. The fact that both of these tools are also free is just icing on the cake.

Join In The Digit & Axos Invest Experiment

Interested in joining the “Digit and Axos Invest Experiment”? I invite you to join in! The only risk you’ll have by joining is that your retirement accounts will grow over time and that you’ll likely be paying fewer costs than your current retirement account provider.

Open accounts with both services, set Digit to save automatically, and get started. You’ll be glad you did. Let’s see how much you can invest – with minimal effort or intervention!

  • Digit.co
  • Axos Invest

Related Posts

  • My Digit And Axos Invest Experiment: Automated Saving & Investing Trial

    I opened free accounts with Digit and Axos Invest to experiment and see how much I could save and invest this year by saving and…

  • My Digit And Axos Invest Experiment Update #2: Automated Saving & Investing Trial

    How much can you invest automatically when you save money using a Digit savings account, and invest with an automated investment advisor like Axos Invest?

  • My Digit And Axos Invest Automated Investing Experiment After 1 Year

    For the last year I've been finding out how much I could save and invest using free and automated online tools. So how has my…

Share
Pin4
Tweet19
Share2
25 Shares
Last Edited: 8th September 2020 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Investing, Review

About Peter Anderson

Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his 2 children. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don't forget to say hi on Pinterest, Twitter or Facebook!

Comments

    Share Your Thoughts: Cancel reply

  1. PolicyGenius says

    The hardest part of saving is budgeting and then contributing to your account. But making it seamless (and painless) Digit does an incredible job at handling the daunting task. We’d like to know if you also have a savings account you contribute to regularly, in addition to Digit? If so, what are your strategies around that?

    Reply
    • Peter Anderson says

      Yes, I have other savings accounts beyond Digit. We have one all encompassing emergency fund savings account that will hold 8-12 months of expeneses when we’re finished. We then also have several separate savings accounts for big savings goals. We have a “next car” savings accounts that has automated debits every month, “next vacation” fund that debits every month, and a couple of others that serve as dumping places for funds for other regular expenses that we need to save up for throughout the year. Essentially we save to plan ahead for all those foreseen and unforseen expenses throughout the year.

      Reply
Previous Post: Republic Wireless Now Refunds Money For Cell Data You Don’t Use
Next Post: Should You Learn The DIY Skills Previous Generations Learned?
Discover Investment Platforms

Popular Posts

  • 21 Easy Ways To Earn Free Amazon Gift Cards
  • 10 Best Free Tax Filing Services And Software Online
  • 21 Apps That Pay You Real Money Fast
  • 17 TV Apps And Live TV Streaming Services To Watch TV Free
  • 30 Legit Online Jobs That Pay Well
  • 37 Easy Ways To Get Free Gift Cards
  • How To Get Free Stock
  • 40 Easy Ways To Get Free Money Fast
  • 21 Places To Read Free Books Online
  • 24 Legit Online Jobs
  • 17 Best Work From Home Jobs: A List Of Legit Online Jobs That Pay Well

Recent Posts

  • A Eulogy And A Remembrance Of My Dad, Mark Lloyd Anderson
  • Why Do We Celebrate Our Independence On The Fourth Of July?
  • Enjoy Your Memorial Day But Let’s Remember Those Who Gave The Ultimate Sacrifice
  • 25 Bible Verses For A Happy New Year!
  • Merry Christmas To One And All: The Original Christmas Story
  • 401k Contribution Limits And Rules
  • Traditional And Roth IRA Contribution Limits Announced
  • M1 Finance Review: Free Trading App And Automated Investing
  • Tablo 4th Gen Over-The-Air DVR Review: The Best Device For Cord Cutters
  • Living Stingy: 13 Tips For Spending Less

Disclaimer

The information contained in BibleMoneyMatters.com is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with some of the companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Any references to third party products, rates, or websites are subject to change without notice. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

We respect your privacy: Privacy Policy.

Thanks for visiting!

Bible Money Matters - Seen On These Sites and more..
Bible Money Matters is a personal finance, entrepreneurship and investing community. Give more, save more and live more.

Copyright © 2025 · Bible Money Matters | Sitemap | Advertise | Privacy Policy