Oportun (Digit) Cost Savings App Evaluation 2023 

Our professionals respond to readers’ banking concerns and compose impartial item evaluations ( here’s how we examine banking items). Sometimes, we get a commission from our partners; nevertheless, our viewpoints are our own. Terms use to deals noted on this page.

Oportun Cost Savings App Benefits And Drawbacks

Oportun App

3.75/ 5
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Charges.

$ 5 month-to-month service charge.

Oportun App

3.75/ 5
A 5 pointed star A 5 pointed star

A 5 pointed star

A 5 pointed star

A 5 pointed star


Charges.

$ 5 month-to-month service charge.


Oportun App.

Information


Charges.

$ 5 month-to-month service charge.

Pros & & Cons
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Emphasizes
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The Oportun App is an excellent tool for assisting you determine just how much you can pay for to conserve– and for assisting you act. You may like the app if you wish to begin conserving or investing however either a) do not understand how to begin, or b) do not wish to invest the time or energy determining just how much you can pay for to reserve. Oportun takes a look at your checking account balance daily to identify just how much you can conserve, so you can conserve more cash than you would have otherwise.

Nevertheless, Oportun charges a $5 month-to-month service charge month-to-month service charge after the complimentary trial, and there’s no chance to waive it. The cost savings rate is likewise extremely low, and you ‘d make considerably more with a high-yield cost savings account However if your primary objective is to conserve as much as you can with automated cost savings, you may choose downloading Oportun deserves the tradeoffs.

About Oportun

Oportun is mainly understood for its individual loans, however it likewise has charge card, financial investment and pension, a charge account with Sezzle, and a cost savings account with cost savings and budgeting tools. The cost savings app was initially Digit, however Digit rebranded when Oportun got the business.

The cost savings app has a $5 month-to-month cost, and you can’t waive it. Nevertheless, there is a 30-day complimentary trial, and existing individual loan and charge card consumers get the very first year complimentary.

To get in touch with consumer assistance, you can complete a type online, send out an e-mail, or text a bot. Oportun has telephone number for loans, charge card, and the charge account on its site, however not a number for cost savings consumers.

The mobile app has 4.7 out of 5 stars in the Apple shop, and 4.2 out of 5 stars in the Google Play shop.

Oportun is not a bank, however your deposits are FDIC-insured for approximately $250,000 through its partner bank, Pathward, N.A This implies that need to Oportun or Pathward closed down, your insured cash is still safe.

About CDFIs

Considering That 2009, Oportun has actually been accredited as a neighborhood advancement banks, or CDFI These companies intend to assist low-income and disadvantaged neighborhoods with their financial resources.

In a 2021 news release, Oportun revealed that it was providing a $2 million low-interest loan to the Chance Financing Network (OFN), which would be utilized to extend loans to other CDFIs to assist underrepresented neighborhoods. The business specified that it had actually used 4.3 million inexpensive loans considering that 2006. It likewise stated that 925,000 consumers had actually begun utilizing Oportun to construct credit when they didn’t have a FICO rating yet.

You’ll connect your checking account to Oportun to make transfers into the cost savings, financial investment, or pension. Some apps just connect to bigger banks, however Oportun is more versatile about serving numerous kinds of consumers. So if you reside in a low-income location and utilize a little, regional organization, Oportun might be an excellent option.

Is Oportun Trustworthy?

The Bbb provides Oportun an A+ grade A strong BBB rating suggests that a business reacts efficiently to consumer problems, is transparent about company practices, and markets truthfully.

An excellent BBB grade does not ensure you’ll have an excellent experience with a business, however. You might wish to check out online consumer evaluations or talk with family and friends who utilize Oportun to identify whether it will be an excellent fit.

In 2021, the Customer Financial Defense Bureau provided a civil investigative need to Oportun. Oportun had actually taken legal action against Texas customers 47,000 times from Might 2016 to July 2020, and the CFPB examination checked out Oportun’s suits from 2019 to 2021 and difficulty programs throughout the COVID-19 pandemic.

Nevertheless, in March 2023, the CFPB finished its examination and chose not to act versus Oportun

Oportun Cost Savings App Frequently Asked Questions

Yes, your cost savings balance is FDIC-insured for approximately $250,000 through Oportun’s partner bank, Pathward, N.A. If either business closes down, your insured cash is still safe.

Oportun’s partner bank for cost savings and loans is Pathward N.A. It partners with WebBank, N.A., for charge card.

The Oportun cost savings app has a 30-day complimentary trial, then you’ll pay a $5 month-to-month service charge. If you’re an existing loan or charge card consumer, your very first year utilizing the app is complimentary.

Method: How We Evaluated the Oportun Cost Savings App

To evaluate Oportun, we utilized our checking account approach We rank each account on a scale from 0 to 5.

For cost savings accounts, we take a look at minimum opening deposits, rate of interest, charges, principles, customer support, and the mobile app.

Since Oportun is mainly a savings/budgeting app, we likewise took a look at schedule, consisting of whether it’s offered in both the Apple and Google Play shops and whether it remains in beta mode or offered to the general public. And we inspected platform use, such as how simple it is to register, the procedure for connecting your checking account, and how it tracks your objectives and costs.

How Oportun Cost Savings App Compares

Oportun Cost savings App vs. Qapital Goals Account

The Qapital Goals Account is included in our finest budgeting apps guide as the very best choice for conserving for monetary objectives.

Qapital is an app that assists you conserve and invest. Like Oportun, it lets you develop individualized cost savings objectives. It likewise has a special function called “Guidelines.” Guidelines are recommended strategies you can follow to assist you conserve. For instance, the “52 Week Guideline” assists you conserve $1,378 throughout a year. The “Set and Forget Guideline” lets you transfer a particular quantity of cash into your Qapital account every week.

Like Oportun, Qapital does not have a complimentary strategy. Nevertheless, it has 3 tiers you can pick from. Its Fundamental strategy is $3 each month and provides you access to cost savings tools– so if you simply wish to conserve, it’s more inexpensive than Oportun. To invest, you’ll require to register for its $6 month-to-month Total strategy or $12 month-to-month Premier strategy. If you likewise desire an app that assists you invest, Oportun will cost less.

Oportun Cost savings App vs. Rocket Cash

Rocket Cash is likewise on our list of the very best budgeting apps, and we picked it as the very best for minimizing costs payments and costs.

Rocket Cash evaluates your costs practices and costs to see where you can conserve cash. Its standout function is Costs Settlement. Publish a copy of your costs to the app, and Rocket Cash assesses whether you can get the very same service with the business for a much better cost. You likewise may be able to get refunds if a bank charges you overdraft or late charges.

The 2 apps’ offerings are quite various. Rocket Cash is most likely the much better fit if you wish to concentrate on budgeting and cutting expenses. Oportun may be much better if you’re trying to find cost savings tools.

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