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The bottom line: Oportun (previously Digit) is probably best for people who already have an Oportun personal loan or credit card. Existing members get a year of free access to the savings app before the Oportun App – Fees Display kicks in. It’s also useful if you want budgeting and savings tools to help you save or put money toward investing and retirement. But its savings rate is low, and it has limited investment options. If you want a high-yield savings account or a wide range of investment options, you’re better off looking elsewhere.
Oportun Savings App Pros and Cons
ProsCons
30-day free trial
Oportun personal loan and credit card customers get 1 year free membership
Savings and budgeting tools to help you automatically save
Set personalized savings goals
Put money toward savings, investment, or retirement account
You can link your bank account, even if you use a small institution
Oportun App – Fees DisplayLow savings interest rateDoes not compound interest on savingsOnly investment option is ETFs
Oportun App – Product Name Only Review
The Oportun App – Product Name Only is a good tool for helping you figure out how much you can afford to save — and for helping you take action. You might like the app if you want to start saving or investing but either a) don’t know how to get started, or b) don’t want to spend the time or energy figuring out how much you can afford to set aside. Oportun looks at your bank account balance daily to determine how much you can save, so you can save more money than you would have otherwise.
However, Oportun charges a Oportun App – Fees Display monthly service fee after the free trial, and there’s no way to waive it. The savings rate is also very low, and you’d earn significantly more with a high-yield savings account. But if your main goal is to save as much as you can with automatic savings, you might decide downloading Oportun is worth the tradeoffs.
About Oportun
Oportun is primarily known for its personal loans, but it also has credit cards, investment and retirement accounts, a credit account with Sezzle, and a savings account with savings and budgeting tools. The savings app was originally Digit, but Digit rebranded when Oportun acquired the company.
The savings app has a $5 monthly fee, and you can’t waive it. However, there is a 30-day free trial, and existing personal loan and credit card customers get the first year free.
To contact customer support, you can fill out a form online, send an email, or text a bot. Oportun has phone numbers for loans, credit card, and the credit account on its website, but not a number for savings customers.
The mobile app has 4.7 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.
Oportun is not a bank, but your deposits are FDIC-insured for up to $250,000 through its partner bank, Pathward, N.A. This means that should Oportun or Pathward shut down, your insured money is still safe.
About CDFIs
Since 2009, Oportun has been certified as a community development financial institution, or CDFI. These organizations aim to help low-income and disadvantaged communities with their finances.
In a 2021 press release, Oportun announced that it was giving a $2 million low-interest loan to the Opportunity Finance Network (OFN), which would be used to extend loans to other CDFIs to help underrepresented communities. The company stated that it had offered 4.3 million affordable loans since 2006. It also said that 925,000 customers had started using Oportun to build credit when they didn’t have a FICO score yet.
You’ll link your bank account to Oportun to make transfers into the savings, investment, or retirement accounts. Some apps only link to larger banks, but Oportun is more flexible about serving various types of customers. So if you live in a low-income area and use a small, local institution, Oportun could be a good choice.
Is Oportun Trustworthy?
The Better Business Bureau gives Oportun an A+ grade. A strong BBB score indicates that a company responds effectively to customer complaints, is transparent about business practices, and advertises honestly.
A good BBB grade doesn’t guarantee you’ll have a good experience with a company, though. You may want to read online customer reviews or talk with friends and family who use Oportun to determine whether it will be a good fit.
In 2021, the Consumer Financial Protection Bureau issued a civil investigative demand to Oportun. Oportun had sued Texas borrowers 47,000 times from May 2016 to July 2020, and the CFPB investigation looked into Oportun’s lawsuits from 2019 to 2021 and hardship programs during the COVID-19 pandemic.
However, in March 2023, the CFPB completed its investigation and decided not to take action against Oportun.
Oportun Savings App FAQs
Is Oportun safe and legit?
Yes, your savings balance is FDIC-insured for up to $250,000 through Oportun’s partner bank, Pathward, N.A. If either company shuts down, your insured money is still safe.
What bank does Oportun work with?
Oportun’s partner bank for savings and loans is Pathward N.A. It partners with WebBank, N.A., for credit cards.
How much does the Oportun savings app cost?
The Oportun savings app has a 30-day free trial, then you’ll pay a Oportun App – Fees Display. If you’re an existing loan or credit card customer, your first year using the app is free.
Methodology: How We Reviewed the Oportun Savings App
To review Oportun, we used our bank account methodology. We rate each account on a scale from 0 to 5.
For savings accounts, we look at minimum opening deposits, interest rates, fees, ethics, customer service, and the mobile app.
Because Oportun is primarily a savings/budgeting app, we also looked at availability, including whether it’s available in both the Apple and Google Play stores and whether it’s in beta mode or available to the public. And we checked platform usability, such as how easy it is to sign up, the process for linking your bank account, and how it tracks your goals and spending.
How Oportun Savings App Compares
Oportun Savings App vs. Qapital Goals Account
The Qapital Goals Account – Product Name Only is featured in our best budgeting apps guide as the best option for saving for financial goals.
Qapital is an app that helps you save and invest. Like Oportun, it lets you create personalized savings goals. It also has a unique feature called “Rules.” Rules are suggested plans you can follow to help you save. For example, the “52 Week Rule” helps you save $1,378 over the course of a year. The “Set and Forget Rule” lets you deposit a specific amount of money into your Qapital account each week.
Like Oportun, Qapital doesn’t have a free plan. However, it has three tiers you can choose from. Its Basic plan is $3 per month and gives you access to savings tools — so if you just want to save, it’s more affordable than Oportun. To invest, you’ll need to sign up for its $6 monthly Complete plan or $12 monthly Premier plan. If you also want an app that helps you invest, Oportun will cost less.
Oportun Savings App vs. Rocket Money
Rocket Money – Product Name Only is also on our list of the best budgeting apps, and we chose it as the best for reducing bill payments and spending.
Rocket Money analyzes your spending habits and bills to see where you can save money. Its standout feature is Bill Negotiation. Upload a copy of your bill to the app, and Rocket Money evaluates whether you can get the same service with the company for a better price. You also might be able to get refunds if a bank charges you overdraft or late fees.
The two apps’ offerings are pretty different. Rocket Money is probably the better fit if you want to focus on budgeting and cutting costs. Oportun might be better if you’re looking for savings tools.