If you are anything like us, you spend a large chunk of your paycheck as soon as it lands on your account. If you need some help managing your finances, it is time to turn to an AI-powered, innovative banking solution. Douugh could be just the thing that could help you get on top of your finances as quickly as possible.
It has many automation options, investment opportunities and features straightforward banking apps for both iOS and Android. This solution is an excellent choice for anyone living paycheck to paycheck and looking to change that. In this Douugh review, we will cover all its features, bound to make navigating through your finances as effortless as possible.
No minimum initial deposit requirements
- AI-powered assistant
- Automated Savings Jars system
- Instant virtual card while you wait for a card to arrive
- Excellent iOS and Android mobile apps
- Free withdrawals at more than 38,000 ATMs
- Flat monthly fee of $4.99/month
- No APY
- No tap-to-pay functionality
- No desktop version of the app
What Can You Sign Up For With Douugh?
The Douugh digital bank account is certainly not your typical checking account, as it offers many automated budgeting solutions. Its budgeting options are almost entirely automatic - all you have to do is inform Douugh of your current financial situation and plans. The banking app then automatically does the rest.
And by rest, we mean that Douugh’s AI will automatically handle your finances. It will ensure you are never late with your bill payments. Furthermore, it will automatically assign funds to your savings account based on your savings goals. You can also rely on this fantastic app to help you find great investment opportunities.
With the Douugh account and app, you get all the features of an excellent checking account. On top of that, additional automation and budgeting features will undoubtedly make your life much easier.
How does Douugh compare to other accounts?
1.00% on balances of up to $10,000Visit Site
0.01% on balances up to $10,000Visit Site
The Benefits of Using Douugh
Douugh’s checking account doesn’t offer any remarkable or groundbreaking features, but it is very affordable. It has no minimum deposit requirement. It also doesn’t charge anything for overdrafts, maintenance, transfers. There are no ATM fees within its network, either. It does have a monthly cost of $4.99 and a few reasonable fees for international ATM withdrawals and purchases.
With this solution, you can get a Mastercard debit card, which you can use wherever Mastercard is accepted. Choice Financial Group provides the accounts and issues these credit cards since Douugh has a partnership with it. Your physical Douugh Mastercard will take between seven and ten days to arrive on your doorstep, but you will get a virtual card immediately. If you need a replacement card, you should set aside $5 for the card replacement fee. It costs $20 to expedite the shipping of your card.
Now that we have covered the checking account basics let’s see how this digital bank’s fantastic app can help you manage your finances.
Spending with Douugh
Each of Douugh’s accounts is created to help you spend wisely and save regularly. Douugh’s fintech mobile app has plenty of features for managing your spending habits when it comes to your spending.
The app will help ensure that you are not wasting your money. It provides you with all the features you need to track your spending and build healthier financial habits.
It also provides you a unique overview of your spending habits. This will allow you to find out where your money is going at a glance.
If you need a little bit of help to control your spending, you can take advantage of the opportunity to set up goals. You can set limits within the app based on custom categories, including entertainment, eating out, and even taxi rides. Intelligent alerts within the Douugh app will notify you if you are nearing the limits you’ve set for yourself. It is bound to help you prevent yourself from overspending and cut back when it’s necessary.
Additionally, unlike other money management apps, this one includes many “jars.” These can help you dedicate your funds to specific purposes. For example, you can use them to set up automatic bill payments, but they also play an important role when planning out your savings.
Furthermore, you can manage all details related to your physical card from the app itself since Douugh is a mobile-only bank account. You can lock or unlock your card directly from the app. You can further report if it gets lost or stolen and even change your pin - all from the comfort of your smartphone.
Saving with Douugh
Possibly the most valuable features of Douugh are the ones that allow you to budget and save with as little effort as possible. Douugh automates your saving, so you don’t have to trust yourself to prioritize saving for rainy days over that cute plushie you saw on Instagram.
Once you set up your savings and other jars, you can rely on Douugh’s features to automate your fund distribution into them. Each payday, the app will automatically split your funds across your jars through the Salary Sweeper feature. Once the money is in the correct jar, Douugh can forward it where it needs to be. For example, if you need to pay the bills, it will make sure that the jar for rainy days and other emergencies has some funds in it.
With this solution, you don’t have to worry about doing things manually. However, in terms of saving, it might not yield the best results. If saving is your top priority, you will likely find better, more specialized accounts to stash your money in.
Investing with Douugh
Douugh also offers the opportunity to invest. Investments are made through Douugh Sustainable Portfolios, which are custom managed portfolios that use exchange-traded funds. These give you access to investments from FirstTrust, Invesco, Vanguard, BlackRock, StateStreet, and other renowned investing institutions. Investments are primarily focused on supporting ecological causes, so if you are looking for an app that will help you pour some funds into the tobacco industry or fossil fuels, you should look elsewhere.
The portfolios within this app are designed using investment strategies to create low risk and maximum returns. Experienced experts in the field handle Douugh’s managed portfolios. Therefore, you are bound to see quick returns on your investments without having to lift a finger.
Douugh doesn’t shy away from adding new features and has already announced some new ones. The company is planning to implement new features that will allow for better automation.
However, the most welcome addition will be the announced features for credit score building and monitoring. Some of the advertised features on Douugh’s website will allow effortless credit score monitoring - perfect for those looking to build their credit from the ground up. Credit Jar is also announced as an optional feature.
It seems like a crypto investing feature is in store for Douugh users too. For an alternative banking solution, this was to be expected but is a welcome addition, nonetheless.
Douugh User Experience
To get started with your Douugh account, you should download its iOS or Android mobile app. These were rated 3.6 and 4.0 on their respective marketplaces at the moment of writing this Douugh review.
The app has a clean and minimalistic design, allowing for a quick overview of your finances. However, many reviews available on both marketplaces agree that the app has room for improvement. Reviewers mostly agree that it is an excellent choice for people with a steady income: the app relies heavily on the regularity of payments, which could be a problem for some people. Freelancers and people with irregular income would like an update that will include support for their lifestyles. Additionally, some users would like to see Douugh implement joint accounts.
The most impressive part of these reviews is that Douugh Customer Service has answered all user comments, even the bad ones. While this speaks volumes about the company’s customer service, let’s check how you can contact the team in case of an emergency.
Douugh Customer Support
If you need help with either the app or the card, you can rely on Douugh’s extensive help center. It has enough articles to cover all the things that can possibly go south. In most cases, you can find the help you need without having to contact the support at all.
The next option you have available is Douugh’s community. If you have any questions, you can rely on its forum to find answers. There, you’ll also find all the news, ideas, and, possibly, new friends.
Of course, if you prefer to contact the Douugh support team, you can do so by sending them an email at [email protected] However, keep in mind that the Douugh office hours are Monday-Friday, 9:00 AM - 6:00 PM EST. If your email reaches the customer service team outside these hours, you might have to wait a bit for their reply.
Should You Sign Up for Douugh?
Douugh is an excellent option for people new to the world of personal finance. Its powerful AI allows automating the tedious aspects of budgeting. It provides you with the opportunity to overview your finances, set up savings and investments, or automatically pay your bills. The primary benefit of a Douugh account is that you can put your finances on autopilot without compromising your spending freedom. Anyone who has ever struggled to manage their finances effectively should most certainly give it a try. With Douugh, you’ll never have to worry about budgeting, saving for rainy days, or even paying your bills!
Is the Douugh app safe?
Its app is entirely safe. Choice Financial Group backs its accounts, and your funds are FDIC-insured up to $250,000. Your investments are also SPIC insured up to $500,000.
Who owns Douugh?
Andy and Mark Taylor founded Douugh. However, in 2020, it was acquired by ZipTel, an Australian telecommunications company.
Is Douugh free?
No. While there is no minimum investment amount or minimum balance requirements, the app has a monthly price of $4.99. As we’ve shown in this Douugh review, there aren’t many other fees to work into your budget. Considering how useful all of its features are, the overall feeling is that, while not free, this is a very affordable and useful app.