Oportun, formerly Digit, is a company that's trying to revolutionize the way that people budget, save, and invest money.

The app also recently launched a bank solution which means it can now truly serve as an all-in-one financial tool. But is Oportun a great fit for everyone?

We named Oportun one of our Top Automatic Savings Apps. If you're looking for a better way to save money, Oportun could be a great fit for you.

Let’s find out in our Oportun Review.

What Is Oportun?

Oportun is a mobile-only financial app that first launched in 2015. The company says that its mission is to "make financial health effortless for everyone."  And it tries to accomplish this by making it easy for users to automate as many financial tasks as possible. 

Since launching to the public, Oportun has helped its members save over $7 billion and create over 14 million savings goals. The company most recently announced that it has partnered with Pathward, N.A. to provide banking features to its users. This new all-in-one version of the app is called Oportun Direct.

Wondering how Oportun works? Below, we take a quick tour of some of its top features.

Automatic Savings

When you create a Oportun account and link up your bank account, Oportun will take a look at your past expenses and income. If its algorithm calculates that you should have some money left over, it will pull small amounts of money out of your bank account and into savings.

Oportun's Overdraft Prevention is a standout feature. If your checking account falls below a threshold that you set, Oportun will automatically move enough money from your savings to your bank to get you back up over the amount that you feel comfortable with. Depending on if your bank supports Instant Withdrawals, the funds will either arrive in minutes or by the next business day.

This feature alone should help you avoid overdraft fees. But Oportun even takes things a step further. It will reimburse you for up to two overdraft fees, if it identifies that these overdrafts were caused by a Oportun savings transfer.

When you save with Oportun, your account is rewarded with a 0.10% annualized Savings Bonus. Your Savings Bonus is automatically deposited in your Oportun account every three months. This is much less than the best savings accounts are earning right now. And, remember, in a savings account, you're paid interest monthly.

Investing

You can set up an Oportun Investing account that will help you invest strategically for the long term, not for risky short term gains. Oportun looks for safe amounts to invest every day to a fund that can grow over time. This is a great way to save for the future, and is a similar product to what you see with Acorns.

If you're wanting to save for retirement, Oportun will match you with the right IRA (Traditional or Roth) based on your income. And once a month, Oportun will invest those retirement savings into a diversified portfolio. There are no account minimums or fixed deposits so anyone can save for their retirement today. 

Even small amounts add up over time so you can start today and feel good about your future. However, be careful mix and matching Oportun with an external traditional or Roth IRA as you'll need to make sure that your combined contributions are below the annual limits set by the IRS.

Most recently, Oportun launched its own banking product, called Oportun Spending. When you open a Oportun Spending Account, you get a physical debit card that you can use for spending.

Oportun will also set up a "Bills" account for you and will calculate the right amount of money to move into it throughout the month to cover your rent, utilities, and other fixed expenses. And to help you avoid spending your "bills" money on non-bills expenses, this account gets its own separate virtual debit card and routing number.

If you set up direct deposit with Oportun Spending, you can access your paycheck at 55,000+ ATMs that are part of the Allpoint network. Plus, you'll receive daily balance notifications and continue to use Oportun's automatic savings tools.

Personal Loans

Oportun also allows you to take out a personal loan ranging from $300 to $10,000. The amount of type of loan depends on the state you live in, as well as the reason for the loan.

You can actually borrow even more - up to $18,500 - if you secure your loan with your car title.

Are There Any Fees?

Yes, Oportun costs $5 per month whether you are using savings-only or the banking tools.

You can test drive Oportun before you pay to see if you feel like its services are worth paying for. Oportun and offers a 30-day free trials.

How Does Oportun Compare?

The "all-in-one financial space" is a crowded one that includes names like Stash or Acorns. Compared to those apps, Oportun's prices are on the high end.

Oportun's budgeting, savings, and bills tools are more robust than Acorns and Stash. And its unique Overdraft Protection alone could make Oportun worth the extra cost.

But if you're not worried about over-drafting or missing bill payments, Oportun becomes less attractive. For example, if you're primarily looking to invest, Acorns and Stash both offer more features and flexibility. Here's a quick look at how Oportun compares.

Is It Safe And Secure?

Yes, All of the money that is deposited with Oportun or moved from your bank account is put into a FDIC-insured account with Pathward, National Association. This means that money you save with Oportun is federally protected up to $250,000.

Investment accounts are protected by SIPC insurance up to $500,000. In addition, your personal information is protected by 256-bit encryption.

How Do I Contact Oportun?

Oportun doesn't disclose a customer service phone number. However, you can get in touch with its support team by sending a message here or by emailing them at hello@oportun.com. Their team's operating hours are Monday - Friday, 9 AM - 5 PM (PST).

The customer reviews for Oportun's mobile apps have been overwhelmingly positive. Currently, the app has a 4.7/5 rating on the Apple App store from over 250,000 reviews. And its Android app is rated 4.5/5 from over 40,000 votes.

Is It Worth It?

A 2019 study by GoBankingRates found that nearly 70% of Americans had less than $1,000 saved. Another 45% had absolutely nothing saved. Oportun is trying to tackle this problem. If you need to have something automatic force you to save (or pay down debt), this can be a great tool for you. 

Oportun only pulls small amounts of money out of your bank account based on your current income and expense pattern. And when you let those small amounts add up they can become something huge over time, especially if you can commit to always investing a portion of the money that you save.

But while Oportun's tools are solid, there may be better choices for you. Check out our favorite automatic savings apps list to compare your options.

Oportun Features