Douugh Bank Review:
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For starters, you’re going to have what they call their everyday banking and this is where you’re going to see your surface level banking features such as a debit card, access to their network of 38,000 moneypass ATMs, and their incredibly well-designed banking app that I personally really like. And all of this is basically the foundation for all of the other unique features that we’ll talk about in a second and as per usual, they have no minimum balance requirements no monthly maintenance fees and none of that good stuff which is always an added plus.
The first feature that is an extension of your bank account is what they called their spending management tool. This allows you to link all of your external accounts including bank accounts, credit cards, loans, and any other accounts that you want to keep your eye on, and just like much of the competition, this allows you to look at everything under one platform without having to go back and forth between multiple apps on your phone. And they’re also going to categorize your spending through your Douugh debit card which is always a good thing to help you narrow in on where exactly you might be spending too much money and where you might have more of a cushion than you think.
This platform is also really big on staying alert and aware of where your money is being spent so they’re going to send you instant transaction alerts when you spend money, notifications when your paycheck hits your bank account, and you’ll even receive smart alerts when you’re close to your spending limits in various categories that we’ll talk about later. And Lastly, they are also going to send you weekly and monthly reports to help you stay on track and make sure that you’re reaching your savings goals and also sticking to your budget.
The place this starts to get really interesting and unique is with the various jars that they offer. Now truthfully, we have seen a similar model before but I really like the way that this is set up and for those of you who are leaving Simple bank, this is kind of like the expense accounts feature that they offered but not exactly the same thing. So for starters you’re going to have your bills jar and this is obviously intended to make sure you’re staying on top of your bills and the best part is you can actually pay your bills right from this jar which may not sound like that big of a deal but surprisingly, there are a lot of competitors and even platforms that are built around budgeting who don’t allow you to pay your bills through the app so that is definitely a huge benefit.
You can also set up various goals within the savings jar but you are also going to get a rainy day jar Which is essentially an emergency fund. Now the default is $1000 and they will help you stash away that $1000 as quickly as possible and I love this because if you are at all familiar with Dave Ramsey then you probably know that the very first baby step in his system is saving up $1000 for an emergency fund so I love that they are making this the default setting and encouraging you to have that money set aside if and when those emergencies do pop up.
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The topics presented in this video are for entertainment purposes only. Magnified Money LLC and its creators are not Certified Financial Planners®. Some links do result in an affiliate commission; however, you, and you alone, are responsible for the financial decisions that you make and the financial products that you decide to use.
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