Oportun App Review 2024: Pros and Cons

And, when it comes to emergency savings, a staggering 66 million Americans have nothing saved.

Many people find saving money difficult, even when they have a good reason for saving – and don’t we all?

Nowadays, however, automatic savings apps – such as Oportun, Qapital, & Acorns – are making it a bit easier for the average person to start saving.

And Oportun is a popular choice.

If you want to save money without thinking about it, then you should definitely check out Oportun.

It’s one of the best automatic savings apps out there. It’s easy to use, it takes the effort out of saving, and it’s completely free to use. Update 7/19/19: Oportun now charges users $5/mo.

Let’s take a look at what else this app has to offer.

How Oportun (formerly Digit) Works

Oportun is an automatic savings app. So, as its name suggests, it’s designed to let you save money automatically.

This takes the time, the effort, and the stress out of building your savings. Currently, Oportun can be used with more than 2,500 banks and credit unions in the United States.

Here’s how it works

• You download and install the app (iOS – Android).

• You connect your bank/checking account. Oportun analyzes your income and spending.

• It determines how much money it can safely save for you – the app saves small amounts.

• Every few days, Oportun automatically transfers a small amount of money from your account into your Oportun savings. The app only transfers what you can afford, based on its analysis of your income and spending. It’s usually a small amount that ranges between $5 and $50. You do not need a savings account, as savings are held with Oportun.

• If you decide that you need access to your savings, you can request a withdrawal at any time. Once you make a request, Oportun transfers your money back into your account on the next business day.

• With Oportun, you can make unlimited transfers and incur no fees. There are no minimums either.

• Every three months, Oportun sends you a savings bonus that’s determined by your average Oportun balance during the last three months.

Is Oportun Free?

No, while there is a free 30 day trial, to keep using the app after the initial 30 day trial you do have to become a paid subscriber.

Oportun charges users $2.99/month. Update (July 2019): Oportun now costs $5/month.

It’s important to note that the new subscription price will only apply to new users to Oportun . If you were an existing user before this latest price change, you will not have to pay $5. Your subscription fee will stay at $2.99.

Of course, they still have the 30 day free trial.

When you use Oportun to save money, you will see transactions labeled “Hello Oportun Inc.” appear in your checking account. But, these are not fees or charges to you. These transactions are simply transfers to and from Oportun.

What Do You Get with a Oportun Subscription?

Over the years, the company has added a lot more functionality to their app.

Currently, a paid subscription has way more features and bells and whistles than when the app originally came along.

Some of the best features include:

• Automated Saving: Oportun analyzes your spending and automatically saves the right amount every day.
• Unlimited Goals: You can set as many goals as you like. You can set goals to save for a vacation, an emergency fund, or anything you can think of.
• Automated Debt Payments: This is one of the best features. The app will save and automatically pay down your credit card debt.
• Overdraft Prevention: If your checking account balance dips below a certain amount, Oportun sends money to your checking so you don’t have to deal with overdrafts and their fees.
• 1% Savings Bonus: Get rewarded automatically for saving money.
• Unlimited Withdrawals:  You shouldn’t have to be limited to the number of times you can withdraw your own money and with Oportun you don’t have to.
• Overdraft Reimbursement: If the app causes an overdraft by pulling too much from your bank account to save, the company will pay your overdraft fee.
• No Account Minimums: You can have $1 or $10,000 in your account. There is no minimum required for having a Oportun account.

The company is constantly adding new features. So, there will be more great functionalities in the near future.

Is Oportun Safe?

When it comes to money, safety is a big concern for many. So, you’re probably wondering, “is Oportun safe?”

And, you’ll be glad to know that it is!

Oportun implements a plethora of security measures to ensure that your personal information is kept safe.

To ensure your safety Oportun:

• Uses SSL128-bit bank-level security.
• Does not store your bank login.
• Doesn’t transfer more money than you can afford to save. It has a no-overdraft guarantee – so you don’t have to be concerned about overdrawing your account.
• Encrypts and securely stores your personal information.
• Makes sure all funds are FDIC insured up to a balance of $250,000

Overall, Oportun is a trustworthy, reputable app that’s been featured by many popular media outlets and publications, like:

• USA TODAY
• New York Times
• Bloomberg
• CNBC
• Wall Street Journal
• Forbes
• Huffington Post
• TechCrunch

How Effective is Oportun ?

The app is effective for a number of reasons:

• It automates the process of saving – so, aside from downloading the app and setting it up, you literally have to do nothing and you’ll build savings. This makes putting money into a saving account a whole lot easier.

• Saving becomes stress-free with Oportun. A lot of people don’t know how much to put into their savings and worry about leaving themselves short. With Oportun, this worry goes away. The app uses technology to analyze your income and spending patterns to ensure that it never transfers more than you can afford to save.

• Using Oportun makes it easier for people to simply start saving – and this is a habit that many people struggle to get into.

Of course, Oportun is not designed for big savings.

As withdrawals are based on what’s in your checking account, you’re probably not going to get rich from the money you save with the app – unless you have a huge bank balance!

But, that’s not what Oportun was designed for. It’s designed to help anyone save money, regardless of their income.

Overall, it’s an effective app for people looking to save a bit of money. If you’ve always struggled to save even a small amount in the past, you would really benefit from using Oportun.

Oportun Reviews on Reddit

I am pretty active on a rather big subreddit called r/PersonalFinance.

And whenever I come across money saving or money making apps and tools, I look there to see what other members experiences have been like. It gives me an overall view of the tool and how it actually is performing in the real world.

Naturally, for this Oportun review, I checked Reddit and as always saw many helpful tips and responses from others who have been using it.

A lot of people are very happy with it, especially the fact that it really does make saving automatic and you don’t have to even think about it.

There were a few points made by a few different redditors that stood out to me.

For example:

“It’s hard to consciously log into a bank account and move $20 every day someplace else and be consistent with it. I like the set it and forget it method at like say $5 a day. before you know it you check that secret account and you have a nice chunk of change sitting there.”

Here is another post that shows it actually works:

“I’ve been using it (Oportun) since the middle of Feb. And it has saved me over $600. My only concern was around tax time. Whatever algorithm it was using, it was taking out big chunks instead of drips and dribbles. I’m chalking this up to the fact that we were moving large numbers between our savings and checking accounts due to tax payments. But otherwise, we love it, treating it as our vacation savings account.”

How to Install the Oportun App

The Oportun app can be used on both Apple and Android devices.

So, if you’re looking to jump-start your savings, download the app for your device. It’s quick and easy to set up, so you can start saving in no time.

The Bottom Line

Overall, Oportun is a legit and safe app that anyone who wants to save more money can benefit from.

Sure, you might not get rich off the money you save with Oportun, but it gets you into the habit of saving, which is the first step towards better financial health and security.