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(Pocket-lint) - Don't feel bad if you're completely incapable of setting aside money, because according to a tonne of recent studies, it's not common for people under the age of 35 to have any savings at all. But Digit hopes to change that.

It's a new service that monitors your spending habits and, if you can afford it, moves money from your checking account. You're still able to withdraw funds without being hit by fees, but the idea is that Digit will automatically figure out when and how much to save based on your lifestyle, allowing you to finally have money set aside for a rainy day.

Digit is completely free, doesn't require a savings account at your financial institution, works with over 2,500 banks and credit unions, comes with a no-overdraft guarantee, uses "state-of-the-art" security measures, and FDIC-insures all funds up to a balance of $250,000. Unfortunately, however, it's only available in the US at the moment.

The web app seems pretty simple to learn and use, too. All you have to do is sign up on Digit's website to use the service, then connect your checking account, and allow Digit to analyse your income and spending. It will transfer some money (usually $5 to $50) from your checking account to your Digit savings every two or three days.

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Digit uses 256-bit bank-level security, and it won't store your bank login. And as we mentioned earlier, you can use Digit to transfer money from your Digit savings back to your checking account. It allows unlimited transfers with no fees.

Writing by Elyse Betters. Originally published on 19 February 2015.