No. Bits isn’t a savings product or a loan. It’s a subscription-based membership that gives you access to services such as the in-app Bits Store, a physical Bits Credit Card (subject to approval and eligibility), rent reporting, in-app score insights, and credit education content.
Monthly payment: This is a membership fee for access to those services. It isn’t returned when you close your account, except if you cancel within the 14-day cooling-off period, in which case you’ll receive a full refund of that first payment.
How this differs from “save-and-return” style products: Some products take monthly payments and later return those funds because they’re structured as a loan/savings pot. Bits does not work that way—we don’t hold your money to pay it back later.