Qapital Review – Save Money and Control Spending
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Saving money can be difficult. Fortunately, several apps, courses, resources, and tools are available to help you create a budget that is appropriate for your financial situation and lifestyle.
If you’re looking for an app encouraging you to save and pay bills, Qapital may be worth the download. Keep reading to learn more about this innovative banking app.
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What is Qapital?
Qapital is a mobile app that helps you save money and control your spending. The idea behind this money-saving app was spurred shortly after Katherine Salisbury and George Friedman decided to start a family. The couple needed a way to get a quick overview of their finances in one place, and so, “the idea for Qapital was born.”
They transformed their dream into reality with the help of Dan Ariely, a behavioral economist professor at Duke University.
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How does Qapital work?
To get started, visit Qapital’s website and click “Get started.”
Doing so will take you to a screen that reads: “Money happiness is a few clicks away. Qapital gives people the tools to find their own route to financial fulfillment. Set up an account to get started.”
Once you see this message, click “Let’s go.” You’ll then be asked to choose one or more short-term goals for the next 12 months.
You can choose from the following:
- Do something
- Go somewhere
- Get something
- Pay off debts
- Just start saving
- Rainy day fund
Once you’ve selected your goals, click “Continue.” A new screen will pop up. This screen asks if you’d like to start investing with Qapital Invest. If you want to skip this step, click “Maybe later.”
You’ll then be asked to enter your phone number. Once entered, you’ll receive a verification code via text. Enter the code and click “Continue.” The next screen asks for your email. Enter your preferred email address and click “Continue.” The following screens ask for a password and your first and last name.
Once entered, you’ll be asked to choose a plan: Basic, $3/month; Complete, $6/month; or Premier, $12/month.
Once you select a plan, you’ll be asked to link your bank account. Qapital offers a free 30-day trial. According to the website, you can cancel anytime.
After you link your account, the website will ask you to download the Qapital App. The app is available for both iOS and Android users.
How much does Qapital cost?
Qapital is free to download, but using it costs a monthly fee. Qapital offers three membership plans: Basic, $3/month; Complete, $6/month; or Premier, $12/month. If you’re not ready to commit to a monthly payment, you can sign up for a 30-day trial with no strings attached.
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Qapital features
Qapital offers several features. Here are a few of the features that stood out from the rest:
Smart Rules
All three of Qapital’s plans offer savings features in which you can create unlimited, personalized savings goals, automate your saving with “Smart Rules,” and transfer money between goals.
Smart Rules trigger automatic savings. For example, the Freelancer Rule helps you save each time you get paid. When enabled, the Freelancer Rule saves a set amount of each deposit you receive to your funding account and moves it to your goals account.
I thought this was a super cool feature. I have something similar set up with my Lili bank account.
Other Rules include:
- IFTTT Rule means If This, Then That, so you'll be rewarded every time you do "this."
- Apple Health Rule, which links to your Apple Health to offer rewards.
- 52 Week Rule, meant to inspire you to save every week.
- Spend Less Rule, save the difference when you come in under your budget
- Guilty Pleasure Rule, which lets you save whenever you buy the stuff you’re trying to resist.
- Round-Up Rule, round up your purchase to the nearest whole number and place your spare change into one of your Goals.
- Payday Rule, which helps you save each time you get paid.
- Set & Forget Rule, which allows you to establish a set amount of money that is transferred to a Goal either daily, weekly, or monthly.
Pause Rules
If you got a little Rule happy, Qapital allows you to pause Rules whenever you’d like. Just click the “Transfer” tab, tap the “Rules” banner, and choose which Rules you’d like to toggle on and off.
Couple Finance
While Qapital is great for individuals, it was designed with couples in mind. With Qapital’s features, you can keep track of each other (only if you choose to do so) and set combined financial goals (e.g., honeymoon, home renovations, down payment, etc.)
Qapital Spending Account
Qapital isn’t just a cool savings app, you can also sign up for a checking account through the app, which comes with a Qapital Visa Debit Card. Opening an account is easy. Plus, there’s no account minimum, no overdraft fees, and no monthly service fee.
With a Qapital Spending Account, you can:
- Pay bills via check. Qapital gives users the option to pay bills via check through the app. This means you can write a check in the app, and a third party will mail it.
- Treat yourself. With the Spending Sweet Spot, you can treat yourself without feeling guilty. It’s like a money honeypot separate from your fixed expenses (e.g., rent, utilities, etc.).
- Set a spending target. The Weekly Spending Target feature helps you manage your daily expenses (e.g., food, transportation, coffee, Target runs, etc.) and spending habits.
- Take advantage of direct deposit. You can also fund your account via direct deposit.
Qapital Invest
In addition to its Spending Account option, Qapital also lets you decide whether or not you’d like to open an invest account. (You need a minimum account balance of $10 to open an investment account.) Qapital offers three portfolio options: Conservative, Balanced, and Aggressive.
With Qapital Invest, you can set your deposit and forget about it! Qapital does the rest for you by investing your money in low-cost funds.
Who is Qapital best for?
Couples who are trying to save up
Qapital is ideal for couples who are trying to save for something special. With Qapital, you can make joint goals and reach them together.
Individuals who need help budgeting
Qapital is great for individuals, too. If you need some help managing your expenses, Qapital can help you set rules to help you achieve your goals. Qapital puts your money on autopilot.
Freelancers
Thanks to its Freelancer Rule, Qapital is also a useful budgeting option for freelancers.
Who shouldn’t use Qapital?
People who are uncomfortable linking their bank account to an app
If you’re worried about linking your bank account to an app, Qapital isn’t for you.
Experienced savers
If you’re already good at saving and controlling your finances, paying a monthly fee for a budgeting app would be pointless.
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Pros and cons
Pros
- Unlimited and customizable savings goals. Qapital lets you set specific goals, no matter how small. Anything can be a goal. Want a new couch? Make it a goal. Want to splurge on takeout on Friday? Make it a goal. Whether saving up to meet long-term goals or a fancy night out, you can do so using Qapital.
- Unique “Smart Rules.” With Qapital, you can set “Rules” to help you save.
- Payday Divvy. The Payday Divvy feature helps you get through the pay period without going broke. When Qapital sees you have a deposit, it’ll ask you what your needs are until the next time you get paid. Then, you can allocate your funds accordingly.
- Your funds are FDIC insured. According to the company website, your funds are FDIC insured through “pass-through insurance.” This means your balance is protected by FDIC insurance for $250,000.
Cons
- Membership fees. You have to pay a monthly fee to use Qapital.
- App-based. There isn’t a desktop version of Qapital.
- Limited funding account options. You can only have one funding account (i.e., the external checking account that you link to your Qapital account), and you cannot use PayPal, an external savings account, or a credit card as your funding account. You can, however, link these accounts to trigger your Rules.
Qapital vs. competitors
Platform | Pricing | Availability |
Qapital | Basic: $3/mo, Complete: $6/mo, Premier: $12/mo | iOS/Android |
Acorns | Personal: $3/mo, Personal Plus: $5/mo, Premium: $9/mo | iOS/Android |
Oportun | $5/mo | iOS/Android |
Acorns
Acorns is a personal finance app that allows you to invest spare change with round-ups, save up for retirement, and “bank smarter” by opening an Acorns checking account. There are no hidden fees; you can get paid up to two days early when you set up direct deposit.
Oportun
Oportun motivates users to save by giving them the necessary information to make smart decisions. You can also set goals and invest with an Oportun portfolio. It costs only $5 per month, and you can use it to budget, save, and invest.
FAQs
Is Qapital a bank?
No, Qapital is not a bank. Qapital’s banking services are provided by Lincoln Savings Bank, Member FDIC, and other partner banks.
Does Qapital cost money?
Downloading Qapital is free. However, to use Qapital’s automation and banking services, you’ll need to pay a monthly membership fee. Qapital offers a 30-day free trial for those who’d like to try it out first.
Does Qapital pay interest?
Yes, but it’s low. With a Qapital Spending Account, you’ll earn a rate of 0.05% interest on your Spending and Goals Accounts.
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The bottom line
If you’re struggling to save, Qapital may be an easy way without thinking about it. Qapital allows you to save your way by setting Rules and Goals to achieve. Bonus: You can try the app for 30 days for free before you decide to pay for it.
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Writer
Tabitha Britt is a New York-based freelance writer and editor whose work has appeared on INSIDER, the Huffington Post, and Taste of Home. When she's not glued to her computer screen, she can be found walking her beloved pooch, Biscuit.
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