Qube Money Review – Envelope Budgeting, Made Easy
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Qube Money allows people to track their finances in real-time using a digital money management solution.
9/10
Cost
9/10
Features
9/10
Ease of Use
9/10
Services
9/10
Budgeting is something that really isn’t much fun for most of us, but it’s a necessity for almost everybody. There are tons of systems out there that are supposed to help people budget and track their money. Some personal finance apps can make budgeting a bit easier. But what if you’re in-between, where you don’t want to invest a lot of time into budgeting apps but do want to benefit from what they offer? If this sounds like you, Qube Money is an option that you might want to consider. In this Qube Money review, we discuss how it works along with its pros and cons.
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What is Qube Money?
Qube Money is a financial technology company that provides a full-suite mobile banking solution. The Qube Money app and debit card allow consumers to use the effective cash envelope system in a digital world through the Qube Money digital budgeting app. When using the debit card and app, you can split your money into digital envelopes called Qubes. Qube then tracks and organizes your finances to help you stay on top of your budget.
Qube Money was founded by financial health coach Ryan Clark, who was inspired to create Qube after becoming frustrated with the existing budgeting apps, savings programs, and debt reduction tools on the market. None of these tools addressed the root cause of people’s poor money habits — spending.
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How Does Qube Money Work?
To sign up for Qube Money, you only need to visit its website. You’ll see the “Get Started” button on the home page. Click on it to begin the process.
The first few pieces of information you must provide include your name and email address.
Qube then needs to confirm that you can be reached by phone. You’ll need to enter your phone number and wait for Qube to text you with your verification code.
You only have about one minute to enter your code, so be sure you have your phone nearby when you do this!
After you enter the verification code, you can continue with the process. The next step is to create a password for your account.
At this point, you can pick the look of your Qube Card, which you’ll receive in the mail.
Qube also needs your address to mail your Qube Card to you. You must have a valid US address to receive a Qube Card, which will be mailed as soon as you make your first deposit.
Due to federal regulations, Qube needs your birth date and social security number to verify your identity. You can enter that information during this step.
Then there are a few questions that Qube asks to get to know you better. Qube says that this information will not affect your application.
After completing this step, Qube will ask you to review and verify the information you input during the application process. You can edit any of the information if you need to.
Once you’ve confirmed your correct information, you can move on to the final step and review your account type. If you agree to the terms and conditions, you can submit your application for a Qube Money account.
How much does Qube Money cost?
As of June 2024, there are three different Qube Money accounts. The Basic plan is $0 and can be a great introduction to Qube Money to see if it’s right for you. However, it has a $5 one-time account set-up fee. The Basic plan gives you an individual bank account and 10 Qubes. Basic plan holders can also use peer-to-peer transactions and integrate their Qube Card with Apple Pay and Google Pay.
The Premium plan gives you everything in the Basic plan but with unlimited Qubes and recurring transfers. You can also create a joint account as a Premium plan holder and receive partner notifications. The Premium plan is $12 per month if billed monthly and $108 per year.
Qube Money also has a Family plan option, starting at $19 per month or $180 per year. The Family plan will come with all of the Basic and Premium plan features and up to 5 authorized user accounts. Adults, teens, and kids can all have separate cards, and parents can set parent permissions on the account. The Family plan will also feature in-app money requests and chore-tracking tools.
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Qube Money features
Qubes (digital cash envelopes)
The main feature of Qube Money is the Qubes themselves. The Qubes are virtual envelopes that you can use to separate your budget categories. For example, you might have one Qube for rent or mortgage payments and another for going to bars and restaurants. Or, you can assign Qubes to specific stores you like to shop at to help you monitor your spending at each store.
When you deposit money into your Qube account, it sits in the Qube Cloud, waiting for you to assign it to purchase. Then for each Qube, you’ll set a dollar amount. Then when you add money to your Qube Money account, the app will fund each of your Qubes based on the dollar amount you set for them. When making purchases, you have to unlock a Qube to let the app know which one you want to draw money from. You can also set customized rules in the app for online bill pay so the app automatically knows which Qube to pull from.
Debit card
Qube Money offers a unique debit card that you can use to help further balance your budget. The debit card doesn’t carry a balance until you unlock a Qube from the app. When you do this, the card will instantly be funded by the money you set aside in that Qube. You can use the debit card to make purchases and then track your purchases through the app. The Qube app updates your balance for each Qube after each purchase. Your debit card also returns to its $0 balance after a purchase.
Direct deposit
Qube Cards can be funded via transfers or by linking to an external bank account. But the easiest way to fund your card is through direct deposits. You can even access your paycheck up to two days ahead of your normal payday if you set up a direct deposit for your account.
ATM access
You can also use the Qube Card to withdraw cash from your Qube account at any ATM. There is a limit — you can also perform three ATM withdrawals daily for a maximum amount of $250. Even so, it comes in handy if you need to grab cash while you’re out. Qube will reimburse ATM fees of up to $10 per month for transactions using your Qube Card.
Qube for couples and families
Premium plans come with the ability for couples to create a joint account and families to have kids' cards. With these accounts, partners can create shared Qubes for joint expenses and individual Qubes for each person’s personal expenses. Each person gets their own debit card to use for their purchases, and each partner can navigate the Qube Money app on their devices.
You’ll get notifications about your partner’s purchases when using a joint account. Notifications will appear when a Qube is opened, as well as the purchase location and purchase amount.
Who is Qube Money best for?
Couples who want to improve their finances
Finances can be a sore spot in any relationship. Qube Money can be a great tool for couples who want to hold each other accountable and work together toward financial goals. By opening a joint account, both people can still have individual Qubes for personal expenses. They can also have shared Qubes to make joint expenses easier to track and pay.
People who need help budgeting
If you don’t understand where all of their money went at the end of each month, Qube could be a good tool for you. Qube makes it easier for you to spend more intentionally because you have to unlock a Qube before you make a purchase. It can also help you track expenses to see where you might be struggling and could cut back on some expenses.
Who shouldn’t use Qube Money?
People who don’t want to use an app for purchases
Qube can be a great tool but can also be frustrating for some people. With Qube, you can’t just take out your card and purchase whenever you want. You have to take the additional step of using your app to unlock a Qube first. This could be a problem if you forget your phone or die, making it impossible to access your app. In those cases, you’d need to have a backup plan to make unexpected purchases.
People who want to earn rewards
One of the downsides to the Qube Card is that it does not earn any cash back or other rewards. Sure, you could use your other cards for some purchases, but it defeats the Qube app's purpose because the transaction will not show up in your Qube account.
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Pros and cons
Pros
- There is a free plan option, making it a perfect no-risk solution for people who are interested in seeing if Qube Money could work for them.
- With the Premium and Family plans, you can tackle budgeting as a couple or as a family.
- Since the Qube Card has a default of $0 balance, it helps increase your card’s theft protection.
- Qube settings can be changed to allow you to close the Qube after purchase, or leave it unlocked for up to 1 year. This allows you to set up your account in a way that makes the most sense for your goals and spending habits.
Cons
- You can’t connect other accounts or cards to your Qube account, so you’ll only be able to use the budgeting system if you use your Qube Card.
- The Qube Card doesn’t offer any rewards or cash back benefits.
- There is no free option for couples and families.
Qube Money vs. competitors
App | Cost | Features |
Qube Money | Basic: Free, Premium: $12/mo, Family: $19/mo | $0 balance debit card, cash envelope budgeting, designated spending categories |
You Need A Budget (YNAB) | $14.99/mo for monthly billing, $99/yr for annual billing | Budget categories, goal tracking, loan calculators, spending & net worth reports |
You Need A Budget (YNAB)
You Need A Budget (commonly called YNAB) has a large and dedicated following. The company advertises itself as a proactive system that follows a four-step method. It can give you the tools you need to spend more intentionally and show you how to spend within your budget and roll with the punches when you need to.
YNAB is a good option if you want more hand-holding to help you avoid overspending and get control of your budget. The system encourages you to assign a purpose to every dollar and put money toward large recurring expenses such as car insurance to keep you on track with no surprises. The ultimate goal of YNAB is to get you to spend money that is at least 30 days old to help you step away from the stressful paycheck-to-paycheck mindset.
There is no free YNAB plan, which can be off-putting for some people, especially if you want to save money and stick to a budget. However, many system users say that the cost is well worth it. There is also a 34-day free trial, so you can try out YNAB before deciding to commit to it.
FAQs
Is it safe to use Qube to manage my money?
Yes, it’s just as safe to use Qube as it is to use any savings account or checking account. Any money that is in a Qube account is FDIC insured (Federal Deposit Insurance Company) through Choice Financial Group. Choice Financial Group is Qube Money’s partner bank.
How is money deposited into a Qube account?
There are several ways to deposit money into your Qube account. The quickest way to fund your account is to set up direct deposits. You can also deposit money from an external bank account using that bank’s debit card or by transferring via Qube or another digital banking app. Qube accounts can be funded via 3rd party payment apps. This includes PayPal, Facebook Play, Google Pay and Apple Cash. You can also fund your Qube account using Venmo or the Cash app. Any of these options will be processed similarly to an external bank account.
Does Qube Money charge overdraft fees?
No, Qube Money does not charge any overdraft fees.
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The bottom line
Using a digital money management solution, Qube Money lets people track their finances in real time. It’s a great option for people who like the idea of a cash envelope budgeting method but don’t want to carry envelopes with cash everywhere. With Qube, you can set up digital cash envelopes that you can assign money to help you stay on budget and monitor your progress.
There are several benefits to using Qube. You can open a basic account with up to 10 digital envelopes called Qubes for free. You can also pay a little more to set up a joint account with a spouse or partner or consider family account memberships. Qube accounts come with a debit card that you will use instead of your other credit or debit cards. The Qube Card has a default $0 balance; you can decide how and when to fund that card for purchases.
Is Qube Money for everybody? Maybe not. If you like to use cash back and other rewards credit cards, you’ll be disappointed to know that the Qube Card doesn’t offer any rewards. The app cannot also connect with and track purchases from other banking institutions. However, applying for Qube is easy, and it’s free to have a basic account, so it might not hurt to check it out if you’re curious about this budgeting app.
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Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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