Saving money has always been a difficulty for you and you would like a solution that finally knocks that beast to the ground?
The good news is that, in recent times, Americans have gotten better at saving money.
A Bankrate survey in June 2017 showed that only 24% of adults say they have no money saved up for an emergency.
Forty-eight percent (48%) of people surveyed however do have savings accounts that could cover 3-6 months of expenses if an emergency came up.
These are impressive numbers and the great thing is that you can take steps to join this 48%.
An effective way to save money is to automate it in a “set it and forget it” way so you save money without even realizing that you are doing it.
If you own a cell phone and a checking account, the Qapital app might be that solution to help you get there.
Configured properly, the Qapital app can be a true “out of sight, out of mind” way to put money away towards your emergency fund, save up for a trip or even set up long-term goals for the future.
Quick Summary
- Rule Based Automatic Savings App
- 30 Day Free Trial, Then 3 Membership Tiers
- Easy to use and setup
How Qapital Works
Qapital is available to users on Android and iOS devices. It is also now FDIC insured for up to $250,000.
When you first download Qapital and create a bank account, you will have the opportunity to link a checking account you already have. Your checking account becomes your “funding account”.
Next, you will have to set “Goals” within the app that follow particular “Rules”. So you can decide that you have a goal saving $1,000 towards an emergency fund. You can then set the rule that $20 be moved from your funding account to a secure Qapital account every time you shop at the grocery store. You can even set up interesting rules that have you saving money every time you watch an NBA game on your phone for instance.
A more recent addition to Qapital is the ability to create a spending account which links to a Qapital Visa Debit card. The benefits with creating a Qapital spending account include:
Qapital Pricing and Plans
As of November 2018, Qapital changed its free structure into a membership based structure. If you're an existing Qapital member, you'll automatically get access to the highest tier.
For everyone else, you get a 30 day free trial, before you have to start paying. You can try Qapital here for 30 days free.
The plans are:
Basic ($3/mo) - The basic plan gives you access to Qaptial's saving, spending, and budgeting tools. It also allows the goal based approach they are known for.
Complete ($6/mo) - The complete plan is an all-in-one financial solution. The goal is to seamlessly integrate Qapital's tools into a complete picture for you. This level includes the invest tools.
Master ($12/mo) - The master plan is for people that want a greater understanding of their money. You get all the options of the lower plans, but also exclusive webinars and in-app challenges.
As of now, we only see value in the Basic plan.
How To Access The Money You Save With Qapital
When you save money with the Qapital app, the money is held at Wells Fargo.
However, the only way to access the money is through the Qapital app by transferring it to your regular checking account or you could get cash back when you use it in a store.
Withdrawal of your money can be made at any time and is free of charge.
If life happens and your funding account gets too low, you can simply pause the rules or cancel a transfer within the app.
Security
For an app that is easily accessible on your phone and which links to your bank account, it would be surprising if security was not a concern.
The recent Equifax breach makes this an even more pressing need.
Qapital maintains that they do not sell your information to third-party companies and that your personal data is encrypted between the Qapital app and their servers.
The information from their servers to any third party partners is also encrypted so that sensitive information is not relayed from their end.
An extra word here: Although Qapital does provide these assurances for protecting your personal data, it is alright if you are wary of the security features and want to include an additional layer of protection using some form of identity theft protection service.
By and large, the Qapital app is a great, easy way to put money away towards any financial goal you have without having to actively think about it.
The Biggest Drawbacks Of Qapital
Although there have been independent raves about Qapital (like this one) and the Qapital app has a 4.8 rating in the Apple Store and 4.4 rating in the Android store, it would be irresponsible not to raise some of the misgivings some users have had about the app.
Amongst those complaints have been :
- Difficulty linking checking accounts to the app
- Some users report not being to pause rules at all which can be a problem if you happen to be running low on funds from your regular checking account
- The app being overall “buggy” since the Spending Account was introduced
- The app taking too long to withdraw money from external bank accounts to put towards the savings goals (Might be why they created their own spending account?)
Most users however, (as per user reviews in the Apple Store and Android store) are very happy with the Qapital app and the “set it and forget it” nature of the app when it comes to saving money is a common reason they cite.
Final Thoughts On Qapital App
As of November 2018, Qapital has become a less attractive savings app because of its pricing structure. If you need help saving, then the $3/mo tier might be helpful for you, but we don't see value in the higher tiers at this time.
Hopefully Qapital proves us wrong and continues to provide great value in automatic savings.
Check out Qapital here.
Have you tried Qapital? What are your thoughts on it?
Qapital Review
- Savings Options - 95
- Ease of Use - 80
- Customer Service - 85
- Comission and Fees - 20
Overall
Summary
Qapital is a free mobile banking app that helps you save spare change automatically.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
James brandon says
Was great until you mentioned this about the $3 month fee i dont pay thst with my normal bank account i actually get money back on my normal accoubt with my bank. The fee makes me have to think if i want to continue using it as i use it for the roundup feature for my emergency fund…
Their CS is great anytime i had issues with my account they were there to fix it.
Jim says
No bank or investment would pay $3,- $12 per month for the amounts they are saying. It’s like they are paying themselves for us investing these small amounts. I will be dropping them! You got greedy!
Jim says
2% – 14% – 24% Give me a break! All Done!
Marc Holden says
This company is a disgrace. When they screw up and withdraw funds from an account which doesn’t have funds available, and you bank charges you an overdraft fee: don’t expect Qapital to take any responsibility for their error. Rather they just give you a “bad luck thats not our problem”.
Stay away from these thieves!
Maryann Farrell says
Qapital isn’t what I thought it was. The way they hold the roundup change screwed my bank account up. I was under the impression every time I bought something they would take the change from my account and I would notice, but no! They continue rounding up change for 5-7 days and then pull a lump sum. That defeats the whole point. They don’t even have it as pending in my bank account so what happens is I get down low on my bank funds and start conserving.
Suddenly, BAM Qapital transfers your lump sum roundup money and your left with a negative balance or very low balance. I aaaumed little by little they actually took the money from my account every time so when my balance gets low I don’t have to worry cause Qapital already removed the roundup change. Believe me I notice when $30-$50 is taken from my bank Account!! That’s about how much roundup I have depending on the week. If I wanted to do lump sum savings. I’d do it myself so I don’t overdraw my bank account. Face it people using Qapital don’t have a lot of money or we wouldn’t use it. I used it because I wanted to save a little money, but I immediately stopped the roundup so I don’t get hit with overdraw fee’s which I will. When my husband saw the lump sum go over to Qapital he freaked. I was trying to save without him noticing, but thanks to their assanine system it caused a problem for me instead of helping me secretly save money. So if you don’t want overdraw fee’s be very careful or you’ll regret it. So really Qapital what’s the point of roundup? Because I’m noticing the money being taken. Set it and forget? I don’t think so. Instead I had to check my app constantly to make sure my bank doesn’t go negative because of how they set the system up. It causes anxiety and me to never stop checking g my account.
Jo Ann says
Looks like I will discontinue using this service. I can open up a regular saving account and not have to pay a monthly fee. It was great while it lasted. The best feature was the debit card so if you have an emergency you can use your saved money instead of having to wait to transfer it to your account, which takes 2 – 3 days vs immediate with the debit card.
Pamela says
I love Qapital. I have managed to save over $1,200 in 6 months. I know I would not have saved that money without using this app. I know because a personal emergency a year and a half a ago drained my savings and until I downloaded and started using Qapital, I had not been able to replenish it. For me, it would be worth the fee (although I somehow lucked into signing up in November just before the fees went into effect).
Pamela says
Update…I saved over $4,000 in my first year with Qapital. It’s a great app that has helped me quickly save for several short-term goals. I will continue to use it because I have benefited so much from it.
Belkis Armand says
I love this app. But then again I’ve had them for a long time and never paid fees. I suggested it to a friend the other day. I didn’t know about the “new” charges. Qapital blew a great thing with their new pricing plans. The old customers will stay, but no new ones will join with these fees. It was a good thing. Sadly, really good.
Shelby says
I completely agree! I’ve had my Qapital app for over a year and a half so I was grandfathered in with a free service, but there’s no way I would download this in the present day.
Jz says
So far I love this app and have been able to save approximately$200 in two months. Might not seem like a lot, but it’s perfect for my savings needs. Love that I can give my son the Qapital debit card to use for gas and completely monitor so that he can’t spend more than I approve. It auto stops transfers from my checking if funds are getting low. The app shows in near real time any use on the debit card so you are always aware of where you stand. For any rewards driven person, like me, logging in and watching your savings, separated into goals, grow is very empowering. No complaints after 8 weeks. Would Highly recommend if saving has been a challenge on your own.