Saving money seems like it’s an incredibly straightforward thing to do, but it isn’t always easy to hit your goals. Fortunately, with the Qapital app, maximizing your savings gets far easier. The app allows you to automate your savings to a whole new level, and you can turn a wide variety of actions into savings triggers. If you’re wondering whether Qapital is right for you, check out this Qapital review so you can decide for yourself.
What Is Qapital, and How Does Qapital Work?
Qapital is a budgeting and saving app that focuses on harnessing automation to simplify setting money aside. Users can set up a wide array of savings goals within the Qapital app. Then, they can fund those goals by setting up rules that trigger savings activity.
Goals can be of any size and set up for any purpose. Users can also have several goals at the same time, each with their own set of triggers.
For the app to work, users have to link a checking account to their Qapital account. There’s also the option to connect a PayPal account or credit card, though those aren’t required. After linking the checking account, users can set up rules that direct their savings activity.
Where the saved money is held can vary. All users have access to an included bank account that can store funds, and it does generate a modest amount of interest. However, users with higher-level service tiers can also put the saved money into an investment account, allowing them to invest in ETFs instead, which can mean more growth potential.
It’s critical to note that while a Qapital account is associated with a separate banking account – which is FDIC-insured – Qapital isn’t the one managing the bank account. Instead, those services are provided by its partner bank. Additionally, brokerage services through the app are overseen by a partner institution, not Qapital directly.
What Are Qapital Savings Rules?
Qapital uses rules to help users automate their savings. Essentially, the rules are instructions, and each rule functions as a trigger, allowing savings activity to happen automatically when specific actions occur.
There are several rule types available. One of the most popular is a Round-up Rule, where the app automatically rounds up the amount of a purchase to the nearest $1, $2, $3, $4, or $5. The default round-up rule is $2, but users do have the option to change it when setting up the trigger.
Another straightforward option is the Set & Forget Rule. With that, users can designate a specific dollar amount to go toward a savings goal at a particular time. For example, a user could have $50 transferred to their Qapital account every week.
However, there are many other rules available, allowing users to transfer money to their savings account based on a wide variety of triggers. The IFTTT rule provides users with a lot of flexibility, as it’s possible to associate a savings trigger with a variety of unique actions. For example, you can have it send money to savings every time you use a social media app, which isn’t something you can do through nearly any other savings app.
There’s even a Freelancer rule that helps self-employed or gig workers ensure they’re setting enough money aside for quarterly taxes, as well as a Guilty Pleasure rule that makes sure that indulging also leads to savings activity.
How Much Does Qapital Cost?
The Qapital app does come with a 30-day free trial, but after that, users have to pay a monthly fee. The lowest cost option is a Basic account for $3 per month. It allows for unlimited savings goals, rules to automate savings, and other core features. For $6 per month, users at the Complete account level can access additional functionality, including the ability to invest using the app.
The Premier level gives a user access to every available feature. Plus, they get a first look at new capabilities coming to the app. It costs $12 per month.
What Are the Drawbacks of Qapital?
One of the most notable drawbacks of Qapital is the price, as getting access to the more advanced features does cost more than most people looking to build their savings would hope. Additionally, a downside is that Qapital doesn’t allow you to connect more than one checking account.
Users who don’t typically have a lot of money in the linked checking account also need to be vigilant. If a rule triggers money to come out of checking and into savings, it can accidentally lead to an overdraft if the checking account doesn’t have the funds available to support the action.
When it comes to the available investments, Qapital doesn’t provide as many options as a more traditional investment app. Users can only access ETFs, and the ones in their portfolio are predetermined based on the risk profile they create through Qapital. Users don’t get to pick and choose their investments, and they can’t sell individual ones or buy specific ones. Instead, it’s all based on the automatically selected portfolio mix, which some may find less than ideal.
Finally, if you need help from customer service, Qapital’s contact options are a bit limited. There’s no way to reach anyone over the phone. Instead, you only have access to an in-app messenger or email-based support.
Qapital Review Conclusion: Is Qapital Right for You?
Ultimately, Qapital is excellent when it comes to offering a wide variety of ways to automate your savings. The number of available rules outdoes what you’ll find almost anywhere else, allowing you to create a personalized set of triggers that help you reach your savings goals.
Just be aware that the monthly fee can get high, and be mindful of potential overdrafts if the balance of your checking account typically gets low during the month. Additionally, understand that investing through Qapital is one of the areas where your control is somewhat limited.
If you’re comfortable with that and any other potential drawbacks, then Qapital could be a great choice. If not, then you may want to look elsewhere.
Are there any points not in this Qapital review you’d like to add? Have you used Qapital and want to tell others about your experience? Share your thoughts in the comments below.
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Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is a former AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals.