What Is Qapital?
Qapital is a unique mobile savings app that helps you save money with ease. It helps automate the process of saving money with a set it and forget it way. It uses IFTTT (if this, then that) formulas to help you quickly save money.
It takes savings to a whole new level. You set your own goals such as rounding up and automatic savings from your checking account.
How Does Qapital Work?
When you download the Qapital app, you are creating a Qapital bank account. You will link your checking account to your Qapital account. This will become your funding account.
Next, you will set Goals in the app that follow particular Rules. Let’s say you want to set up a $1,000 emergency fund. You can set a rule to round up your purchases to $2 every time you shop. The difference is placed in your Qapital account towards your emergency fund. Below are rules you can set up.
Guilty Pleasure Rule – A set amount of money is deposited in your Qapital account if you give in to your guilty pleasure.
Spend Less Rule – Challenges you to spend under a certain amount at a specific place. The idea is to help you spend less. If you spend less, the difference is sent to your savings.
Roundup Rule – Every time you make a purchase, your change is rounded up to the nearest dollar. If you spend $3.50, you can set it so your purchase rounds up to $5 so $1.50 is saved.
Set & Forget Rule – Similar to automatic bank transfers. You can set a certain amount to be transferred from your checking account every day, week or month.
IFTTT (If This, Then That) Rule – You can create your own rule for saving. You can reward yourself for going to the gym, checking something off your to do list or doing the laundry.
With these different rules, you can save money in no time. This makes saving fun and helps you reach your financial goals by reaching your personal goals.
Qapital Bank Account
The Qapital bank account is FDIC insured for up to $250,000. You can open the account for free with no minimum deposit fees and free direct deposit. There are no overdraft fees and no opening deposit required.
Qapital also features a Visa debit card for immediate transfers and direct deposit.
Membership Plans
Qapital has 3 membership plans. When you create an account, you’ll receive 30 days free. Then you can choose from the packages below.
Basic ($3/month) – The Basic plan is designed with savings in mind. It gives you unlimited access to Qapital’s savings, spending and budgeting tools.
Complete ($6/month) – The Complete plan adds a spending and investment account. The spending account works like a checking account with a Visa debit card. You also have access to Payday Divvy to help break down assets and goals to help allocate what you need and want.
Master ($12/month) – The Master plan combines the Basic and Complete plans with Money Missions, webinars and events. It helps to give you a greater understanding of your money. Money Missions are challenges designed to help you unlock insights about how you use your money now so you can use it better in the future.
The Basic plan is good enough to accomplish your savings goals.
Security
Qapital doesn’t sell your information to third party companies. Bank communication is encrypted and your login and social security numbers are not stored on their servers.
Referral Program
When you refer someone to Qapital, you can earn $5. They must sign up using your link and make a deposit of at least $20 to a Qapital Goal. Their account must be open and in good standing for 45 days. Not only will you receive $5, they will receive $5 as well. Sometimes, they run promotions where you can earn additional bonus money when referring others. In January 2020, they offered an additional $500 when you referred 10 people.
Getting Started With Qapital
- Click here to download the Qapital app
- Create your account
- Verify your email
- Link your checking account
- Set a Savings Goal
- Add at least $20 towards your goal
