INTRODUCTION : This is a very cute app that is all about helping you save. It is pretty much a savings account that you can separate into multiple separate goals with different rules that can help you save better.
Price: Whatever you add
Owners: Qapital Inc
- Lets you save money to individual goals
- Offers many rule choices to apply
- You can withdraw money
- If you overdraft because they took out money, you get money to cover it (up to 2 times)
- Rules get automatically turned off if it detects your bank account is under $100
- The money gets taken out per week which makes me forget
- If you go under $100 after they have already processed the withdrawal but before you go below $100, they can’t really stop the transaction from happening.
Qapital is great for everyone and anyone trying to save money!
HOW DOES THIS AWESOME SAVINGS APP WORK?
First you have to set up the account and connect your bank account which will take approximately 1-2 business days. WARNING: YOU CAN ONLY USE ONE! Make sure that the one you use is the one you want money to come out of.
After this you make a goal which can be absolutely anything from achieving financial freedom to buying new earphones.
Then you can either deposit money into it electronically or set up a rule. They have several different types of rules. The most popular one, like the Acorns spare change rule, the Round Up rule allows you to save your spare change. You have the option to just round up to the dollar or more. Another rule is the Spend Less rule. With this one, you set a budget for any specific type of purchase. For example I go to Walmart way too often (it is a 7 minute walk). I can set a rule to spend less than $20 per week. If I do this, then Qapital will save the difference. The Guilty Pleasure rule can save however much I choose every time I buy at Walmart. Personally my favorite rule was the Set & Forget rule. With this you set and amount you would like to save daily, weekly, or monthly.
There are many other rules that you can customize and such to any goal you want. Another cool thing about this rule setter is that if two goals share a rule, they split it evenly. If for example I have weekly Set & Forget rule at $20 for my House goal and Wedding goal, every week $20 will be withdrawn from my bank and $10 will go to the House and the other $10 will go to the Wedding.
If you would like to actually save $20 for the House and another for the Wedding goal, then you would need to set a new rule and only activate it for the goal you chose. Or you can change it to save $40 instead of $20.
Another cool thing that they have with the goals is that you can share a goal with other people! If you and a group of friends need to cumulatively save $5000, then you can all just add each other to the goal and you can see the progress of the overall group and see who saved what.
To withdraw from your goals, just go to your goal and hit new transfer. From there you just select to take whatever amount from the goal to your bank account. The whole app is quite simple and user friendly with little tutorials when you first start to show you the way.
What is the support like over at the money saving app?
The support that they offer is a little weird, but it is pretty prompt if during business hours. It is mostly online chat and they are very helpful to explain things. I felt a little bad for them because I was trying to ask something but I was making absolutely no sense but they ended up finally piecing it together. I also ended up over drafting and was charged $35 by my bank which was inconvenient, but after talking to them and them explaining things a little better, it didn’t happen again, and I got $35 into my bank account to relieve that overdraft fee.
…best of all… IT’S FREE!
Should you download this awesome app?
Heck yes! I really like this product I must say. It is very friendly and I love that I can see how much I have saved for any specific goal I have. I don’t know about you, but I have a huge problem with just keeping money saved in my bank without it being separated. I have trouble remembering what goes where which leads to me spending money since it’s readily available and I forget what was for what. If I want to withdraw something, I have to really think about it and consider how long I would have to wait for it to be deposited into my account and how sad my goals would look if I take it out.
Another awesome thing is that if you invite a friend, they give you and who ever used your link some cash to get your goals started on your account. All you have to do is set everything up and make a deposit and they transfer the money over to your Qapital account.
My only complaint would be that the deposits and withdrawals really only happen once per week. With my memory I forget that I have so much coming out of my card and then I end up spending it which can lead to overdrafts. I would love it if it could just happen immediately. I really like the Set & Forget rule to save money daily but really it just ends up being weekly.
Other than that I really like Qapital. It’s really easy to save money with and get your goals straight. I really recommend it if you plan on saving, budgeting, an/or becoming financially free.
If you have tried Qapital or have any questions, I will do my best to answer them below!