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A recent Bankrate survey showed that 24% of adults stated they had no emergency savings available. Fortunately, 48% of people stated they had enough money saved to cover 3-6 months of emergencies. Where do you fall?
Saving money is important but sometimes it can be difficult to save because we haven’t ingrained the savings habit. As a financial wellness road warrior, you’re making strides to save for rainy days and emergencies. But saving money may prove challenging when the savings habits have not been ingrained completely in your life.
Don’t worry because there is a savings app for that. Qapital is an app available on your smartphone that makes it easier to save money for whatever you decide. You can easily set up rules that allow you to go about your life and set aside money whenever you complete a rule.
Qapital is a mobile banking app with intelligence that automatically saves money for you based on savings rules and activity triggers. Saving is simple and easy. Your savings with Qapital are FDIC insured because your funds are held with Wells Fargo Bank, NA. Qapital is not a bank, but a banking app that helps you save for your savings goals. It is also a mobile-only app available for iOS and Android phones.
You create separate savings goals within the app and create rules to save money. For example, purchase $3.25 on coffee, Qapital will round up to $4.00 and move $0.75 into your account. You specify where the money or what activity will contribute to each savings goals. Spend money on gasoline? Transfer the difference into a new car savings goal.
Connect your account, set the rules, and Qapital will round up your purchases to the nearest dollar. The uniqueness of Qapital is based on their rule setting feature. Basically, each time a rule is triggered, Qapital automatically transfers money from your checking account into a designated savings goals within your Qapital account.
Qapital’s Visa debit card is a new product offered that works like every other traditional debit cards out there. With their debit card, you set up direct deposit and can immediately transfer money into your Qapital savings goals. There are no setup, transfer, monthly service or overdraft fees. You don’t earn interest with the money in your Qapital Visa debit card, but you do earn interest on the amount you have in your Qapital savings goals.
When you open an account and connect your external back accounts and cards, you’ll be asked to set “goals” within the app that follow a predefined “rule.” For example, you can decide to save towards $1,000 emergency fund, and set a rule that everytime you spend money in a restaurant, you’ll have $10 transferred into Qapital. You can even set up various rules based on how you use your time. Watch YouTube, set a rule that transfers money into Qapital for the hours you’ve spent binging cat videos.
Qapital verifies your external checking account balances. The app will not transfer funds from your account into Qapital if your checking account balance falls below $100. This prevents overdrawing your checking account and getting hit with an overdraft fee from your bank.
Qapital has a three tier pricing structure. It’s basic plan is $3/month.
How do they make money to keep the app running? Qapital earns interest from the amount you’ve saved.
I had no major issues with Qapital. The rules I sent worked about 95% of the time. I never paid an overdraft fee and my savings paused when I requested. I’ve read that some users found technical bugs with the app such as rules not triggering a savings transfer or the time it took to withdraw money from checking account took longer than expected. These are issues Qapital has commented on and fixed. But with any app, some bugs will happen.
Qapital uses state of the art banking security to safeguard your information and money. With that said, we know that nothing is completely safe with hackers. Qapital’s focus on security and transparency is on par with major financial technology companies.
There are no account minimum balance requirements and no monthly fees.
IFTTT (If This, Than This) Rules. There are over 200 IFTTT rules that you can set up that helps you save money through everyday activities. For instance, you can save money every time a tweet is sent by the President or every time you walk 10,000 steps. Money is automatically transferred from your linked account into your Qapital account. Qapital connects with third-party apps to help you save more and have fun doing so.