Top perks
Create an unlimited number of savings goals
No matter what you're saving for, you can turn it into a Qapital goal. Getting ready for a big vacation with the whole family? Start saving early to make sure you hit your target. At the same time, with the option to create unlimited savings goals, you aren't restricted to saving only for the big stuff. Want to save a little extra to treat yourself to take-out on Friday? Set a Qapital goal and start saving! No goal is too small to add to your Qapital app.
Additionally, every goal can have its own set of savings Rules to make reaching your target easier. Finding the money for a weekend treat can be a no-brainer when you round-up your purchases during the week.
Use unique spending "Rules" to save money
Most savings apps have the same old features, like automatically saving a certain amount every week or month. While Qapital certainly offers that option, it takes automated savings to a whole different level with its diverse collection of savings Rules.
In particular, the IFTTT (If This, Then That) Rule offers a whole new way to save -- and, perhaps, moderate your behaviors at the same time. Think you're spending too much time on social media? Set Qapital to save a dollar every time you like or post. You can also use IFTTT Rules as a way to reward yourself through savings. For instance, you can create a Rule that saves money each time you hit a fitness goal.
What could be improved
Monthly fees up to $12 a month
When Qapital first launched, the savings app was free. These days, however, you'll need to pay at least $3 a month to access its most basic features. The investing features require at least $6 a month. And if you want to save and budget with a partner, you're looking at a whopping $12 a month -- not exactly savings-friendly.
The app comes with a 30-day free trial, which allows you to test-drive the features before committing. But you'll need to be sure to cancel the trial before it expires to avoid being automatically charged for the next month.
You can only use one checking account to fund your account
All of the money that finds its way into your Qapital account will come from a single checking account. And yes, it must be a checking account -- savings accounts can't be used to fund your Qapital account. Nor can you link multiple checking accounts.
This applies to everything. For instance, while you can set up a Round-up Rule for your credit card purchases, the amount you round up doesn't get added to your credit card purchase. Instead, that extra change will come from your linked checking account.
This could be a big problem for anyone who doesn't keep much money in their checking accounts. You'll need to stay on top of your checking account balance at all times to be sure an automatic transfer triggered by one of your savings Rules doesn't inadvertently cause you to overdraft.
Limited investing options
While it's true that investing with Qapital is simple -- it may be too simple. When you open a Qapital Invest account and meet the $10 minimum, you simply set a goal and decide the level of risk with which you're comfortable. For example, if you're not that into risk, choose a Conservative approach. If you're cool with a bit more risk, go for an Aggressive approach. Qapital will recommend a portfolio based on your settings.
And that's all the involvement you have in the account. You can't buy and sell, you can't pick and choose -- nothing. Qapital doesn't allow you to invest in stocks, bonds, or other securities. Your only option are the ETFs (exchange-traded funds) Qapital picks based on your goal and risk settings. So, if you want an investment account you can actually control, this is not the app for you.
No phone-based customer support
Although few of us like to sit on hold on the phone to get help, most of us really like the option to get help over the phone -- especially when our money is involved. Sometimes you really do need to talk directly to a human. Unfortunately, Qapital has limited options for customer support. You can send them an email ([email protected]) or use the in-app messenger. But if you can't get the answers you need through these venues, you're out of luck.