I’m always on the lookout for new and improved ways to save money, but I was a bit hesitant to check out Qapital. Nevertheless, I’m so glad I did! After using it for a few months, I’m excited to share my Qapital review with you!
November 2019 update: Qapital recently announced an $8/month fee to continue using the services previously provided for free to existing members–I’ll be on the lookout for an alternative!
What is Qapital?
Qapital is a personal finance app and “bank” that allows you to save money painlessly.
According to their website:
“Qapital is a new way to bank that lets you save for the things you want, just by doing the things you do. Finally, saving is effortless, motivating, and even a little fun.”
Qapital is far from a traditional bank and that’s truly what makes it special. CEO and Founder George Friedman joined forces with some other brilliant minds to create “a better budgeting tool,” and I can say without a doubt that they’ve succeeded.
What makes Qapital special?
I’ve found lots of selling points for Qapital, but what’s proved most useful to me is the personalisable settings. If you can name it, you can probably fit it to your specifications with Qapital. In fact, every concern I had about using an online system like this was allayed by their personalisation options.
My biggest fear when looking into the app was that I couldn’t afford to save. Yet, with Qapital’s customisable rules, I could even save as a poor college student! I have a weekly savings goal and a “payday rule” that puts aside a small percentage of each paycheck I receive.
You can turn off these rules at any time, too. Snooze them all at once in weekly increments (don’t worry, it’ll let you know when it’s starting up again!) or remove them individually. If your money needs and goals change, no worries! You can edit them, add new rules, or delete your existing rules as needed.
My second-greatest fear was of automatic savings overdrawing my account. No one wants to pay those fees! But Qapital’s already thought of that. Their overdraft protection kicks in automatically to get rid of that risk. For an extra layer of protection, you can also pause your savings rules when you know your funds will be especially tight.
Is Qapital safe?
I get it – the world is a scary place and the internet is no exception. You don’t want to give information, much less your banking information, to just anyone. But have no fear, Qapital is FDIC-insured and well-reviewed. After extensive research, I can say that, to the best of my knowledge, Qapital is perfectly safe.
Read more on their FAQ page.
What if I need to use my money?
It’s easy to access your savings – but not so easy that you’ll be tempted by its presence. Not only can you transfer funds directly to your connected bank account, but you can utilise a Qapital debit card to pay bills or purchase necessities.
I’ve used my card only once to pay a bill, but had no issues. And, yes–it is that pretty in person!
Would you recommend Qapital?
Without a doubt! I’ve used a lot of personal finance apps in my time, but Qapital is without a doubt one of the best. If you’re looking to save more money with minimal effort, Qapital is for you.
I haven’t completely replaced traditional banking with Qapital, but it’s absolutely revolutionised my saving!
Looking for even more of our favourite apps to help you manage your money? Check out this post featuring some of our long-time favourites!
Has our Qapital review convinced you to try it yourself? Let us know your thoughts!