Is Qaptial A Good Way To Save Money?

At first glance, the app “Qaptial” might seem like just another app designed to help people save money. But what many fail to realize is that it is much more than that.  

It is a unique app that lets us set a couple of rules for savings and sort of “forces” you to follow them. Not only can you set rules and boundaries with the app, but you also get a savings account. In simple terms, Qaptial is an app on your phone that also acts like a bank account. 

So, if you are someone who is well above 18 years of age and would like to get started saving your money, you might want to consider hopping on to Qaptial. 

In this article, you will read and find out more about what Qaptial is and what it has to offer for its users. So, without further ado, let’s get started! 

What Is Qaptial? 

Qaptial is an app that acts as a personal bank on your phone. It is available on both iOS and Android that helps cater to a wider audience.  

The app was first launched in December 2013 by Qaptial Inc. The main goal of developing this app is to help motivate people to save their money and manage their finances wisely.  

How Does Qaptial Work? 

In order to get started with Qaptial, all you need to do is download the app on your phone. You will need to have a US-based checking account to connect to the app that you will use for funding purposes.  

Note: Keep in mind to only use a checking account. That is the only type of account that you will be able to link to the app.  

Once you have created your personal account with Qaptial, you will now be able to set your own “rules” and “goals.” These might be confusing in the beginning, so allow us to enlighten you. 

What Are Rules? 

Certain transactions tend to trigger Qaptial. When this happens, the funds go to your account for the purpose of savings. These types of transactions are called “rules.” 

What Are Goals? 

When you try to save your money for big events like weddings or family vacations, Qaptial calls it “goals.” 

Keep in mind that Qaptial will use your checking account to transfer any funds when a rule gets “triggered.” Qaptial also uses this account to deposit money once you have successfully reached a particular goal.  

How Does a Rule Get Triggered? 

When you spend money through linked credit cards, your rules are triggered. And when this happens, you will add more to your savings account with Qaptial. 

What Are the Qapital Rules? 

With Qapital, you get four preset rules. However, Qapital also gives you the freedom to customize and create your own rules! 

Rule #1: The Round-Up Rule 

In Qapital, the Round-Up Rule is by far the most popular rule that people use. As the name suggests, this rule rounds up all of your transactions, and the difference goes into your savings account.  

You are given the freedom to decide the transactions that can trigger this rule. Additionally, you can also select the amount of your round-up value. However, your advancement value should be the even multiple that is nearest to the round-up value. 

Rule #2: The Set and Forget Rule 

With this rule, you get to pick which days of the week you would like to transfer a selected amount of money to the goal account. Keep in mind that this period can even be one day of every month.  

For example, if you would like to create monthly savings, you can set yours as “save $30 every month.” There are certain aspects of the preset rules that you have full control of, which is one of them.  

Rule #3: The Spend Less Rule 

Qaptial understands the struggle of saving money and spending less. Hence, the Spend Less Rule. This rule allows you to reward yourself whenever you spend less amount of money. 

For example, if you love Boba Tea, you are allowed to set a rule for rewarding yourself every week you spend less than $30! In addition to that, you can also save the difference and transfer it to your goal accounts! 

Rule #4: The Guilty Pleasure Rule 

We all have a habit that we consider a guilty pleasure. It may be shopping or buying your favorite coffee. Either way, this rule is for you if you are trying to curb this habit! 

The highlight of this rule is that you get to win money either way. If you do not give in to the guilty habit, you will have a lot more money to transfer for your goals.  

If you fall prey to your guilty pressure, you still trigger a rule, thereby adding money to your savings account! 

However, if none of these rules seem perfect to you, you can customize and set your own personal rules! 

How Does Qaptial Hold Money? 

A common misconception that people have about Qaptial is that they store all the users’ money themselves. However, that is not true. Instead, the money you invest through Qaptial sits in a partnered bank as a savings account or an FDIC-insured checking.  

Keep in mind that these accounts are not your personal funding accounts! Your personal funding account is the one that you have created with your checking account with your bank. So it does not always have to be the partner bank that Qaptial has.  

Is It Possible to Set Up a Spending Account with Qaptial? 

Yes, it is possible to set up a spending account with Qaptial. When you create a spending account, the app will give you a Qapital Visa Debit card. With this in hand, you can make an unlimited number of transfers that go between your spending account and your Qapital savings. 

Are There Any Fees with Qaptial? 

You can download the app from the Playstore for free. However, it does have a 30-day trial period. During this period, you can use it without worry. However, after your trial period ends, you will have to pay a certain amount to continue using their services.  

The fee is based on membership, and there are three types of memberships available with Qapital.  

  • The basic plan costs $3 every month 
  • The complete plan costs $6 every month 
  • The master plan costs $12 every month 

When Can You Withdraw Money? 

With Qapital, you are free to withdraw your money at any time. There is no rule that says withdrawal is possible only when you reach a particular goal.  

However, that is the goal of Qapital. 

Is Qapital Legal? 

Yes, Qapital is a service available for all users above the age of 18. They also need to be legal residents in the United States of America and can form a contract that binds them with Qapital. 

Final Words 

Qapital is a great way for people to save more money and learn how to manage their finances better. Saving money might seem like a tedious task, but thanks to Qapital’s “rules” and “goals,” saving is made super easy and fun! 

They are also very safe and legal, which makes them very reputable and trustworthy. And the best part is, you can get started on your savings just by using your phone! 

So, if you want to save a few extra bucks here and there, Qapital is a great way to get started.