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The bottom line: Qapital Goals Account may be a good fit if you want tools to help you reach savings goals, either individually or as a couple. But if you just want to open a checking and savings account, these additional tools could be overwhelming.
Pros and Cons
| Pros | Cons |
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Qapital Goals
30-day free trial then Basic ($3 monthly), Complete ($6 monthly), or Premier Plan ($12 monthly)
0.05%
$0.01
- Low minimum opening deposit
- No monthly service fees
- Helps you set savings goals
- Fail-safe mechanism pauses transfers from your account if your balance is less than $100
- Funds can only be transferred to your linked external checking account or Qapital Spending Account
- No checks writing
- No debit card option
- No ATM deposits
- No overdraft fees
- Funds can only be transferred to your linked external checking account or Qapital Spending Account
- FDIC insured through Lincoln Savings Bank
The Qapital Goals Account is where you will keep money for goals and collect savings earned after setting up "Rules." Rules are Qapital's savings tools that encourage you to save in a variety of ways. For instance, you can round up purchases to the nearest dollar or participate in the 52-week challenge.
You might like this account if you are looking for unique tools that help you save independently or as a couple. The account's Dream Team feature allows couples to share visibility of individual bank accounts while still keeping money separate. This might be worth considering if you don't want to manage a joint bank account.
Keep in mind that you'll have limited access to your account if you don't have a Qapital Spending account. You'll have to transfer money to an external checking account, which could take a couple of days.
Qapital Spending
no monthly service fee
0.05%
$0.01
- No monthly service fees
- No overdraft fees
- Fail-safe mechanism pauses transfers from your account if your balance is less than $100
- Debit card option
- Write checks through the app and have it mailed to you
- No physical checkbook
- No ATM deposits allowed
- $1 to $4 out-of-network-ATM fee
- Access to over 55,000 free ATMs through the Allpoint ATM network
- Interest compounded and credited monthly
- FDIC insured through Lincoln Savings Bank
When you open a Qapital Spending account, Qapital also lets you open a Qapital Invest account. The Spending account also makes it easier to manage money in your Goals account, because you can transfer money from Goals to Spending quickly, then use a debit card to access your money.
Overall, this is a strong checking account that doesn't charge monthly services fees.
Qapital Features
Qapital comes with savings tools called Rules. When you apply a Rule, any money saved will go toward goals set up in your Goals Account. Here's an overview of Qapital's Rules and features:
- Set and Forget Rule: A set amount of money will be automatically deposited into your Qapital savings account each week.
- The Round Up Rule: Transactions are rounded up to the nearest dollar and put in Qapital savings.
- The Guilty Pleasure: Encourages you to save when you buy from a merchant you're trying to resist. For instance, maybe a guilty pleasure is visiting a specific restaurant. Each time you spend money at this restaurant, Qapital will automatically put money toward a goal, like your car fund.
- The Spend Less Rule: Automatically sends any money left over from your budget to your Qapital Goals.
- The Freelancer Rule: Saves money to help pay taxes if you're a freelancer.
- The 52 Week Rule: Helps you save $1,378 over 52 weeks.
- Apple Health: Ties financial goals with personal fitness goals by connecting to Apple Health.
- IFITT: Encourages saving for goals if you use other apps like Instagram, Twitter, and more through IFITT. IFITT is an online tool and mobile app that connects different mobile apps and services. If you do something on one mobile app, the platform might trigger action on another app.
- Debt Wrangler: Debt Wrangler is a tool that focuses on debt management. The new tool may help you understand which loans to pay off first as well as how long it will take to finish payments. If you're interested in refinancing, Qapital may also show data to see if it may be suitable for you.
- Capital Cashback Hacks: This new tool helps you find cashback or coupon offers at over 12,000 online retailers. All you'll need to do is add an extension to Chrome and log into your account. Any offers will be applied when you're browsing through websites.
How Qapital Works
Qapital is a mobile app that can help you save and invest. Access to certain app features will depend on your monthly plan. Here's an overview of plans:
| Basic ($3 per month) | Complete ($6 per month) | Premier ($12 per month) |
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If you get the Premier Plan, you'll have access to Money Missions, which help you figure out what matters the most to you. For example, one Money Mission has you look at your subscriptions and cancel at least one service for a month. Qapital then puts that money toward one of your goals so you can see if it's worth canceling the subscription or not.
If you have any questions about the app's services, you'll have to search through the FAQ section of the website or send an email to Qapital's support team.
Qapital's mobile app is rated 4.8 out of 5 stars in the Apple Store and 4.3 out of 5 stars in the Google Play Store.
Qapital bank products are FDIC insured through Lincoln Savings Bank and other partner banks. Up to $250,000 is secure in these bank accounts.
Is Qapital Trustworthy?
We use ratings from the Better Business Bureau to help determine how a business deals with customer issues. Qapital has received a F rating from the BBB due a high number of customer complaints, plus failure to respond to or resolve some of these complaints.
Qapital hasn't been involved in any recent public controversies.
How Qapital Compares
We compared Qapital to two online-only platforms with budgeting tools: Chime and Wealthfront.
Deciding between these three platforms will likely depend on how you like to save money.
Qapital provides the most tools to help you save and could be a good option if you're in a couple but want to plan individual goals. Qapital has a Dream Team feature that allows you to share visibility of individual bank accounts while still keeping money separate.
Chime or Wealthfront might be appealing if you're looking to earn interest on your goals. Chime pays a solid interest rate on its savings account, while Wealthfront's Cash Account offers the highest rate out of all three banks.
If you want accounts that offer ways you save and invest, Wealthfront or Qapital will stand out more to you. Both offer investment products in addition to banking products.
Note that Chime and Wealthfront aren't associated with monthly plans, so you may opt for one of these accounts if you prefer fee-fee options or a simpler sign-up process.
Why You Should Trust Us: How We Reviewed Qapital
Qapital is technically a fintech company, however, since it offers alternative banking products we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
We rate bank accounts on a scale from one to five stars. We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Frequently Asked Questions (FAQ)
Yes, the Qapital app does require a monthly fee to utilize the app's features. The app has three monthly plans: Basic ($3 per month), Complete ($6 per month), and Premier ($12 per month).
The Basic plan lets you set up savings goals, the Complete Plan lets you invest and offers a Visa debit card, and the Premier Plan turns savings into a game through Money Missions.
Qapital is not a bank. It's a mobile app that helps you save and invest. Banking products are issued through Lincoln Savings Bank and partner banks.
