Qapital
Price: Free
Compatible with: iPhone, iPad
Overview:
While other financial apps encourage you to save money actively, Qapital’s goal is to help you save money automatically and without thinking about it, which is the most beautiful feature of this app.
For example, if you go to Starbucks every morning for your grande skinny vanilla latte or your tall Americano, Qapital can round up the price of your morning caffeine fix and put the extra change in your savings account. Or you can set a rule that says if you come in under your budget for something, Qapital will put the extra money into a fund for a down-payment on a house. In this way, users aren’t even thinking about saving money, but it’s happening all the time.
When you sign up, you create a profile and pick savings goals, like buying a house or paying off a credit card. The app provides prompts to make you think about your reasons for saving money, like learning a new skill or having an emergency fund, and helps you figure out different ways to save money toward that goal. It also features an advanced rule section – you can set a rule so money goes into your savings every time you cross out a task in your Reminders app, or every day you reach your step goal. You can even say things like, “If I spend less than $100 a week at the online casino, put the remaining balance into my savings account.”
The biggest downside to Qapital: it requires you to open a new bank account when you sign up. The app will ask to authenticate one of your existing financial accounts, but then asks you to open an FDIC-insured Qapital account. If you’re not sure about going through such a big step before seeing what the app is all about, you can try out Qapital’s features on a dummy account. However, when apps like Mint, LearnVest, and Level Money offer free budgeting options, it’s hard to justify opening a new bank account unless you really need to.
Bottom line:
Qapital is a different type of financial app, designed purely to help you save money. While the function is a beautiful one, it may not be worth it for everyone to open a new bank account. However, if you’re looking to save money without breaking a sweat and don’t mind having another financial account, Qapital is the way to go.
