The Qapital banking system now allows for setting goals and the rules related to triggering transfers from your connected bank account. It happens directly with the Qapital account.
The destination account is the FDIC-insured account. The service is by Qapital at Wells Fargo Bank. The Qapital works as the free personal finance app especially for the people who are using iOS and Android devices.
The intention is to encourage saving money. Qapital is directed to users who are set for the achievement of goals.
Exclusive features
- It allows automatic transfer of the money from the checking account to the account for Savings.
- You will get rounded up saving with the money when you use the Qapital account. It works as a more powerful savings tool when compared to the dollar roundup scheme.
- With Qapital, you will get an automatic transfer of a set amount of money. It comes with the spending rule. You will get incredible rewards for spending less than the average amount.
- Qapital will control you from overspending. Qapital transfers are better than set dollar amount to the savings goal. It will let you hold an interest in spending money.
- Qapital is becoming more popular due to its enormous integrations. Saving becomes fun when you use it. Qapital allows you to save towards specific goals rather than messing with the money all round in a single goal. You can do that it from each rule related to the specific savings goals. Qapital is now becoming a greater tool for saving a lot of money.
Pros and Cons
The App
The Qapital app comes with the existing bank account. It transfers the money according to the IFTTT rules that are present with the FDIC insured savings account. You will get the availability of the money in your goals to account at any time.
Pros:
- The application is completely free.
- There’s never a need to open a new account to use Qapital.
Cons:
- it shows a problem while hooking up with every bank account.
- Sometimes it becomes irresponsible.
The Bank Account
Qapital’s bank account is trending. However, its features will witness updates in the coming months.
Pros:
- You can open a checking and savings account for free.
- There’s the availability of a chip-enabled debit card by Visa. This is available for free.
- You can save for goals within savings account for free
- There’s no overdraft and minimum deposit fees
- Availability of fraud monitoring scheme
- No negative balance fees involved
- Availability of check-sending options
- The account is FDIC-insured
- You can earn interest on accounts
Cons:
- There are no branch locations. If you’re looking for a high-interest rate in terms of the online savings account, you have to discover the banking online and phone system.
- There is no availability of the ATM card. So, there are no options for easy withdrawal.
- There isn’t any availability of relationship rewards. Even if you choose to move the savings balance to Discover from the retail bank, you will miss out on some relationship bonus.
The Bottom Line
Qapital now comes with the other ways for savings. It will be based on the current behaviour of your spending. So, if you are looking out for the new bank account and a new way to get savings, it’s worth checking out this system of Qapital. It will give you the attainment of peace of mind due to the FDIC Insurance.
