What Is Qapital?
by The Billfold Sponsors
You may have already heard of Qapital. Perhaps you read about them in the New York Times, or noticed that they sponsored this year’s New York LGBT Pride Run. If you are one of those media-savvy types, you might have seen their name in the sponsor section of Rusty Foster’s Today in Tabs newsletter.
But what is Qapital? Put simply: it’s an app that helps you save money by transforming your relationship to it. In fact, the average Qapital user has already saved $237. So how does it work?
A Qapital account is a DDA (demand deposit account), which allows you to make as many transactions as you like, with no minimum balance. But unlike a checking account, your Qapital account earns interest (0.10%) just like a savings account. This way, you get the best of both worlds (convenience and savings). Qapital is for anyone who wants to complement their existing banking products with a service that helps them spend and save smarter.
Create goals and set rules that help you save automatically
Let’s say you’re saving up for a destination wedding in Greece, or maybe you just want to pay a little more on your ridiculous student loan each month. You can set a “goal” in the Qapital app, then create “rules” that allow you to reach those goals in the most frictionless way imaginable.
For example, you can round up your change to the nearest $1 or $2 every time you make a purchase with your card — then send that money directly to your Qapital account to begin accumulating interest. Or you can give up your expensive iced coffee habit for a month and schedule an automatic daily savings transfer of $3.50. Rules are incredibly easy to set up and can be changed or canceled at any time.
All of your transactions are securely sent to Qapital from your bank. Once their servers see that there’s a rule to be triggered, they schedule a savings transaction from your funding account to your Qapital account.
Track your progress
Qapital tracks your progress for each goal you’ve set for yourself. Don’t worry, you can change or cancel goals anytime. If all of this sounds good to you, go ahead and give the app by downloading at the link below. Then check in on twitter or in the comments and let us know how it’s working out for you.