Qapital App Review: How To Save Money With IFTTT (If This, Then That)

Qapital’s new app is a great way for people to save part of their income without having to go out of their way to make major changes in lifestyle. The app lets you set up a series of rules that are triggered by certain actions you take, like buying a product. When the rules are triggered, the app moves money from your checking account to a special Qapital savings account.

Qapital is new to the marketplace, but the app is easy to use and should prove to be a popular way for consumers to save money. Here’s what you can expect with this personal finance app.

Qapital Review

Qapital’s version for general public use was just released Feb. 1, 2016. The basic idea behind Qapital is that individuals have a hard time saving because of daily habits that eat up a person’s income. From coffee shop indulgences to going out to eat every night, many people enjoy spending money though they also intend to save — but don’t manage their finances enough to do both as well as they’d like.

Qapital aims to help balance out that conundrum. The app lets you set automatic triggers that help with savings. For instance, the popular Roundup Rule involves rounding up the amount of any given purchase and then taking the unused change and sending it to your Qapital account.

Read: How Much Would You Have If You Saved $1 a Day for Your Entire Life?

Qapital App: How to Save Money the Easier, More Fun Way

Qapital’s app is functioning as an extension of the average person’s bank account. Banks don’t offer many services to train individuals on how to save money or otherwise manage their finances, and that’s where Qapital comes in. The Qapital app is FDIC-insured and all of your money is deposited in a Wells Fargo bank account by Qapital on your behalf. Security is less of a concern for Qapital because of this Wells Fargo link, so you can have peace of mind that your money is as safe as it is with any bank account.

Qapital was the first-ever personal finance app to be powered by the If This, Then That (IFTTT) technology. The app uses the IFTTT technology to offer goals and rules for users, who can customize their accounts.

To start, you pick out a goal — an amount of money to save. Then you set rules to get there. That could include rules like saving the change from each purchase and sending it to a Qapital goal, saving a certain percentage of income earned from freelancing jobs — such as to cover tax payments — or even sending money to a Qapital goal every time the international space station flies overhead.

Rules that lead to automatic transfers to Qapital savings can be based on the person’s actions, such as spending or earning, or simply on everyday events that happen in the world. There are literally thousands of rules which make Qapital and its whole process a bit like a game or personal challenge. And that’s the point — to make saving money feel more fun.

How to Get and Use Qapital

Using Qapital’s app is fairly basic and involves a straightforward, three-step process:

  1. Download the app to your smartphone.
  2. Create a profile and link your checking account.
  3. Create a goal, pick rules, and save.


Qapital’s app is easy to use and has no fees or minimum balances. The personal finance app has a few drawbacks like the inability to work with multiple bank accounts for disbursing funds from goals, but those restrictions actually make sense given that security and fraud are major issues for any banking app.

One potential obstacle is that you need a checking account to use the app. Around 8 percent of the U.S. population does not have a checking account, and another 20 percent are classified as underbanked according to the FDIC. The Qapital app is probably not going to be as effective for those groups.

Learn: 10 Ways to Improve Your Finances in One Day

Pros and Cons of Qapital

Whether you’ve never used a personal finance app before or you’ve tried many and are still looking for the right one to help you meet your goals, the Qapital app could be the app that fits your saving style best and proves to be one of the easiest ways to save money. Let’s take a look at the advantages and disadvantages of Qapital so you can see if it’s right for you.

Qapital Review: The Pros

Qapital might be the ideal choice if you are looking for an easy-to-use app that helps you save money, and you’re a low-maintenance user looking for simplicity and customization above all. Once you’ve set up your goals and rules, there’s not much else for you to do but watch your savings grow.

Qapital Review: The Cons

Although Qapital doesn’t offer interest on savings made with the app, most savings accounts today are paying minimal interest, anyway. But if being able to speak with someone who can provide technical support or customer service is important to you, you might want to reconsider using this app.

Apps Similar to Qapital

There are not many apps available that do what Qapital is doing, but similar services include Cheddar, Mint, SimpleBank, BankMobile, Monk, and Final. Each has its own pros and cons, but Qapital’s IFTTT approach is probably a bit more fun than its competitors’ approach to savings. After several years of early-adopter testing, Qapital is clearly a clean and easy-to-use product which cannot be said of all of its competitors.

Related: Money Market Accounts vs. Savings Accounts: What’s the Difference?

Qapital Review Overview

Qapital’s approach to saving is a gamification of traditional savings processes. By making rules and goals, you might enjoy saving more than you would if you simply had to set aside cash at the start or end of every month.

If you are looking for an easy service to help you save your money and want a systematized, rules-based approach to saving, this is a good option. If you are looking for an app to provide a greater range of services like investing services or help with budgeting, then you need something more comprehensive than Qapital.