Lincoln Bancorp

Feb 18, 2022

Interest compounded and credited monthly 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 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: 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. Implement Rules to save for goals Create unlimited goals through the Goals Account Implement Rules to help save Get a Visa debit card and Qapital Spending account to access your money easily Open an Invest Account (Money is held in an ETF portfolio ) Create unlimited goals through the Goals Account Implement Rules to help save Get a Visa debit card and Qapital Spending account Open an Invest Account Turns savings into a game with a tool called Money Missions  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 B rating from the BBB due to 142 complaints filed against the business. A strong BBB rating doesn't necessarily ensure your relationship with a business will be perfect. You'll also want to talk to customers or read online customer reviews to get a better idea of whether Qapital may be suitable. Qapital hasn't been involved in any recent public controversies. How Qapital compares 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 might be appealing if you're looking to earn interest on your goals. It offers the most competitive interest rate out of all three platforms. 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. Frequently asked questions (FAQ) Does Qapital cost money? 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. What bank is Qapital? 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.