Posted by William Charles on March 18, 2019
Deals

Published on March 18th, 2019 | by William Charles

125

Qapital – Mobile Banking App Review ($20 Referral Bonus + $100 From Referring 3 Friends)

Update: You can now get $100 if you refer 3 friends, in addition to the $20 per friend you normally get.

Qapital is a mobile banking app that has been around since 2015. Qapital’s main selling point is that you can create long and short term goals and then rules and goals to help you reach those goals. For example you might set up a daily or weekly transfer to save to a vacation. Qapital will then transfer that money into a special account designated for that vacation.

Contents

Referral Bonus

You can refer friends and you’ll both receive a $20 bonus if the person being referred opens up a Qapital account and settles a deposit into a Qapital goal. For every three friends you refer from March 15th – March 31st you’ll earn an additional $100 (up to a maximum of $500).

Share Your Referrals

  • DO NO PUT ANY INFORMATION IN THE COMMENT OTHER THAN YOUR REFERRAL LINK.
  • Do not thread referrals, just leave your referral as a new line.
  • Leave your referral once.
  • We will lock comments in a few days.

Final Verdict

Personally I don’t see a lot of value in Qapital, it looks like the goal accounts don’t earn any interest and I’d much rather have my money in a high yield savings accounts. I think most people will get a better outcome by sitting down and looking at existing spending and then creating a traditional budget rather than trying to automate that process. I’m not going to give my checking account information for a $20 bonus, but I know some readers will be happy to do so and thus this post.

Hat tip to Maximizing Money



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Financial Panther

Just a note that Qapital isn’t free. They switched over to a monthly, fee model. I suppose you could get your 20 bucks and then close the account right away, since I think you get a certain number of days free. It’s a bummer because I think Qapital was a pretty good app until they moved to the subscription based model.

Mario
Mario

Great catch! It seems like almost all of these microsavings apps eventually move towards subscriptions.

love reading your blog too Kevin. DoC and FP are two of the best

Financial Panther

Hey, thanks Mario!

B-Rad
B-Rad

Yes. They grandfathered in all of the users who had the app before the fees were added, but I think that’s why they’ve been pushing the referral program so hard lately.

Financial Panther

Yep. I’m still grandfathered in for the free model, so I still use it myself, even though I don’t refer people to it anymore.

I always wonder how these apps do after going with the monthly fee model. I understand they need to make money, but these apps just don’t seem very attractive if you’re going to charge monthly fees to use them.

Ann
Ann

“From January 6th until January 15th”

Looks like that should say February 6 to February 15, 2019!

Chuck

Fixed, thanks

Shane
Shane

I think the important question is whether it’s pronounced “capital” or “kwapital.”

Jay
Jay

This seems like the first referral friendly thread ever not to instantly get out of hand by ppl spamming referrals and disregarding rules.

Might say something about the offer… 😉

Snorlax
Snorlax

The name makes me irrationally angry.

This service is unneeded; most banks allow you to open as many savings accounts as you want and some, like Capital One, allow you to open “virtual accounts” to store different monies that you want to allocate to different things.

Dan - Legal Bank Robber
Dan - Legal Bank Robber
B2
B2

Used yours, thanks!

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Appreciate it!

Robert
Robert

Dan - Legal Bank Robber I used your link, but I never received the referral. I reached out to Qapital and they said both the referrer and the referee need to have a positive balance in the account to receive the referral bonus. Is your Qapital account balance positive? Do you see me as a referee in the app? Trying to troubleshoot…

Dan - Legal Bank Robber
Dan - Legal Bank Robber

I do see you as a referre and I do have a positive balance.

Robert
Robert

Dan - Legal Bank Robber Awesome! I’ll let them know. Did you already receive the bonus for referring me?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

No

Robert
Robert

OK, I’ve messaged them about it and will keep you updated.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Just got it, frustrating because I have other pending referrals I suspected did meet the requirements.

Robert
Robert

Yes, I got mine too. It seems like these bonuses need to be manually prodded about half of the time in order for them to post 🙁

kreo
kreo

Used yours!

Robert
Robert
A M
A M

Used yours

Robert
Robert

Thank you! It seems all you need to do is initiate a small one-time transfer from your linked bank account (even $1) to get the $20 bonus, fyi 🙂

A M
A M

I used your link but never got my referral. I’m wondering if it had to do with your account — it says both mine and the referrer’s have to be open and in good standing.

If not, can you look at your list of referred and see if you find anyone with the initials “A M” who signed up and email me at mraprvm@gmail.com? I imagine if it shows up on your end, then it’s just something wonky on mine and I can contact Qapital. And even if not, I can confirm to their support I used yours and we can each get $20 hopefully.

Robert
Robert

I do see that you signed up using my link but it says next to your name “awaiting first deposit”. Were you able to transfer the $1 into your Qapital account from your linked bank account? That should fulfill the deposit requirements, and then they will issue you the $20

A M
A M

Thanks for the reply

I did make the deposit, but interestingly the first account I linked didn’t work because it had less than $100 in it, and my second deposit (successful one) cleared yesterday.

I’ll give it another day and submit a help ticket if no $20 still.

Onsale
Onsale

I’m also having problems with the bank connection. It was initially successful, now it is holding up the transfer.

A M
A M

Thanks!

I told support referral was successful and that deposit had cleared and they manually added referral for me and also for you according to them.

AC
AC

[removed]

Doesn’t seem to charge you so long you don’t setup a long-term goal. Bonus posts quickly. I initiated funding transfer yesterday and bonus is already in my account.

Steve

But how do you set up an account without creating a goal and picking a subscription? The app (on Android at least) didn’t seem to let me continue without creating a goal. Or did you create a goal and then delete it? But to get the $20 you supposedly need to deposit money towards a goal (though maybe after that posts you could delete it).

But anyway, it’s a 30 day free trial (then $3/month for the Basic plan), so I’ll just remember to cancel before I’m charged.

For people setting up weekly/monthly rule, note that they do the weekly deposit on Sunday, and monthly on the first of the month.

AC
AC

I recall selecting one of the short-term goals (go somewhere) and then when prompted to select a long-term goal (build wealth or something like that), I selected that, then the next screen showed me the 3 different $ plans so I hit the back button a couple of times, and it took me to the home screen of the mobile app. As of right now, the home page still says “get started choose membership to continue,” but I haven’t chosen or “confirmed” any and everything seems to be working fine. I did a one-time transfer of $5 towards my $5 goal and also setup $1 weekly deposits just in case as I wasn’t sure if that was also necessary to trigger the bonus. Hope this helps!

Steve

I used your link.

AC
AC

Thanks!

AC
AC

Oops, sorry, I just realized why my link was removed.

Onsale
Onsale

opps

AC
AC

Thanks!

Leosc
Leosc

Easy $20 [removed]

Leosc
Leosc

William Charles
Why was my referral link removed?
[removed]

I couldn’t get my link posted…

Need help, please.

Onsale
Onsale

Leosc you’re just supposed to post a link, nothing else.

Leosc
Leosc

I posted a new comment just link…yesterday
It still didn’t show up Onsale
Chuck

Need help, please.

Onsale
Onsale

Leosc maybe you just get 1 shot. If you violate, then you can’t post again for that referral opportunity. I’m totally speculating btw.

Chuck

I don’t know what happened with the other comment.

Leosc
Leosc

I just posted my referral link, nothing else
as i responded with this message… please approve it Thanks
Chuck

A M
A M

No SSN or anything. Took all of five minutes. And first 30 days of basic plan are free

Steve

They pay interest, but only 0.1%. Though, that’s for a “Spending” account, which it’s not clear how to open. I only see a Goals/Savings account, which says 0.00% APY.

https://support.qapital.com/hc/en-us/articles/360011964654-Is-there-Interest-on-my-Accounts- says “A Qapital Spending account is a checking account withone of our partner banks. This means that if you have a Spending account, you will earn interest of 0.1% (compounded monthly) on both your Qapital Goals account and Qapital Spending account.”

(Or maybe I do have a Spending account and their support page is wrong about the interest amount. But it’s basically 0 either way.)

Steve
jr
jr

used yours!

jr
jr

Surprisingly doesn’t require SSN. Sign up process took 2 minutes. Could use Google Voice. Plus first 30 days are free. Will be terminating the membership after bonus posts! Should happen smoothly if you look at the other comments here.

Leosc
Leosc

$20 was posted yesterday. I will cancel it soon. How is your cancellation going?

jr
jr
Josh
Josh

Used – thanks!

AC
AC
Onsale
Onsale

AC Used yours. Did you post your link twice?

AC
AC

The first time I didn’t follow DoC’s instructions which was my bad. I was only supposed to post the link by itself. No extra letters or words.

Onsale
Onsale

AC looks like you stumbled into 2 referals as a result.

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