So, you’re ready to start saving some money but you’re not sure where to begin. We get it. Saving money is one of those things that’s tough to get motivated about. On top of this, you may feel like you can’t even afford to save.
The good news is that there are automatic savings apps that can make your life easier and help you get started. To help you figure out where to begin, we’re taking a look at two popular savings apps: Chime and Qapital.
Read on to learn more about Chime vs. Qapital and see which one of these automatic savings apps is the right fit for you.
Chime Bank: Automatic Savings That Does the Work for You
If you’re looking for a unique automatic savings app with some extra perks, Chime may be your best bet. Chime is a savings app that doubles as a mobile banking platform. If you open a (free!) Spending Account, you can also open a Savings Account.
Chime Bank Savings Account & Features
Using Chime, you can take advantage of its Automatic Savings feature. Each time you use your debit card and spend money, Chime will round up that purchase to the nearest dollar and put the difference into your Savings Account. Easy, right?
Let’s say you buy some groceries for $46.57. In this case, rounds the purchase up to $47 and put the remaining 43 cents into your Savings Account. While this may not seem like a lot of money, all of your round ups will add up fast. In this way, you’re also getting rewarded for spending and your adulting game will stay on point since you’re paying yourself first.
Another major benefit of the Chime Bank app is that, when enabled, it will automatically deposit the widely recommended 10 percent of your paycheck into your savings account. These two features make sure you’re saving on when you spend money and when you’re getting paid. So, when money is coming in and going out, you’re always setting aside some cash for a rainy day fund.
Perhaps the best feature of all: Chime never charges hidden fees and is easy to use.
Qapital: A Savings App for Goal Setters
Using Qapital, you can pick a goal and start working toward making it happen. Your money will be held in an FDIC account insured at a partner bank and you can cash out your money at any time (even before reaching a goal).
Let’s say you want to plan a big trip to Italy. You can set that as your goal and create various “savings rules” to help you accomplish your goals. Like Chime, Qapital has a round up rule which rounds up each purchase and pockets the change. It also has a “spend less” rule. For example, if you spend less than $20 at Starbucks, you could pocket the money you didn’t spend and use it for one of your goals.
There’s also a “guilty pleasure” rule. If your guilty pleasure is ordering takeout or going shopping, you’d end up saving money every time this happens. For example, you might use this rule and set up a system where you save five dollars each time you engage in your guilty pleasure. For instance, if you order takeout, you can earmark five bucks towards your goals. On top of this, you can customize your own savings rule – like saving five bucks for every time you meditate or go to the gym.
Chime vs. Qapital: Switch to Chime for Full Service Banking & Automatic Savings
Automatic savings apps are all about making your life easier and helping you save money.
Are you looking for something simple that you don’t have to think about? Are you looking to start saving the recommended 10 percent of your paycheck without thinking about it? If so, Chime can help you do this effortlessly. But, if you’re motivated and saving for a specific goal gets you jazzed, then Qapital may be a better fit for you.
In the end, Chime is a good choice if you’re seeking simplicity, while Qapital is great for amping up your goals. You may even want to try out both — Chime to start a rainy day fund and Qapital to save up for your next big trip, while rewarding yourself for hitting the gym.
Whichever you choose, the key is to get started and let these automatic savings apps work for you!
This page is for informational purposes only. Chime does not provide financial, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for financial, legal or accounting advice. You should consult your own financial, legal and accounting advisors before engaging in any transaction.