Qapital, the world’s largest mobile financial service is expanding internationally with Digit 2022 in Malaysia. Both apps offer features that allow users to save money and track spending habits. The question is: which app is best?

“Apps that save you money when shopping” is a phrase that has been used for years. The “Qapital vs. Digit 2022 | Which Money Saving App Is Best?” article compares these two apps and allows users to decide which app is best for them. Read more in detail here: apps that save you money when shopping.

Qapital vs. Digit 2022 | Which Money Saving App Is Best?

Qapital and Digit are two applications that help users save and invest money using technology. Both provide a number of features that encourage users to strive toward their financial objectives. 

Qapital focuses on saving money by applying rules to your spending patterns. Digit is all about automatic, smart savings.

In this article, we’ll go through both services in detail, including their primary features, investing opportunities, pros and downsides, and more. 


Overview of Qapital vs. Digit

Both of these businesses employ technology to assist people in bettering their financial connections. Both are concerned with micro-savings and automation. 

Qapital Information

Qapital is a smartphone app that aims to improve people’s financial habits. It allows users to create rules based on their specific financial objectives to automatically save money. These guidelines may apply to saving, spending, investing, or all three. 

The firm began in Stockholm in 2013 and expanded to the United States in 2015. Qapital now focuses on automation and behavioral science to assist individuals in achieving their objectives. To understand more, read our entire Qapital review.

Qapital-vs-Digit-2022-Which-Money-Saving-App-IsQapital (source)

Digit Information

Digit, like Qapital, is a mobile-based tool that assists users in saving, budgeting, and investing. Digit is unique in that it calculates how much you can save each day using a proprietary formula. It automatically deposits additional money into your savings account when you have it. 

Digit was founded in 2013 and is situated in San Francisco. Customers have saved more than $7 billion using Digit, according to the business. To understand more, read our whole Digital review. 


What’s the Difference Between Qapital and Digit?

Qapital and Digit are close but not identical. Both applications are designed to make it simple for users to achieve their financial objectives. 

Qapital

Download the app to begin using Qapital. IDology will be used to validate your identity.

Link your Qapital account to an external checking account to start saving. Set up some rules to move money from your checking account to your Qapital savings account automatically.

You will also get a Visa debit card connected to your account with Qapital. 

If you want to start investing, create a Qapital Invest account. It will take five to seven business days to set up your Invest account, and you will need $10 to fund it. 

If you need assistance, visit the Qapital support center or contact us through in-app chat or email. 

After you join up, Qapital is free for 30 days. After there, you have three price choices to pick from. 

Digit

Digit may be accessed through their mobile app or website. You must first make an account and then log in. 

Next, link your Digit savings account to your bank account. Choose several objectives for which you wish to save. Digit’s algorithms will evaluate your spending patterns and send funds to your savings account automatically. 

Set up an investment account or an IRA retirement account using Digit’s investing alternatives. You may set up automatic transfers to both a savings and an investing account if you like. 

Digit provides customer service by email or a form on their website. 

After the first 30 days, you may select between two price levels. 

1649952072_150_Qapital-vs-Digit-2022-Which-Money-Saving-App-IsDigit is the source of this information.


Main Differences Between Qapital and Digit

Although both applications are focused on saving and investing, their distinct features will assist you in selecting the best choice for you.

Qapital

The rule-based triggers are one of Qapital’s primary selling factors. These triggers assist you in automatically saving money depending on your spending habits. There are a variety of rules to choose from, and you may use as many or as few as you choose.

The most popular is Qapital’s Round Up Rule. With this rule in place, Qapital rounds up your change to the next dollar whenever you make a transaction. The change is then deposited into your savings account through the app. 

The Spending Sweet Spot trigger allows you to indulge without feeling guilty about it. Use it to keep track of daily expenses like eating out, coffee runs, and movie tickets. 

Every time you get paid, the Payday Divvy trigger automatically puts money away for your objectives. Payday Divvy sends payments to savings, investments, and other accounts based on your preferences. 

Set up a low-cost exchange-traded fund (ETF) portfolio with the Qapital Invest trigger. Qapital will assist you in determining the best portfolio for your objectives and risk tolerance. 

The Dream Team trigger, on the other hand, allows you to combine your funds with your partner’s to work on your objectives together. 

Finally, the Money Missions trigger is designed to make money saving enjoyable and meaningful. Adding a meal-prep day to your week or canceling an unwanted subscription are two examples of missions. 

Overview of Key Features

  • Save money automatically using rule-based triggers that send tiny sums of money into your savings or investing accounts. 
  • Spending Sweet Spot: This trigger ensures that you have enough money to meet your daily necessities (and wants). 
  • PayDay Divvy: With this trigger, set away a certain amount from each paycheck for savings, investments, bills, or anything else. 
  • With this trigger, you may invest in an ETF portfolio depending on your risk tolerance and objectives. 
  • With the aid of this trigger, form a dream team with your spouse to achieve your financial objectives together. 
  • Money Missions: Set a goal for yourself to discover new methods to save money and better your financial situation using this trigger. 

1649952073_18_Qapital-vs-Digit-2022-Which-Money-Saving-App-IsQapital (source)

Digit

The automatic savings mechanism, which is based on a complicated algorithm, is what sets Digit different from other applications. Fill out details about your income, spending patterns, and more when you create an account. This information is used by the program to calculate how much money you can save each day. 

Digit transfers modest amounts of money into your savings, investment, or retirement accounts automatically to make saving as simple as possible. You may specify a maximum daily transfer amount if you like. 

Savings incentives are another method Digit encourages people to save. You’ll earn a bonus if you deposit money into your Digit savings account for three months in a row. The bonus is equal to 0.10 percent of your current account balance. 

Although Digit’s purpose is to only transfer money when you can afford it, they do provide overdraft protection and refund. For up to two overdraft situations, Digit will immediately refund you for any costs your bank levies.  

Digit is all about achieving your objectives. In the app, you may set as many objectives as you like. Digit will distribute money to each target based on its algorithm. 

If you wish to put a higher priority on one objective, utilize the Digit Boost function to put extra money toward it. 

Do you want to pay off your credit cards or college loans? Set up a loan repayment target by linking your loan account to your Digit account. Every month, Digit will deliver an additional money.   

Digit provides a robo-advisor option for investing in addition to saving. Choose between a traditional investing account and an Individual Retirement Account (IRA). The software will create an ETF portfolio for you in any case. 

Overview of Key Features

  • Automatic payments to your savings account make it simple to save the amount you can afford. 
  • Savings bonuses: Get a prize for continuously saving money. 
  • Overdraft protection and reimbursement: Digit will pay any expenses incurred if your account is overdrawn twice. 
  • Setting objectives: Set as many customisable goals as you like. 
  • Prioritize your most essential objectives using Digit Boost.
  • Pay off credit card and student loan debts quicker with automated additional payments. 
  • Investing: Use Digit’s robo-advisor to set up investing and conventional or Roth IRA accounts. 

1649952074_922_Qapital-vs-Digit-2022-Which-Money-Saving-App-IsDigit is the source of this information.


Investment Options: Qapital vs. Digit

Qapital and Digit both provide robo-advising services that make it simple to start investing with tiny amounts of money. 

Qapital

Answer a few questions about your investing schedule and objectives to get started with Qapital Invest. The program will suggest one of five ETF portfolios, ranging from conservative to aggressive. 

Stocks, bonds, and REITs are among the 12 asset types included in each portfolio. As market circumstances change, Qapital rebalances your portfolio. The program also automatically reinvests your profits as you earn them. 

Digit

When you first start using Digit, the app will recommend investments based on a questionnaire. You may choose between two products: retirement and investing. 

Digit establishes a standard or Roth IRA account for you if you choose the Retirement option. Your IRA account type is determined by your income, while your portfolio is determined by your age and retirement timeline. 

A taxable brokerage account with an ETF portfolio depending on your risk tolerance and objectives is included in the Investing tool. Conservative, moderate, and aggressive are the three alternatives. A range of asset types are included in each portfolio. 


Account Types: Qapital vs. Digit

You may be wondering what kinds of accounts Qapital and Digit allow you to establish. Although both applications allow you to save and invest, only Digit provides retirement accounts. 

Qapital

Qapital creates a spending account for you when you utilize it. This is a Qapital partner bank checking account that is connected to your Visa debit card from Qapital if you wish to use one. 

You’ll open a taxable investment account if you utilize Qapital to invest. 

1649952075_798_Qapital-vs-Digit-2022-Which-Money-Saving-App-IsQapital (source)

Digit

When you save money with Digit, your money is held in a partner bank account. A taxable investment account, as well as a regular or Roth IRA, are all options. 


Qapital vs. Digit: Fees & Pricing

Each app has a monthly subscription price. Digit offers two price choices, whereas Qapital has three. 

Qapital

You may register an account with Qapital for free and start with a 30-day free trial before paying. There are three cost levels after that.

  • The most basic package is $3 per month. It gives you access to all rule-based triggers as well as the ability to define as many objectives as you like. 
  • Complete: The cost of this plan is $6 per month. Payday Divvy, Spending Sweet Spot, and investing are among the options included. 
  • Premier: This $12 per month subscription includes all of the above plus access to the Dream Team feature. You’ll also receive first dibs on brand-new features.    

Digit

Digit provides a 30-day free trial. 

There are two price options available. If you just need assistance with saving, you may pay $5 every month. 

Digit charges $9.99 per month for investment, retirement account access, and more. If you join up for an annual plan, you will save 20% and spend $95 each year. 

1649952076_476_Qapital-vs-Digit-2022-Which-Money-Saving-App-IsDigit is the source of this information.


What We Like About Qapital vs. Digit (Pros)

Both of these platforms have a lot of features that we appreciate. Both will assist you in saving money and provide investment opportunities. Here are some of Qapital and Digit’s unique advantages.

Qapital

  • There are several money-saving rules.
  • There is no minimum amount to begin saving.
  • Visa debit card from Qapital
  • Optional pricing tiers for various budgets
  • Qapital keeps track of your investments, rebalances them, and reinvests dividends.
  • Money assignments inspire you to save.

Digit

  • Algorithm-based automatic savings
  • There is no minimum balance requirement.
  • Bonuses for regular saving
  • Features for defining goals, including the ability to prioritize particular objectives
  • Student loan and credit card repayment assistance
  • Traditional and Roth IRAs are examples of investment and retirement accounts.
  • The option of paying annually saves money.

What We Don’t Like About Qapital vs. Digit (Cons)

Both Qapital and Digit have disadvantages. Before you join up, here’s what you should know. 

Qapital

  • Only for mobile (no web browser access)
  • There are no retirement accounts available.
  • Some users have had trouble cancelling their accounts.
  • There is no phone assistance for customers.

1649952076_15_Qapital-vs-Digit-2022-Which-Money-Saving-App-IsQapital (source)

Digit

  • Investing services have a higher monthly price.
  • On a savings account, no interest is paid (aside from savings bonuses)
  • It’s unclear if Digit reinvests dividends in investing accounts automatically.
  • There is no phone assistance for customers.

Security vs. Qapital vs. Digit

Both applications are completely secure. We’ll go through how they keep your money safe in greater detail here. 

Qapital

Your Qapital savings account funds are housed in a partner bank and are FDIC insured up to $250,000. 

Qapital uses Apex Clearing for brokerage services on investment accounts. Apex Clearing is a member of FINRA and SIPC and is registered with the SEC. 

Qapital implements SSL and TLS encryption standards for technical security. You’ll need to enter a password or fingerprint ID to get into the app. 

Digit

The FDIC insures Digit’s partner banks up to $250,000. DriveWealth LLC, which is SEC-registered and a member of FINRA and SIPC, is Digit’s investing partner. SIPC insures accounts worth up to $500,000. 

Digit protects your information using 256-bit encryption. Using the iOS app, you may establish a passcode and need Touch or FaceID. 


Customer Support: Qapital vs. Digit

Both Qapital and Digit feature online help centers that provide answers to frequently asked problems. Both services do not provide phone assistance, which may be a problem for certain consumers. 

Qapital

Qapital provides customer service through email or chat inside the app. There is no way to contact customer service over the phone. 

A comprehensive help and support section with how-to tutorials and FAQs is also available. 

Digit

Digit offers a support center with FAQs and tips available online. If you want further assistance, you may file an online request and an agent will contact you. You may also send an email if you like.

Customer support cannot be reached by phone at this time. 

1649952078_326_Qapital-vs-Digit-2022-Which-Money-Saving-App-IsDigit is the source of this information.


Platform and App Comparison: Qapital vs. Digit

Qapital and Digit make it simple to begin using their services. Some customers like Qapital’s more appealing UI, while others prefer Digit’s simplicity. 

Qapital

Qapital is only available on mobile devices. The software is well-designed and simple to use. It’s completely free and works on both iOS and Android smartphones. 

With 78.8 thousand evaluations, the iOS app now has a 4.8-star rating. The Android app has a 4.3-star rating with 20.6 thousand reviews. 

Digit

Digit offers a free iOS and Android app. There is also a webpage where you may view your account. 

With 260.8 thousand reviews, the iOS app is now rated 4.7 stars. With 43.8 thousand evaluations, the Android app has a 4.6-star rating. 


For Whom Is Qapital Intended?

Qapital is an excellent option for anybody looking for financial assistance. Qapital may help you gamify your budget if you’re having trouble staying motivated. 

Due to its freelancer rule, which may help you put away money for taxes, the program is also a great choice for freelancers. 

Qapital may not be right for you if you’re a skilled investor who wants to customize your portfolio structure. You can pick from five distinct portfolios, but you can’t modify their structure or individual assets. 

Qapital does not provide retirement accounts either. 


For Whom Is Digit Intended?

Digit is an excellent solution for anybody looking to automate their savings process. Digit will perform the math to figure out how much you can save thanks to its sophisticated algorithms. As your funds build, you may relax. 

If you want to handle the exact specifics of your assets, Digit is probably not for you. You may pick from three portfolios, but the assets inside each portfolio cannot be changed. 


Qapital vs. Digit: What’s the Difference?

Here are our answers to some common questions Qapital Information and Digit.

Is Digit or Qapital the better app?

Both applications are enjoyable to use. They all have advantages and disadvantages, and our advice for you will be based on your unique requirements and preferences. Try Qapital if you enjoy the notion of saving money depending on particular rules that your actions trigger. Try Digit if you want to entirely automate your savings. See the Pros and Cons sections above for further information. 

Is Digit a secure app?

The Digit app is secure. They cooperate with FDIC-insured banking partners and take security seriously. Keep in mind that each investment, including Digit, comes with its own set of dangers. 

Is Qapital a secure app?

The Qapital app is secure. Qapital works with FDIC-insured financial partners to keep your data secure each time you log in to the app. As with any service, there are inherent dangers while investing with Qapital.

What is the revenue model for Qapital and Digit?

One method Qapital and Digit generate money is by charging a monthly subscription for their services. 

Qapital provides a Visa debit card, and Visa pays Qapital a modest fee when you use it. In July 2021, Digit issued a debit card, and it will profit from those fees as well. 


Last Thoughts

Both of the programs discussed in this review may assist you in saving and investing your money. They’re similar in some aspects yet different in others. Both are highly recommended and safe to use. 

Specific features and cost structures might assist you in determining which app is best for you. You may always test both and discover which is a better match since each app has a 30-day trial period.

“Qapital vs. Digit 2022” is a question that has been asked many times before. Which app is the best for saving money? The answer to this question can be found in the article “Which Money Saving App Is Best?” Reference: best saving app with interest.

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