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What's the difference between Qapital and Rize?

August 15th, 2017

You've heard of the saying, “pay yourself first.” The overall concept is to save money before you spend it. That’s where Rize and Qapital come into play. You set it, forget it, and your money grows over time. However, there are some big differences between the two services.

The Main Similarity

With both Rize and Qapital, you pick the schedule for how much and how often money is transferred for each of your savings goals. Then you’re set to save around your personal spending habits! For example, you can save a certain amount of your paycheck as soon as you get it, and voila, you're less likely to spend that portion. The amount you choose can be scheduled every day, week, or month. You can also create multiple goals within both accounts. Some examples are: Paying off debt, a rainy day fund, paying off a mortgage, or travel.

The Main Differences

Who Gives Better Interest?

Rize offers you a .91% interest rate, which is 15x the national average. At big banks, the normal interest rate is a pathetic 0.06%. Qapital offers a 0.10% interest rate, so not much better than your average bank. Unlike most savings accounts, they pocket the interest that they earn on your money. That's their business model. Rize depends on our “Pay what you think want” model, you can pay $3, $5, $0...tell us what we're worth to you!

Account Type: Checking, Savings, Both?

Rize was built to bring you the best savings account experience and value. Qapital was built on a savings foundation, but now concentrates on being more of a checking account. Qapital gives you a debit card because of this and wants to replace your bank, while Rize is focused on being a savings account that grows your money over time, automatically. All in all, creating a separation between where you keep your savings, investment and spending money is very important. If you want to learn more on how a checking and savings account differs, read this.

The Mobile Experience

Rize is an online platform that is very mobile friendly. The app is coming soon! Qapital is only an app and has no online/desktop access.

Some Nice Random Features

Qapital is good if you like lots of structure and detail. Their features are called "Rules":

  • Round-up rule: Save the money that rounds off your purchases. (Very small amounts, such as 25 cents)
  • Spend less rule: Save the difference when you spend less than your budget (i.e. “spend less than $15.00 at Starbucks during a week and save the difference.”)

Rize is great if you want to reach your savings goals faster. Ours are called "Power Ups":

  • Accelerate Power Up: Increases your savings by 1% each month so you save more and more without noticing.
  • Boost Power Up: Finds and automatically saves your spare change each week.

Overdraft Fees, No Please!

Qapital pauses all deposits that will leave you with less than $100 in your funding account. Rize does the same, except you can customize your overdraft fee if you want it lower or higher by just asking!

In Conclusion

Overall, Rize is one account to set, save, and track all of your financial goals, so you pay yourself first. From an emergency fund to a life-changing vacation, Rizers automatically save for goals they care about with the help of a high interest rate and Power Ups. Qapital is a little more complex and is suited for people that want to take time to set rules and have a checking account as well.

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