Qoins app review

This round-up service helps pay down your debt, but watch out for overdraft charges.

Overcoming debt requires constant attention, but Qoins might be able to make it easier. It sets aside your spare change every few days, then makes an extra payment toward your debt at the end of the month. But first, you’ll need to give the app access to your checking account.

How does it work?

Qoins offers a hands-off approach to paying down debt faster. Here’s how it works:

1. Link your checking and debt accounts to Qoins.
2. Choose your preferred saving method and amount.
   • Round-Ups. Rounds up your purchases and sets aside the spare change.
   • Smart Savings. Puts aside $0.50 to $5 every few days.
3. Qoins transfers saved change to a holding account every time you accumulate $5.
4. At the end of the month, Qoins sends your accumulated spare change to your lender.

What are the benefits of the Qoins app?

Qoins has features designed to make overcoming debt more manageable:

• Automatic. Purchases are automatically rounded up and held until the extra payment is sent off at the end of the month.
• Pay down debt faster. This service will help you pay down debt faster and save money on interest.
• No opening deposit. Start paying off debt with as little or as much as you’d like — there’s no minimum balance to get started.
• Flat fee. Qoins charges a flat monthly fee of $1.99, which is waived if you accumulate less than $20 in that given month.
• Payment guarantee. If there’s an issue processing a payment to your lender, Qoins will ensure that your money is returned to you.
• Easy setup. Sign up within minutes, then set up your payment and round-up preferences.

What should I look out for?

While this app can be a convenient way to start paying down your debt, there are a few things you should watch out for:

• Potential overdraft charges. If the app makes a transfer that brings your checking account below zero, you’ll be responsible for any overdraft charges.
• Account access. You’ll need to give Qoins access to your checking account for the service to work.
• Mobile only. Qoins only works on your phone. You won’t be able to access your account on a desktop computer or at a branch.

Compare with other savings accounts

How do I apply?

Qoins is only available on mobile phones, so you’ll need to visit the App Store or Google Play Store to get started:

1. Download the Qoins mobile app.
2. Open the app and swipe right until you can tap Sign Up.
3. Enter your first and last name, email address and create a password, then tap Create Account.
4. Enter your mobile phone number, tap Continue, then enter the verification code that was sent via SMS.
5. Enter your date of birth and address, then tap Continue.
6. Enter and confirm the last four digits of your Social Security number, then tap Continue.
7. Provide any other requested information, then tap Continue.
8. Link your bank account and enter your lender information.
9. Set up your account preferences.

How can I get in touch with customer service?

If you need help with signup or assistance with your account, you can reach customer service through the support page on the Qoins website. While the company doesn’t have a dedicated phone support team, you can schedule a phone call if necessary.

Bottom line

Qoins is a hands-off way to overcome debt and has the potential to save you money on interest in the long run. But if you’re not comfortable giving the company access to your checking account, compare other savings options to see what else is out there.

Frequently asked questions.

• Is Qoins a savings account?

  No. Qoins is a simple round-up service that can only be used to make extra payments toward your debt.

• How do I close my Qoins account?

  Start by removing all of your linked payments, which will automatically refund all outstanding funds to your checking account or lender. Once your linked payments have been removed, contact customer service to deactivate your account, which could take up to two weeks.

• Will I earn interest?

  No. Your round-ups and spare change are held in an account that won’t earn interest. Your payments will be for the exact amount that was removed from your checking account.

• Is Qoins secure?

  Qoins uses encryption to keep your data safe and your banking information isn’t stored on its servers. Your money is kept in a third party account that’s covered by FDIC insurance in case that institution fails.