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Qoins app review

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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.



$1.99 per month



Minimum deposit to open


APYAPY not advertised
Fee$1.99 per month
To waive the feeAccumulate less than $20 in that month
Minimum deposit to open$0
Intro or bonus offerYour first payment is free
Minimum balance to earn interest$0
Interest compoundingDaily
More Info

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

Name Product Interest rate (APY) Fee Minimum deposit to open
Earn 20x the national savings account average with no fees or minimums.
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
Betterment Everyday Savings
Betterment Everyday Savings
This savings account has no account and overdraft fees, plus it requires no minimum balance.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account.

Compare up to 4 providers

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.


  • At least 18 years old
  • US address
  • Social Security number
  • Checking account from a US institution
  • Phone number that’s capable of receiving SMS

Required information

  • Name, date of birth and address
  • Email address
  • Social Security number
  • Phone number
  • Bank account and lender account information

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.

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