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Qoins app review

This round-up service helps pay down your debt, but watch out for overdraft charges.’s rating: 2.7 / 5.0


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.



$4.99 per month



Minimum deposit to open


Annual percentage yield (APY)APY not advertised
Fee$4.99 per month
Minimum deposit to open$0
Intro or bonus offerYour first payment is free
Minimum balance to earn interest$0
Interest compoundingDaily

Review by

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

Qoins is best for those looking for a hands-off way to overcome debt. It not only helps to pay off debt, but it has the potential to save you money on interest in the long run.

But you’ll need to give Qoins access to your checking account.

How do I open a Qoins account?

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

  1. Go to the provider’s site and follow the steps to apply.
  2. Download the Qoins mobile app.
  3. Open the app and swipe right until you can tap Sign Up.
  4. Enter your first and last name, email address and create a password, then tap Create Account.
  5. Enter your mobile phone number, tap Continue, then enter the verification code that was sent via SMS.
  6. Enter your date of birth and address, then tap Continue.
  7. Enter and confirm the last four digits of your Social Security number, then tap Continue.
  8. Provide any other requested information, then tap Continue.
  9. Link your bank account and enter your lender information.
  10. 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 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 $4.99, 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.

If you rather open a savings account, you’ll want to keep looking. As always, compare your options when choosing a savings account.

Compare with other savings accounts

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Axiom Bank high-yield savings account
Axiom Bank high-yield savings account
UFB Elite Savings
Finder Rating: 5 / 5: ★★★★★
UFB Elite Savings
Earn a 2.85% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates

Compare up to 4 providers

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.

Frequently asked questions.

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Read the full methodology of how we rate savings accounts.

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