Qube Money provides bank facilities that help users manage their finances better.
Qube Money functions as a startup bank service provider through its mobile app that assists users in managing bank accounts while helping them keep control of their expenditure and debt. The system divides your cash withdrawal into spending categories according to an envelope money budget method. People can set up budgets that cover both long-term targets such as property or vacation spending and quick-use categories such as Medicare payments and food expenses. The app connects digital cash budgets with a complete banking system in a single package. Consumers set expense limits for their budgets, labeled as Qubes, which group purchases by function such as buying groceries or clothes. Customers can access their pre-budgeted funds from Qube Money through the physical debit card.
Freeing from the tyranny of money
The main aim of Qube Money is to help people escape financial control by managing their income better and getting rid of personal debts. The service is accessible to eligible customers in the United States. Qube Money enables users to budget digitally by placing their envelope budget method directly on top of their bank account transactions.
US-based Qube Money opened its doors in Pleasant Grove, Utah through the efforts of founder Ryan Clark who started in real estate before becoming a mortgage broker and ending up as an instructor on money spending. Through his combined banking and budgeting platform, Ryan Clark has established a system that gives people the ability to spend more wisely. The platform lets users put money into an FDIC-insured Qube Account and then distribute funds between their Qubes or from built-in categories. Transactions happen through the Qube debit card system.
Upon setup, the Qube debit card holds no funds by default. The card system will not accept a transaction unless you assign it to an envelope or Qube first. The user accesses Qube Money from their phone to make money available through their debit card by choosing the spending category. The system marks the transaction in the right Qube once payment succeeds, then returns unused funds to the Qube. The available funds on the debit card disappear at the end of each purchase. Qube functions equally well for online and conventional store purchases.
Fee for the facility
Free users of Qube Money can create up to 10 cash envelopes and one debit card without paying any fees. The no-cost Qube plan does not support automated budgeting so users need to reset their Qubes every pay period. Under the Premium plan you get unlimited Qubes plus automatic transfers and joint account sharing with real-time partner updates. People and couples who have children can subscribe to the Family plan that offers ten kid debit cards alongside monitoring tools for parents and children. Both premium and family plans require users to pay for their services.
Funding the account
Users have multiple options to add money to their Qube account. Users can easily connect the account to their bank. When a bank connects with Plaid’s network, a direct money transfer of up to $250 happens instantly between Qube and that bank. Users can link their work payroll to Qube Money so their employer pays directly into their Qube account. You can easily send money to other people and make payments through the service. The service enables users to withdraw from any ATM with their Qube account and Qube will reimburse ATM fees up to $10 each month.
Choice Fin acts as the partner bank that supports Qube Money accounts which belong to Choice Financial Group’s subsidiary.
Qube Money faces strong competition from Chime, especially since both offer budgeting through their apps plus savings and spending solutions. Instead of Qube Money users can select from YNAB and EveryDollar to manage digital envelopes for their spending needs, yet these tools work independently of actual transactions. The digital bank account in Qube links directly to spending categories to combine budgeting and spending activities smoothly. Qube tracks money in both the app’s Qube account and its budget subcategories without exception. The system does not display total financial information from all savings and checking accounts, plus it excludes credit card payments and investment accounts. This is a major disadvantage. Through its Tracking Qube product development process, Qube Money enables users to categorize and monitor expenses made from daily bank accounts and credit cards. The Qube Money application divides your money between digital accounts to force you to give each dollar a special usage purpose.
Spend with purpose
Decide the qube you want to pay from ahead of each transaction to restrict your spending behavior. Your qube debit card lets you use the available money from each account when you make a purchase.
Real-time budgeting
Qube Money tracks all your spending without the need to understand which accounts payments went to. You get spending details automatically sorted into your qubes.
A whole new level of security
The Qube Card includes security features that only allow you to access it. You need to open the category on your phone first before you can spend from your card with Default Zero technology. The top-quality phone security features from current phones prevent unauthorized access to both your device and apps. The system reaches an unprecedented degree of protection.
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