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Quber App Review: Automate Your Savings

Quber is a recent addition to the list of money-saving personal finance apps available to Canadians. It joins the ranks of apps like Mylo, KOHO, and Wealthsimple in Canada and Acorns in the United States.

In addition to automating your savings, users of the Quber app can also earn cash back when they shop online or in-store, similar to other cash back apps I have reviewed like Checkout 51, Drop, and Rakuten.

What is Quber?

Quber is a Moncton-based fintech company that was featured in the New Brunswick Innovation Agency’s Breakthru competition in 2017.

It launched its free mobile savings app on Google Play and the App Stores in 2018.

The Quber app functions as your personal finance assistant and helps you to budget, set savings goals, take saving challenges and earn cash back, while also having lots of fun.

How Does Quber Work?

Signing up is easy peasy! 

  • First, download the app on either the App Store (iOS) or Google Play Store (Android).
  • Enter your basic details and link your bank account. The app supports all the major banks including CIBC, RBC, TD, EQ Bank, Simplii Financial, Scotiabank, BMO, Tangerine, Capital One, and more. 
  • Create goals and start saving money in your savings jar e.g. for a vacation, down payment on a home, etc.
  • Cash-out your money when you want. Withdrawals take 2 days to process.

Benefits of Using Quber

Quber aims to make it easy for you to “focus on your money goals, and become mindful of your spending habits.” Here are some of the benefits of the app:

  • It is free and there are no monthly fees
  • No account minimum
  • Automatic savings
  • Unlimited saving goals
  • Real-time money insights
  • 2% savings bonus – get a free $20 when you complete the 52-week challenge
  • Cashback rewards – up to 5%
  • Personalized budgeting and saving recommendations
  • Safety – your money is held with a CDIC-insured bank
Quber App review

Saving Money With The Quber App

There are various options available for saving money using the app. In general, you can create a saving rule and have money move automatically from your chequing account into your savings jar when the rule is triggered. 

Some of the Saving Rules available in the app include:

  • Budget challenge: The app challenges you to meet a monthly spending limit. If you beat the limit, the difference is moved into your savings jar. 
  • When you make purchases, the app can round up your spending and automatically save money.
  • When you receive a deposit, you can determine how much you want to save. For example, 10% of your paycheck.
  • When you reach your fitness goals: You can connect your Fitbit account and save money every time you meet your fitness goals.
  • Daily, weekly and monthly goals: Choose a day of the week or month and how much you want to save. Quber does it automatically.

At any time, you can choose to add money to your savings jars by using the app’s “Tap to Save” feature. Name your jars whatever you want, such as “Holiday Jar” and “Down Payment Jar.” You also decide how fast your jar reaches the desired goal by using the “save faster” or “add rule to save faster” features on the app.

One additional way to save using Quber is the 52-week challenge which is a stress-free way to save $1,000 in 52 weeks. When you meet the challenge, they give you a free $20 towards your next savings goal.

Earn Cash Back With Quber

Earn cash back rewards (up to 5%) when you shop at participating retailers. To claim your cash back, upload a photo of your receipt using the app. All cash back rewards are processed once per month. 

As of this writing, some of the merchants eligible for cash back include Amazon, LEGO, Macy’s, THe UPS Store, Ticket Network, TOMS, TransUnion, TurboTax, and WaySpa.

Is Quber Safe?

As per the Quber website, your funds are held with a Canadian bank that is CDIC-insured which means your deposits are protected up to $100,000.

Also, they use bank-level 256-encryption to protect your personal details.

Pros and Cons of the Quber App

I like the concept of using money-saving apps to reach your financial goals, especially if you find that you always end up playing catch-up with your budgets. 

The Quber app is easy to join and its interface is very user-friendly and intuitive. It takes your savings and places them into a vault so you can’t easily spend them on impulse purchases. When you need your money, withdrawals are free and take 2 days.

Their saving challenges are fun to participate in and are ‘simply set and forget.’ Also, the cash back rewards are a bonus, given that the app is free.

A few downsides I have noted with the app are as follows:

  1. Your saved funds are not earning interest. I don’t like the idea of my savings sitting idle without generating returns.
  2. There are a limited number of merchants enrolled in their cash back rewards program. I assume more retailers will come on board as the app gains traction in Canada.

Automatic Savings, Investing, and Cash Back Apps in Canada

In addition to Quber, other automatic savings, investing, and cash back apps in Canada are:

Rakuten: Get cash back when you shop online at more than 750 stores. Join Rakuten and receive a $30 bonus after your first purchase of $25 or more.

KOHO: Earn 0.50% – 2.00% on all your debit purchases using the KOHO card and app, plus a $20 cash bonus when you sign up and make your first purchase.

Drop App: Earn automatic cash back when you shop at five of your favourite stores. No receipt upload is required. Join Drop and get a $5 welcome bonus.

Moka App: Invest your spare change automatically using the Mylo App. Join Moka and receive a $5 welcome bonus.

Caddle: Earn cash back on groceries when you upload your receipt. Get a $1 bonus when you sign up.

Is Quber For You?

My review of Quber is positive.

The app can help you to save more money and reach your financial goals while having fun at the same time. Quber is free, so what’s there to lose?

Related:

Quber Review: Save Money and Earn Cash Back
4.4

Summary

Quber is a money-saving personal finance app available to Canadians. See how it compares to other automatic savings and cash back apps like Mylo, KOHO, Wealthsimple, Drop, etc.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

1 thought on “Quber App Review: Automate Your Savings”

  1. Gravatar for Melissa

    I have used QUBER for more than a year and I like their fun challenges and support for any questions. I hope they continue to add merchants for cash back. If you save $1000 from the QUBER challenge they, QUBER deposits $20 ; which is ~2% earnings.

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