Does anyone have any experience with Quber (Personal Savings App)?

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Mar 9th, 2021 10:40 am

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Feb 28th, 2021 11:41 am

shoppingguy [OP]: Deal Addict; Mar 5, 2006; 4256 posts; 21140 upvotes; Canada

Feb 28th, 2021 11:41 am

Does anyone have any experience with Quber (Personal Savings App)?

I came across this company on Instagram. It markets itself as a 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 like Checkout 51, Drop and Ebates.

I am concerned about security as you need to link your bank account to their app. I was not able to find if they are CDIC insured.

Are the rewards worth it? Is it legitimate?

Thank you for your help.

Company: https://www.quber.ca/
Savings Challenges: https://www.quber.ca/challenges

4 replies

Feb 28th, 2021 12:57 pm

jtfrogger: Sr. Member; May 26, 2009; 588 posts; 788 upvotes; Calgary

Feb 28th, 2021 12:57 pm

I just spent a few minutes looking into it. My simple assessment without spending too much time on it is that is seems legit, but doesn't seem worthwhile.

It appears targeted for low income users that might have difficulty saving, so they pay an incentive to save. A 2% bonus for saving through the year sounds pretty good. But it doesn't look like they actually pay any interest, so that bonus is your only gain.

As for the cashback program, it is very manual for cashback rates that you should be able to get from other sites with less work. You have to click the link AND submit your receipts to get the cashback with Quber.

Looking at their social media, they mostly talk about contests. Three of their tweets in the last 24-hours say "$2500 for 60 seconds of your time!" with a link. I find clickbaity promotions for contests really distasteful.

+1

Feb 28th, 2021 1:16 pm

joshnet: Deal Addict; Jan 16, 2007; 1941 posts; 2350 upvotes; New Brunswick

Feb 28th, 2021 1:16 pm

Huh, the address is local - 'tis a co-working space in Moncton.

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+2

Feb 28th, 2021 2:29 pm

shoppingguy [OP]: Deal Addict; Mar 5, 2006; 4256 posts; 21140 upvotes; Canada

Feb 28th, 2021 2:29 pm

jtfrogger wrote: ↑ I just spent a few minutes looking into it. My simple assessment without spending too much time on it is that is seems legit, but doesn't seem worthwhile.

It appears targeted for low income users that might have difficulty saving, so they pay an incentive to save. A 2% bonus for saving through the year sounds pretty good. But it doesn't look like they actually pay any interest, so that bonus is your only gain.

As for the cashback program, it is very manual for cashback rates that you should be able to get from other sites with less work. You have to click the link AND submit your receipts to get the cashback with Quber.

Looking at their social media, they mostly talk about contests. Three of their tweets in the last 24-hours say "$2500 for 60 seconds of your time!" with a link. I find clickbaity promotions for contests really distasteful.

Thank you for your assessment.

Mar 9th, 2021 10:40 am

OctaneV: Newbie; Mar 8, 2021; 1 posts

Mar 9th, 2021 10:40 am

What is the difference in calling it an interest or bonus/ incentive ? My bank's interest is ridiculously low and not anywhere close to 2%. Am I missing opp for gain with liquid savings?

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