Rocket Cash App Evaluation [Is Rocket Money Safe?]

Staying on prime of your payments is crucial if you wish to enhance your funds. Rocket Cash can monitor your due dates and monitor the way you spend your cash so you’ll be able to keep away from sudden bills.

The app also can enable you to cancel undesirable subscriptions, make a funds, and supply personalised options to enhance your spending habits. These free and premium options are helpful when you’re on a good funds.

Our Rocket Cash assessment reveals how the varied app options may also help decrease your month-to-month payments and which membership tier is right in your wants.

What’s Rocket Cash?

Rocket Cash is a private finance app that was initially launched in 2015 as Truebill. The app rebranded below its present identify in 2022 after being acquired by Rocket Corporations.

It connects to your financial institution accounts and bank cards to obtain current bills, retrieve your present account balances, and forecast your month-to-month spending. You possibly can see the main points in easy-to-read charts that you may categorize for elevated accuracy.

This cash app additionally offers personalised options that can assist you get monetary savings, corresponding to decreasing recurring bills. 

How Does the Rocket Cash App Work?

Rocket Cash is mobile-only and accessible from Android or iOS smartphones and tablets. You possibly can enroll from an online browser however should obtain the app to hyperlink your accounts and make the most of the finance instruments.

There are free and paid pricing plans that provide varied cash administration instruments specializing in decreasing bills and planning for future purchases.

Core options out there to all members embody:

• Account stability syncing
• Invoice negotiation
• Budgeting
• Canceling undesirable subscriptions
• Credit score rating monitoring
• Downloading transactions
• Charge refunds
• Fee reminders

You possibly can simply preserve tabs in your spending, create a funds, and obtain personalised insights with this free budgeting app.

A premium subscription makes assessing your full monetary image simpler since there are extra automated options to cut back present bills and plan long-term monetary targets. Moreover, a paid membership is required for joint accounts. 

A number of the platform’s premium instruments embody: 

• Automated financial savings
• Cancellation concierge
• Creating limitless budgets
• Credit score report updates
• Exporting knowledge
• Internet price monitoring
• Premium chat customer support
• Actual-time account stability updates
• Shared accounts

For those who choose limitless app entry or the comfort of automated options, the paid subscription is best. 

How A lot Does Rocket Cash Value?

The free model by no means incurs charges, however you’ll have restricted capabilities. For instance, you’ll be able to solely make a fundamental funds and might’t request on-demand account updates.

For any paid membership, you select how a lot you wish to pay primarily based on what you suppose is truthful. 

The app presents a seven-day free trial to resolve when you’ll profit from the in-depth options, together with the flexibility to create limitless budgets, web price monitoring, and extra hands-on buyer help.

Upgrading to Rocket Cash Premium prices between $3 and $12 month-to-month. An annual subscription prices $36 or $48 and is billed upfront. 

Though it’s an non-obligatory service, a one-time payment applies when the invoice negotiation function efficiently lowers a recurring subscription like your cable or cellphone invoice.

Options

Listed here are the varied instruments that may enable you to take higher management of your monetary life.

Account Syncing

You can begin by linking your financial institution, bank card, and funding accounts to the app. The service makes use of Plaid to attach securely. It’s doable to exclude particular accounts that you just don’t use to pay payments or don’t need the app to watch for privateness.

After connecting to your monetary establishment, the free plan updates your account balances and transactions day by day. As compared, premium members have on-demand entry and might see their real-time stability all through the day. 

With the ability to hyperlink your accounts at no cost is considered one of this app’s most useful options since you’ll be able to monitor each buy and know precisely the way you spend your cash.

Invoice Negotiation

The negotiation service is initially free for all customers and is a simple technique to see when you qualify for reductions on costly recurring subscriptions. Then, after analyzing your spending habits, the app will immediate you when it believes it could actually scale back an expense.

Contract-based cellphone plans, cable TV, and residential web have essentially the most financial savings potential as a result of present prospects normally pay larger charges than new prospects. 

After linking your service account or importing a current month-to-month invoice, a billing skilled will see if reductions or newer plans can provide related providers at a decrease month-to-month value. In that case, you pay a one-time success payment of 30 to 60 p.c of the annual financial savings. 

This payment is much like different invoice negotiation providers that scale back or cancel recurring bills. Whereas it’s an expense, you spend much less cash and save time by not contacting service suppliers by yourself.

Subscription Monitoring

Free and paid customers also can monitor how a lot they spend month-to-month on recurring payments like their telephone, web, or streaming providers. Tapping on a specific supplier enables you to see how a lot you spend per thirty days and is a straightforward technique to search for billing will increase.

This device may also help establish undesirable subscriptions chances are you’ll wish to cancel or renegotiate for a decrease payment. For instance, there may be a streaming service you haven’t watched in a number of months and thought was already canceled.

The app offers detailed steps to cancel subscriptions at no additional value. You possibly can faucet a button to name the cancellation line or go to the cancellation web page to submit your request.

Premium members can benefit from the subscription cancellation concierge, the place the app robotically cancels a service at your request. This protects you time and allows you to keep away from a demanding telephone name the place the consultant could stress you to remain.

Requesting Refunds for Charges and Outages

Rocket Cash searches for potential overdraft and late charges in your banking historical past that may be eligible for a refund. Free customers can entry a script to learn when calling an establishment to request a refund.

It’s even doable to request partial refunds throughout service outages, like when your satellite tv for pc or web service is unavailable for a number of days.

With the premium plan, the app will robotically attempt to request refunds and credit in your behalf. 

Budgeting

You possibly can create a fundamental funds that helps stop you from overspending. This function is helpful for an off-the-cuff funds that requires minimal upkeep. 

The free and paid budgeting instruments received’t present the in-depth insights and planning options that different premium funds software program presents. People who want hands-on assist to create a spending plan or map out monetary targets could discover Rocket Cash insufficient.

Free customers can break down their spending into 4 classes:

• Payments and utilities
• Groceries
• Charges
• The whole lot else

The finance app will measure your remaining earnings for the month and your projected financial savings. These instruments are adequate if you wish to monitor spending, however different free budgeting software program can present extra in-depth options when you choose better element.

Paid customers can create limitless budgeting classes and categorization guidelines. This customization could make it simpler to know precisely how a lot you might be spending on sure bills whenever you’re critical about saving more cash. 

Automated Financial savings

Premium customers can schedule recurring deposits for financial savings targets right into a Sensible Financial savings account. You possibly can select the deposit quantity and frequency. Moreover, the app shows your financial savings progress and provides you full account management. 

The cash transfers from a linked checking account right into a financial savings account at a companion financial institution that’s FDIC insured. An overdraft safety system received’t provoke transfers when it suspects there received’t be sufficient remaining funds to pay your payments.

You may make a number of accounts if you wish to save for a number of targets. As an example, you might need a trip fund and one other for a alternative automobile.

Observe Your Internet Value

Along with being a budgeting app, the premium plan has a web price tracker that calculates the worth of your liquid belongings, corresponding to your financial savings and investments. You possibly can manually add accounts and loans and replace the stability as obligatory.

It’s straightforward to allow a number of toggles to exclude sure belongings out of your web price whole. As an example, it’s regular to not rely the worth of your main residence, automobile, or checking account because you received’t promote them to take a position or pay for bills.

This function may also help monitor your general monetary progress as you scale back discretionary spending, repay debt, and prioritize financial savings targets.

Credit score Rating Monitoring

All customers can view their free credit score rating and chart their rating historical past within the app. It updates month-to-month and is the VantageScore 3.0 that makes use of your Experian credit score report.

Premium subscribers can view their full credit score report, which refreshes month-to-month. Seeing your full report enables you to search for reporting errors and any adverse marks.

How Reliable is Rocket Cash?

Rocket Cash protects your knowledge utilizing bank-level encryption and multifactor authentication (MFA). In addition they use Plaid, which is a trusted third-party service, to sync your account and keep away from storing delicate data on the app’s servers.

These safety measures don’t make the app breach-proof, however the practices are much like different private finance platforms.

One other potential concern for people might be privateness. Your identification stays nameless, however chances are you’ll obtain advertisements and product presents from Rocket Corporations and third-party companions for loans, investments, or different monetary providers.

Professionals and Cons

Listed here are a few of the app’s strengths and weaknesses.

Professionals of Rocket Cash

• Free budgeting and expense-cutting instruments
• Syncs with financial institution accounts and bank cards
• Customizable budgets and categorizations
• Simple to make use of 

Cons of Rocket Cash

• Restricted free options
• A number of instruments require a paid membership
• Budgets are too easy for critical planning
• Cellular-only

For those who need assistance managing your cash and streamlining your bills, Rocket Cash might be price a attempt.

Apps Like Rocket Cash

Rocket Cash makes it straightforward to watch your spending and search for methods to chop prices. Nonetheless, sure customers would possibly discover its options missing and should profit from different platforms .

Right here’s a preview of the highest selections:

These are one of the best alternate options to Rocket Cash.

YNAB

You Want a Funds (YNAB) is a favourite for people who want hands-on assist making an in-depth funds. This app’s main goal is that can assist you cease residing paycheck to paycheck and assign every greenback you earn a job to maximise your financial savings. 

This platform is accessible by pc or cellular system. After becoming a member of, it walks you thru an intensive setup course of to allocate your month-to-month funds for widespread and fewer widespread bills. 

It connects to your monetary accounts, and there are lots of colourful charts to visualise your progress. 

The service is free for the primary 34 days and prices $14.99 month-to-month or $99 when paid yearly. School college students take pleasure in 12 months of complimentary entry.

Tiller

Think about Tiller Cash when you choose spreadsheet budgets utilizing Google Sheets or Microsoft Excel. First, you hyperlink your banking accounts. Then, the app robotically imports your transactions right into a common funds template.

Subsequent, you’ll be able to create completely different sheets to trace particular transaction varieties or pursue a number of budgeting methods. You possibly can implement auto-categorization guidelines or community-created templates to make it simpler to trace your earnings and spending.

After the primary 30 days, an annual subscription prices $79.

Empower

Empower (previously Private Capital) is a free finance app. You solely pay charges when you use its wealth administration providers for investing. 

Most individuals use this platform to trace their web price, make a fundamental funds, and obtain a complimentary funding portfolio evaluation.

Empower enables you to create a fundamental funds with limitless classes and account syncing. Of the three Rocket Cash alternate options, it has essentially the most restricted budgeting capabilities, but it surely’s excellent for evaluating your month-to-month spending and earnings.

The free web price tracker is without doubt one of the finest since you’ll be able to effortlessly monitor liquid and bodily belongings. There may be additionally an entry-level retirement planner and financial savings targets to map your monetary future.

Learn our Empower assessment to study extra.

Backside Line

You’ll profit essentially the most from utilizing Rocket Cash if you wish to monitor your bills by a particular transaction or search for methods to cut back spending on recurring payments. 

The app’s budgeting instruments are adequate for making a starter spending plan that’s straightforward to observe and excellent for informal customers who may be intimidated by extra refined and pricier platforms.

There’s a seven-day free trial to check drive the app and resolve if the free or paid model is a greater match in your monetary targets. With no danger to present it a attempt, it’s price trying out.

What do you search for in a cash administration app?

Josh makes use of his private expertise of paying off over $130,000 in private debt and altering careers to put in writing about saving cash, investing, and paying off debt. He has commonly written for notable shops together with Pockets Hacks, Nicely Stored Pockets, and Debt Roundup.

Josh was beforehand an operations supervisor for a Fortune 500 firm for seven years. He’s married with three young children.

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