Thursday, May 30, 2024

Rocket Cash App Evaluation [Is Rocket Money Safe?]


Staying on high of your payments is important if you wish to enhance your funds. Rocket Cash can observe your due dates and monitor the way you spend your cash so you may keep away from sudden bills.

The app may enable you cancel undesirable subscriptions, make a price range, and supply personalised solutions to enhance your spending habits. These free and premium options are helpful when you’re on a decent price range.

Our Rocket Cash evaluate reveals how the assorted app options may help decrease your month-to-month payments and which membership tier is right on your wants.

What’s Rocket Cash?

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

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

This cash app additionally gives personalised solutions that will help you get monetary savings, reminiscent of lowering 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 join from an online browser however should obtain the app to hyperlink your accounts and make the most of the finance instruments.

Rocket Money homepage
Rocket Cash homepage

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

Core options accessible to all members embrace:

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

You possibly can simply maintain tabs in your spending, create a price range, 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 objectives. Moreover, a paid membership is required for joint accounts. 

Among the platform’s premium instruments embrace: 

  • 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

In the event you choose limitless app entry or the comfort of automated options, the paid subscription is healthier. 

How A lot Does Rocket Cash Price?

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

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

The app provides a seven-day free trial to determine when you’ll profit from the in-depth options, together with the flexibility to create limitless budgets, internet 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 optionally available service, a one-time payment applies when the invoice negotiation characteristic efficiently lowers a recurring subscription like your cable or cellphone invoice.

Options

Listed here are the assorted instruments that may enable you 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 potential to exclude particular accounts that you simply 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 each day. 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 without spending a dime is one in all this app’s Most worthy options since you may observe 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 possibly scale back an expense.

Rocket Money bill negotiation
Invoice negotiation

Contract-based cellphone plans, cable TV, and residential web have probably the most financial savings potential as a result of current clients normally pay greater charges than new clients. 

After linking your service account or importing a latest month-to-month invoice, a billing professional will see if reductions or newer plans can supply comparable providers at a decrease month-to-month value. In that case, you pay a one-time success payment of 30 to 60 % of the annual financial savings. 

This payment is just 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 may observe how a lot they spend month-to-month on recurring payments like their telephone, web, or streaming providers. Tapping on a specific supplier allows you to see how a lot you spend per 30 days and is a simple technique to search for billing will increase.

Rocket Money subscription tracking
Subscription monitoring

This instrument may help determine 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 gives detailed steps to cancel subscriptions at no further 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 mechanically 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 might strain 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 potential 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 mechanically attempt to request refunds and credit in your behalf. 

Budgeting

You possibly can create a fundamental price range that helps stop you from overspending. This characteristic is beneficial for an informal price range that requires minimal upkeep. 

The free and paid budgeting instruments gained’t present the in-depth insights and planning options that different premium price range software program provides. People who want hands-on assist to create a spending plan or map out monetary objectives might discover Rocket Cash insufficient.

Rocket Money budgeting app
Budgeting characteristic

Free customers can break down their spending into 4 classes:

  • Payments and utilities
  • Groceries
  • Charges
  • All the pieces 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 larger 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 once you’re severe about saving more cash. 

Automated Financial savings

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

Rocket Money automated savings
Automated financial savings platform

The cash transfers from a linked checking account right into a financial savings account at a accomplice financial institution that’s FDIC insured. An overdraft safety system gained’t provoke transfers when it suspects there gained’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 objectives. As an illustration, you may need a trip fund and one other for a substitute car.

Monitor Your Internet Value

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

Rocket Money net worth tracker
Internet price tracker

It’s simple to allow a number of toggles to exclude sure belongings out of your internet price whole. As an illustration, it’s regular to not rely the worth of your main residence, car, or checking account because you gained’t promote them to speculate or pay for bills.

This characteristic may help monitor your total monetary progress as you scale back discretionary spending, repay debt, and prioritize financial savings objectives.

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 allows you to search for reporting errors and any detrimental 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 just like different private finance platforms.

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

Execs and Cons

Listed here are among the app’s strengths and weaknesses.

Execs 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 severe planning
  • Cell-only

In the event you need assistance managing your cash and streamlining your bills, Rocket Cash may very well be price a strive.

Apps Like Rocket Cash

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

Right here’s a preview of the highest decisions:

These are the most effective options to Rocket Cash.

YNAB

You Want a Price range (YNAB) is a favourite for people who want hands-on assist making an in-depth price range. This app’s main objective is that will help 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 machine. After becoming a member of, it walks you thru an in depth setup course of to allocate your month-to-month price range for frequent and fewer frequent 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 get pleasure from 12 months of complimentary entry.

Tiller

Take into account Tiller Cash when you choose spreadsheet budgets utilizing Google Sheets or Microsoft Excel. First, you hyperlink your banking accounts. Then, the app mechanically imports your transactions right into a common price range template.

Subsequent, you may 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 internet price, make a fundamental price range, and obtain a complimentary funding portfolio evaluation.

Empower allows you to create a fundamental price range with limitless classes and account syncing. Of the three Rocket Cash options, it has probably the most restricted budgeting capabilities, however it’s splendid for evaluating your month-to-month spending and earnings.

The free internet price tracker is likely one of the greatest since you may effortlessly observe liquid and bodily belongings. There may be additionally an entry-level retirement planner and financial savings objectives to map your monetary future.

Learn our Empower evaluate to study extra.

Rocket Cash Evaluation

  • Ease of Use
  • Instruments and Sources
  • Commissions and Charges
  • Buyer Service
  • Availability

Rocket Cash Evaluation

Rocket Cash is a helpful private finance app that helps you handle your price range and determine providers to cancel and payments to barter to extend your financial savings.

Execs

✔️ Free to make use of
✔️ Customizable budgets
✔️ Syncs with monetary accounts
✔️ Intuitive interface
✔️ Budgeting instruments are free

Cons

❌ Not all choices are free
❌ Cell solely
❌ You could want extra superior budgeting options

Backside Line

You’ll profit probably the most from utilizing Rocket Cash if you wish to observe 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 simple to comply with and splendid for informal customers who may be intimidated by extra subtle and pricier platforms.

There’s a seven-day free trial to check drive the app and determine if the free or paid model is a greater match on your monetary objectives. With no danger to offer it a strive, 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 jot down about saving cash, investing, and paying off debt. He has usually written for notable retailers together with Pockets Hacks, Effectively Saved 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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