Rocket Cash App Assessment [Is Rocket Money Safe?]

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

The app may also aid you cancel undesirable subscriptions, make a funds, and supply personalised ideas to enhance your spending habits. These free and premium options are helpful should you’re on a decent funds.

Our Rocket Cash overview reveals how the varied app options may also help decrease your month-to-month payments and which membership tier is good 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 identify in 2022 after being acquired by Rocket Firms.

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 may see the small print in easy-to-read charts you could categorize for elevated accuracy.

This cash app additionally offers personalised ideas that will help you get monetary savings, akin 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 may join from an internet 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 embrace:

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

You may simply maintain 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. 

Among the platform’s premium instruments embrace: 

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

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

How A lot Does Rocket Cash Value?

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

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

The app presents a seven-day free trial to determine should you’ll profit from the in-depth options, together with the power to create limitless budgets, web value 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 mobile phone invoice.

Options

Listed here are the varied instruments that may aid 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 doable 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 every 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 free of charge is certainly one of this app’s most respected options since you possibly can 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 should you qualify for reductions on costly recurring subscriptions. Then, after analyzing your spending habits, the app will immediate you when it believes it may possibly cut back an expense.

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

After linking your service account or importing a current 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. If that’s the case, you pay a one-time success payment of 30 to 60 % of the annual financial savings. 

This payment is much like different invoice negotiation providers that cut 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 also 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 monthly and is a simple technique to search for billing will increase.

This device may also help determine undesirable subscriptions you could need to cancel or renegotiate for a decrease payment. For instance, there is perhaps 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 may 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 routinely cancels a service at your request. This protects you time and allows you to keep away from a annoying telephone name the place the consultant could 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 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 routinely attempt to request refunds and credit in your behalf. 

Budgeting

You may create a fundamental funds that helps forestall you from overspending. This characteristic 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
• Every part else

The finance app will measure your remaining earnings for the month and your projected financial savings. These instruments are ample if you wish to monitor spending, however different free budgeting software program can present extra in-depth options should you favor 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’re spending on sure bills once 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 may 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 accomplice 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.

Monitor Your Web Price

Along with being a budgeting app, the premium plan has a web value tracker that calculates the worth of your liquid belongings, akin to your financial savings and investments. You may manually add accounts and loans and replace the stability as crucial.

It’s straightforward to allow a number of toggles to exclude sure belongings out of your web value complete. 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 speculate or pay for bills.

This characteristic may also help monitor your general monetary progress as you cut 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 unfavorable marks.

How Reliable is Rocket Cash?

Rocket Cash protects your information utilizing bank-level encryption and multifactor authentication (MFA). Additionally they use Plaid, which is a trusted third-party service, to sync your account and keep away from storing delicate info 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 will be privateness. Your id stays nameless, however you could obtain advertisements and product presents from Rocket Firms and third-party companions for loans, investments, or different monetary providers.

Professionals and Cons

Listed here are a number 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

In the event you need assistance managing your cash and streamlining your bills, Rocket Cash might be value 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 may discover its options missing and should profit from different platforms .

Right here’s a preview of the highest selections:

These are the most effective 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 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 cell machine. After becoming a member of, it walks you thru an in depth 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 numerous 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

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

Subsequent, you possibly can create totally different sheets to trace particular transaction varieties or pursue a number of budgeting methods. You may 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 should you use its wealth administration providers for investing. 

Most individuals use this platform to trace their web value, 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 probably the most restricted budgeting capabilities, nevertheless it’s splendid for evaluating your month-to-month spending and earnings.

The free web value tracker is among the greatest since you possibly can 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 overview to be taught extra.

Backside Line

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

The app’s budgeting instruments are ample for making a starter spending plan that’s straightforward to comply with and splendid for informal customers who is perhaps intimidated by extra refined 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 targets. With no danger to provide it a attempt, it’s value testing.

What do you search for in a cash administration app?

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