Rocket Money Review [2024] Is Rocket Money Safe?

According to a recent poll, 45% of Americans say their financial situation is “good or excellent.” 

What are those people doing right? I can venture a guess: They’re budgeting.

Creating and maintaining a budget is essential for financial health. And with the high-tech tools available today, it’s easier than ever.

Rocket Money is one of the best budgeting tools. It specializes in helping you identify and cancel unwanted subscriptions, but it can also do a whole lot more.

In this Rocket Money review, I’ll describe how the app works – and I’ll explain why it’s safe and effective.

What is Rocket Money?

Rocket Money is a personal finance app designed to help you meet your financial goals. There’s a free version, but you can also pay for additional features. And with over 5 million members, it’s safe to say the Rocket Money model has already taken off.

Rocket’s Money central feature is the subscription manager. Have you ever looked carefully at your bank or credit card statements? If so, you might have noticed that you’re paying for all sorts of subscription services that you never even use. That’s a lot of money down the drain.

Identifying and canceling those subscriptions can be time-consuming – and also totally annoying. That’s where Rocket Money comes in. 

The Rocket Money app will keep track of all your subscriptions, showing you exactly how much you’re spending (or wasting) on each of them. And when you decide to cancel a subscription, you can have the Rocket Money “concierge” do it for you.  

But subscription management is just one of many Rocket Money features.

Here’s a detailed list of what Rocket Money can do:

• Identity and cancel unwanted subscriptions
• Break down your spending habits in a way that’s easy to understand
• Create a sound budget for long-term financial health
• Put your savings on “autopilot” with automatic deposits
• Access and analyze your credit score
• Negotiate to lower your regular bills
• Track debts and investments for easy wealth management

*Note: Rocket Money used to be called Truebill. Want to know what Truebill was like before the rebranding? Then check out this complete Truebill review. 

How Does Rocket Money Work? 

To start using Rocket Money, your first step is to create an account. There are two ways to do that:

1. Download the app from the Apple App Store or the Google Play Store.
2. Sign up through the official Rocket Money website before downloading the app.

The Rocket Money app can be free, but it can also cost money. It depends on which features you sign up for.

With the free version, you’ll get access to the Rocket Money software that tracks your spending and allows you to build a budget.

But with the paid “Premium” plan, you’ll gain access to additional features like:

• Syncing your balance
• The subscription cancellation concierge
• Custom categories
• Unlimited budgets
• Smart Savings
• Premium chat

For its Premium plans, Rocket Money uses a “pay what’s fair” pricing model. Yes, that means you literally decide how much you want to pay within certain limits.

You can choose a monthly subscription fee between $4 and $12. If you choose to pay $5 or less, you’ll be charged annually instead of monthly. This means you’ll pay $48 to $60 for a year’s worth of service. 

You’re welcome to cancel your premium plan at any time.

The bill negotiation feature costs extra money because it’s so time-consuming for Rocket Money personnel. The cost is 30% to 60% of the amount you’ll save in the first year, thanks to the negotiation – you choose the percentage. And if the negotiation is unsuccessful, you won’t pay anything at all.

Once you’ve registered and downloaded the Rocket Money app, you’ll need to finish setting up your account. But don’t worry, it’s super straightforward. You just need to connect the Rocket Money app to your bank accounts and credit cards. That way, the software can recognize and analyze your transactions.

From there, you can navigate the different tabs within the app to understand and improve your finances. 

Here are some of the Rocket Money tabs you’ll see:

• The Recurring tab. This is where you can cancel subscriptions.
• The Dashboard tab. This is where you can access the “Lower your bills” and “Smart Savings” features.
• The Spending tab. This is where you’ll find your monthly spending reports and a full list of your transactions. You can also tap the “Smart Budget” box to create a budget within the app.

And according to the company’s website, Rocket Money is planning to add even more features in the future. 

So, the Rocket Money app is only getting better! No wonder this Rocket Money review is so positive.

Is Rocket Money Legit?

Rocket Money is definitely legit. It was founded in 2015 under the name Truebill, but Rocket Companies bought it in 2021 for $1.275 billion. Ever since then, the app has been known as Rocket Money.

Rocket Companies is a massive financial technical (fintech) company with almost 40 years of history. It offers all sorts of financial services, including mortgages and a real estate platform for homebuyers.

So when you download Rocket Money, rest assured – these folks are the real deal!

Is Rocket Money Safe?

Using Rocket Money is totally safe. I know it can be nerve-wracking to give a third party access to your banking information, but in this case, there’s nothing to worry about.

Rocket money stores your data with 256-bit encryption, which is the same level used by banks. 

When you enter your banking credentials during the signup process, Rocket Money uses a company called Plaid to access your bank accounts and extract the necessary transaction data. Plaid is a secure tool used by countless personal finance apps for the same purpose. 

And you can cancel a paid Rocket Money subscription at any time – so it’s not like they’re going to keep taking your money on the sly. 

Pros and Cons of Rocket Money

What’s great about Rocket Money, and where does it fall a little short? This Rocket Money review lays it all for you. 

Pros

• The basic plan is free. You can track your spending and create a budget just by downloading the Rocket Money app. 
• You choose your own price for the premium service. With Rocket Money’s “pay what’s fair” model, you can pick a monthly price between $4 and $12.
• You can save serious money on subscriptions. Since its founding, Rocket Money has saved customers over $155 million by canceling unwanted subscriptions.  

Cons

• You need to pay to access the best features. If you want to cancel unwanted subscriptions and use the “Smart Savings” tool, you’ll need a premium plan.
• Negotiating bills requires an extra fee. If Rocket Money successfully negotiates a lower price, you’ll have to give them 30% – 60% of your first-year savings.

Rocket Money Reviews

Rocket Money has 4.6 stars on the review site Trustpilot, with customers praising the subscription management feature and the customer service. 

In a 5-star Rocket money review, someone said the service helped them cancel an “annoying subscription quickly and easily.” 

They also said that when they accidentally signed up for a whole year’s worth of service, a customer agent quickly changed it for them. Now that’s the kind of story that makes a company seem trustworthy!

In another 5-star Rocket Money review, a customer said that the “customer service is amazing.” Apparently, this person found it super easy to get help via live chat.

Of course, even a popular app is bound to have its detractors. 

In a 3-star Rocket Money review, someone said their bank account didn’t sync properly, which “threw off all the numbers” within the app. 

And in a 1-star Rocket Money review, a customer said the app was “not worth it at all.” Apparently, none of their subscriptions were canceled, and so the whole process felt like a waste.

Moral of the story? Even with an app as successful as Rocket Money, there’s no guarantee they’ll successfully cancel subscriptions. 

Rocket Money App Reviews

The Rocket Money app is available for Android and iOS – and it gets great ratings with both:

• 4.3 stars on the Apple App Store
• 4.4 stars on Google Play

On the Apple App Store, one customer described Rocket Money as the “best thing I’ve done financially.” High praise, indeed!

Another user liked the app enough to give it four stars, but also reported some issues with how subscriptions were identified and sorted. 

On Google Play, someone wrote a 5-star review calling Rocket Money a “really cool and useful app.”

Another user on Google Play left a two-star Rocket Money review, saying the visuals are hard to follow and complaining that the app doesn’t properly record transactions. 

Rocket Money Reviews Reddit

On Reddit, someone recently started a thread by asking whether Rocket Money was worth it.

Several people responded by describing their positive experiences with Rocket Money.

One user pointed out that “you pay what you feel the value is,” which is a super cool aspect of Rocket Money’s premium plan.

Someone else described how Rocket Money helped them see how much money they were spending by eating out. Thanks to this realization, they were able to create a budget and improve their finances. 

Now, this is Reddit – so of course, not everyone agreed! 

One person mockingly suggested that to use Rocket Money is to “throw your money away” on a “totally unnecessary service.” 

Dramatic? I’d say so. But they’re not totally wrong. You could examine your bank statements and then cancel subscriptions yourself. 

But then, Rocket Money never claims to be necessary. It’s just a service – and one that lots of people find helpful.

Rocket Money Reviews BBB

Rocket Money is accredited by the Better Business Bureau (BBB), and it has a B rating.

Why only a B? Why not A? Because the BBB has received over 200 complaints about Rocket Money in the past few years.

But it’s important to keep those complaints in perspective. Rocket Money has over 3.4 million members, and only a tiny fraction have filed complaints.

Getting a B is obviously worse than getting an A, but it does not mean that a company can’t be trusted. It just means the company isn’t perfect. 

Is Rocket Money Worth It? 

I think Rocket Money is totally worth it.

Why? Let’s start by considering the subscription manager.

I know it seems crazy to pay for something you could do yourself. But here’s the question: Are you doing it yourself? Do you actively search for subscriptions so you can cancel the ones you’re not using? 

If you do, then maybe Rocket Money isn’t necessary. 

But if you’re like me, canceling subscriptions is just the type of task that often goes undone. And with Rocket Money, you can pay just a little for a service that will help you do it. 

So if option #1 is to stick with the status quo and keep wasting money, and option #2 is to download Rocket Money and save more than you spend, I know which option sounds better! 

And then, the subscription manager is just one of several amazing Rocket Money features. There’s also the budgeting tool – plus bill negotiation, the credit score checker, the Smart Savings tool, and the net worth tracker. 

Combined, these features are sure to improve your financial well-being. And that’s why downloading Rocket Money is probably worth it.   

Commonly Asked Questions About Rocket Money

What are Alternatives to Rocket Money?

Rocket Money alternatives include:

• Upgrade (read Upgrade bank review)
• CIT Bank (read CIT Bank review)
• Current (read Current Bank review)
• Chime (read Chime review)
• Revolut (read Revolut review)
• Fierce (read Fierce Finance app review) 
• Wise (read Wise review)
• Quontic Bank (read Quontic Bank review) 
• Varo
• YNAB (read our Rocket Money vs YNAB comparison)
• Raisin (read Raisin review)
• Bright Money (read Bright Money review)
• Copilot (read our Rocket Money vs Copilot comparison)
• Simplifi (read our Rocket Money vs Simplifi comparison)

These apps don’t focus on subscriptions like Rocket Money does, but they’re all great for creating a budget.

Do you get paid twice a month and find yourself struggling to account for that in your budgeting? Learn how to budget biweekly paycheck. And if you need to ramp up your savings fast, learn how to save $3000 in 3 months.

If you want to make payments on your purchases without impacting your credit score, check out these no credit check shopping sites.

For more ways to fix your credit, check out our comparison of Credit Saint vs Lexington Law, or see if working with the best tradeline companies could be the right credit repair solution for you. 

And if you’re looking for a way to manage your mail while you’re away, check out our Anytime Mailbox review.

Rocket Money Free vs Premium

Features	Free	Premium ($4 – $12 monthly, $48 – $60 annually)
Budgets	Up to 2	Unlimited
Credit Score/Report	Credit score only	Full credit report
Subscription Assistance	Identifies subscriptions	Identifies subscriptions and offers a concierge to cancel and try to get fees refunded
Net Worth Tracking	Not included	Track assets and liabilites and view net worth in real time.
Smart Savings	Not included	Transfer money from checking to savings, set up overdraft protection and withdraw from savings.
Realtime Synching	Balances update daily.	Balances update in real time.
Sharing accounts	Not included	Invite others to share your account.
Premium Chat	No guaranteed live chat support	Access live chat during office hours.
Export Data	Not included	Export data for specific time periods.

Is Rocket Money a Scam?

Rocket Money is a totally legitimate app, and it’s definitely not a scam. It used to be called Truebill, and it was so popular that Rocket Companies bought it for $1.275 billion. Now, it has over 3.4 million members and a B rating from the Better Business Bureau (BBB).

What is The Catch With Rocket Money? 

The only “catch” with Rocket Money is that you have to pay for the best features. Sure, you can download the app for free – but you’ll only have access to basic tools. Luckily, the premium version costs just $4 to $12 per month, and you choose your own price. 

How Trustworthy is Rocket Money? 

Rocket Money is totally trustworthy. It has a B rating from the Better Business Bureau (BBB) – which isn’t perfect, but it’s enough to show that the company is legit. And as far as data security goes, Rocket Money uses 256-bit encryption, which is the same standard used by banks. 

How Much Does Rocket Money Cost?

You can download the Rocket Money app and use the basic budgeting tools for free. But to access the full range of features, you’ll have to pay for a premium plan. Rocket Money uses a “pay what’s fair” model – so you’ll choose a price between $4 and $12 per month. 

Can Rocket Money Actually Lower Your Bills?

Rocket Money has a track record of lowering people’s bills. Just check out the Rocket Money page on the review site Trustpilot! Several people say that Rocket Money successfully negotiated to lower their bills.