Rocket Cash App Evaluation [Is Rocket Money Safe?]

Staying on prime 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 also make it easier to cancel undesirable subscriptions, make a price range, and supply personalised solutions to enhance your spending habits. These free and premium options are helpful in the event you’re on a decent price range.

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

What’s Rocket Cash?

Rocket Cash is a private finance app that was initially launched in 2015 as Truebill. The app rebranded beneath its present identify 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 main points in easy-to-read charts that you would be able to categorize for elevated accuracy.

This cash app additionally offers personalised solutions that can assist you get monetary savings, akin to 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 enroll 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 numerous cash administration instruments specializing in lowering 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
• Fee reminders

You possibly can simply preserve 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 scale 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 value monitoring
• Premium chat customer support
• Actual-time account stability updates
• Shared accounts

If you happen to favor 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 may solely make a primary price range and may’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 presents a seven-day free trial to determine in the event you’ll profit from the in-depth options, together with the power to create limitless budgets, internet 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 non-obligatory service, a one-time payment applies when the invoice negotiation characteristic efficiently lowers a recurring subscription like your cable or cellphone invoice.

Options

Listed below are the varied instruments that may make it easier 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 attainable to exclude particular accounts that you simply don’t use to pay payments or don’t need the app to observe 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 may see their real-time stability all through the day. 

Having the ability to hyperlink your accounts at no cost is certainly one of this app’s most precious 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 an easy solution to see in the event you qualify for reductions on costly recurring subscriptions. Then, after analyzing your spending habits, the app will immediate you when it believes it might cut back an expense.

Contract-based cellphone plans, cable TV, and residential web have probably the most financial savings potential as a result of current clients normally pay larger 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 provide comparable companies 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 companies 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 observe how a lot they spend month-to-month on recurring payments like their cellphone, web, or streaming companies. Tapping on a selected supplier enables you to see how a lot you spend per 30 days and is a straightforward solution to search for billing will increase.

This software may also help establish undesirable subscriptions you could wish to cancel or renegotiate for a decrease payment. For instance, there is likely to 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 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 robotically cancels a service at your request. This protects you time and allows you to keep away from a tense cellphone 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 attainable 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 primary price range that helps forestall you from overspending. This characteristic is beneficial for an informal price range that requires minimal upkeep. 

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

Free customers can break down their spending into 4 classes:

• Payments and utilities
• Groceries
• Charges
• Every little thing 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 in the event you favor higher 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 while you’re critical about saving extra money. 

Automated Financial savings

Premium customers can schedule recurring deposits for financial savings objectives 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 associate 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 can also make a number of accounts if you wish to save for a number of objectives. For example, you may need a trip fund and one other for a alternative car.

Observe Your Internet Price

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

It’s straightforward to allow a number of toggles to exclude sure belongings out of your internet value whole. For example, it’s regular to not rely the worth of your main residence, car, or checking account because you received’t promote them to take a position 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 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 enables you to search for reporting errors and any destructive 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 may be privateness. Your id stays nameless, however you could obtain adverts and product presents from Rocket Firms and third-party companions for loans, investments, or different monetary companies.

Execs and Cons

Listed below 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 critical planning
• Cell-only

If you happen to 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 observe your spending and search for methods to chop prices. Nonetheless, sure customers may discover its options missing and will profit from different platforms .

Right here’s a preview of the highest decisions:

These are the most effective alternate 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 function 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 price range for widespread and fewer widespread bills. 

It connects to your monetary accounts, and there are a lot 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.

Learn our YNAB vs. Mint evaluation to study extra in regards to the platform.

Tiller

Take into account Tiller Cash in the event you favor 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 price range template.

Subsequent, you may create totally 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 in the event you use its wealth administration companies for investing. 

Most individuals use this platform to trace their internet value, make a primary price range, and obtain a complimentary funding portfolio evaluation.

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

The free internet value tracker is among the finest 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 evaluation to study extra.

Backside Line

You’ll profit probably the most from utilizing Rocket Cash if you wish to observe your bills by a selected transaction or search for methods to scale 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 ultimate for informal customers who is likely to 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 to your monetary objectives. With no threat to offer it a attempt, it’s value testing.

What do you search for in a cash administration app?

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