Does Rocket Money work? Rocket Money really has identified a ton of money in potential savings for their users to date.
It’s as easy as signing up and getting free money for nothing. In this Rocket Money review, you'll learn if it's too good to be true.
Managing finances can be hard. Rocket Money makes it easy to optimize your spending, manage subscriptions, lower your monthly bills, and stay on top of your financial life.
To date, Rocket Money has actually helped countless people save over $14 million dollars by helping them identify and cancel unwanted subscriptions, lower their bills, and get them refunds on fees and outages.
In this Rocket Money review article, I wanted to determine if the Rocket Money app IS safe and should we use it?
What is Rocket Money?
Truebill was acquired by Rocket Companies for $1.3B on Dec 20, 2021 and branded as Rocket Money.
Rocket Money aims to offer financial control at your fingertips. In minutes you’ll see they have a near 5-star rating.
Rocket Money magically gives you a complete picture of your finances.
From there, they can cancel unwanted subscriptions, lower your bills, and help you reach your savings goals!
How Rocket Money Works?
When you sign up for a Rocket Money account, you want to first connect your bank accounts and credit cards so that its software can analyze your transactions. Once you do that, they automatically find all your subscriptions and recurring bills, which appear in the “Recurring” tab of the app.
From there, you can click on any Subscription to see details and cancel unneeded ones. For example, I no longer use streaming services or music apps and decided to cancel Netflix and Spotify. You can cancel yourself, or, if you choose to join Rocket Money Premium, their concierges will do it for you!
You can also use Rocket Money to lower your bills. To do this, you want to click on the “TrueProtect” card on your Simple dashboard, then add the various bills that you'd like to lower. Premium users can also turn on Fee Refunds, to have our concierges automatically request refunds when you get bank fees.
Rocket Money is constantly adding new features and their aim is to be your central hub to running all your finances.
Let's face it, financial automation can really make your life easier, but there are some downsides. For example, you can keep getting billed automatically even when you no longer use a service that you subscribed to.
Rocket Money Features
Rocket Money offers the following features:
#1. Lowering Bills
By using Lower My Bills, Rocket Money negotiates with a lot of service providers such as AT&T, Verizon, Charter, Comcast and DirecTV to cut your bill down. To do this, you will have to upload a recent bill from any service provider or connect to your account. Provide info regarding the service and allow the app to negotiate a reduced rate by getting a promotional plan, cutting back on any bogus fees, and just reducing the rate. Rocket Money takes a 40% commission of the yearly savings to do this.
#2. Monitoring Your Subscriptions
When you enter your account info into the Rocket Money app, it conducts a review and then flags all your recurring bills and bill changes. It then tries to ascertain if the bill can be lowered. It will also help you know when you will get billed by mapping your bills using a calendar. This can help you to alter your behavior, stop subscriptions, etc. with the premium version; you can cancel services in-app. The app can also request for refunds.
#3. Outage Monitoring
Rocket Money can monitor the internet & cable providers around your area and request that your account is credited if an outage exists.
#4. Electric Economy
Although accessible for only some areas, the app can run a search to help you save on electric bill by locating the lowest price for every kilowatt.
#5. Pay Advance
Rocket Money Pay Advance is a free feature. Upon repaying your pay advance you may voluntarily elect to tip Rocket Money any amount between 0% and 24% of the advance size for the Pay Advance service. This tip is completely optional and will in no way affect your Rocket Money service or eligibility for future Pay Advance usage.
Update: Pay Advance will no longer available soon. Rocket Money will be turning off Pay Advance for members in a way that minimizes the disruption and eases the transition for members. In case you want to use this feature you can use similar pay advance apps.
Rocket Money lets you choose your own price for Premium services, from between $3 / month and $12 / month. You can also choose an annual cost at either $36 or $48 per year.
Rocket Money Premium subscription offers several additional features to help you save money and manage your finances:
Rocket Money automatically identifies your subscriptions, bills, and other recurring payments. As a Premium member, you can have its concierge cancel these service on your behalf. We will also attempt to get you fee refunds automatically.
Premium members receive priority support, and access to live chat with our experienced customer advocates.
Rocket Money Premium offers the ability to create unlimited budgets, a feature that is especially useful if you're managing a personal, family, and/or business budget and prefer to keep them separate.
While the Rocket Money app comes with predetermined budgeting categories, Premium lets you add to and/or delete them, customizing your budget to be as simple or as detailed as you would like.
Smart Savings Accounts
Smart Savings is a feature that allows you to transfer money from your checking account to a FDIC insured bank account in order to reach your savings goals. You can choose to arrange automatic transfers, set thresholds to avoid overdrafting, and can withdraw from your savings accounts at any time.
Realtime Balance Syncing
Premium members will see their account balances updated in realtime in the app–no more waiting for daily or weekly synching!
My Favorite Feature
Rocket Money can negotiate your bills lower for you on your behalf saving you money and time. They support most major cell phone bills like AT&T, Verizon and T-Mobile, cable bills, and security bills and are successful up to 85% of the time!
Here's how it works:
Step 1: Submit a bill
Open your Rocket Money app and on the dashboard, tap on the “TrueProtect” option
Step 2: Choose a bill listed there or tap on “Add a bill”
Step 3: Connect your bill by either entering your credentials or uploading a photo of it. Note: if you don't have a paper bill you can load your bill up on your computer and take a photo of your computer screen
Step 4: Enter your details and negotiation preferences on the next screen
Step 5: Confirm Payment Method – they charge 40% of the first year's savings. You can pay with any major credit or debit card. If they don't save you anything, you aren't charged!
Rocket Money Cost
Although free to download, the premium version of Rocket Money requires an upgrade fee of $35.99 or you pay $4.99 monthly. They claim that by using the app to lower bills, on average it will result in a 40% charge of your savings yearly.
Pros & Cons of Rocket Money
Rocket Money Security
Your information is safe with Rocket Money. There are credit card adverts, as well as, insurance adverts and your info will only be given to these firms if you decide to deal with them. Apart from that, the Rocket Money application is very safe to use with no privacy issues.
Is Rocket Money Safe?
Rocket Money uses bank-level security with 256-bit SSL encryption and read-only access.
Rocket Money uses the Plaid service to connect with financial institutions, so you aren't giving your banking credentials directly to Rocket Money.
It should be noted that Rocket Money does not sell your data to third parties; in fact, they store their own data on Amazon Web Services (used by the Department of Defense). Rest assured, they take security very seriously.
Who is Behind Rocket Money?
This wouldn't be one of the best Rocket Money reviews if you don't know who is behind the company.
Rocket Money is backed by COTA Capital, Social Capital, Sherpa Capital, Day One Ventures, Y Combinator, and Cross. The founders are:
Co-Founder & CEO
Haroon is a Harvard Law grad turned serial entrepreneur and angel investor. He was the CEO and Chief Product Officer of Webs.com, a popular website creation platform that grew to 50 million users before being acquired by Vistaprint where Haroon led digital product strategy. Haroon has a passion for technology startups, innovation, global change, and elegant problem solving.
Co-Founder & CRO
Prior to Rocket Money Yahya served as VP of Business Development at Nanigans where he helped grow the company from less than $1mm to a $20mm+ runrate. Yahya mentors at the startup incubator 500 Startups, helping early stage startups determine sales strategy, find product/market fit, and scale their businesses.
Co-Founder & CTO
Idris spent over a decade co-founding and growing Webs.com, leading to its eventual acquisition by Vistaprint in 2011. He holds several patents around graphical user interfaces. In his spare time, Idris is an active angel investor and is passionate about using technology for social good.
Competitors and Alternatives?
Actually, this is not the only mobile application whose goal is to provide people with an effortless way to get money back. There are other alternatives, including Capital One Shopping and Trim, who offers the same service to their mobile customers.
Rocket Money vs Capital One Shopping
Rocket Money and Capital One Shopping are two different financial tools with different purposes:
Rocket Money is a personal finance app designed to help individuals manage their finances effectively. It offers features like budgeting, expense tracking, and the ability to connect to financial institutions securely. Rocket Money aims to assist users in gaining better control over their money and financial goals.
Capital One Shopping, on the other hand, is primarily a shopping tool. It searches thousands of online merchants to find deals and coupons to help users save money while shopping online. Capital One Shopping can help users find discounts and better prices for their online purchases.
In summary, Rocket Money is a personal finance app focused on overall financial management, while Capital One Shopping specializes in helping users find discounts and savings when shopping online.
Capital One Shopping compensates us when you sign up for Capital One Shopping using the links we provided.
Capital One Shopping is a free browser extension that optimizes your online shopping experience. It automatically searches for coupons and deals across 100,000+ retailers, showing you the best prices, including tax and shipping. Plus, you can earn Shopping Rewards on purchases, redeemable for gift cards at top stores.
Rocket Money vs Trim
It is hard to say which option, Trim or Rocket Money, will better suit your needs as they are both great for managing your money. Both apps offer features to help you create a monthly budget, lower your bills, and track any subscriptions.
Still, Trim offers unique features like medical bill negotiation or bank negotiation. Rocket Money provides many benefits, including a mobile app and international accessibility. Rocket Money and Trim have different features for people with different spending habits and needs.
Is Rocket Money Legit?
If you're searching for Rocket Money reviews to see if Rocket Money is legit, then the answer is: Rocket Money is worth using and offers a unique way to stay on top of your spending with over 2+ million members saving over $100 million to date.
A lot of money is spent on subscriptions annually, and apps like Rocket Money can help to provide insights that will help you manage your spending more efficiently so that you can get the best deals every time.
Rocket Money has a larger scope than other service cancellation apps and upgrading to the premium version for a month to try the app out might be what you need to decide if to upgrade or go back to the free mode.
This Rocket Money app review article helps to make it clear that Rocket Money can actually help you to make some savings on the number of dollars that you spend every year. Give it a try today as it is totally legitimate.