Rocket Money (2024)

FAQs

Does Rocket Money really work? ›

Its free offerings may be a great fit for those looking for basic budgeting tools, and its unique features, such as bill negotiation and a built-in savings account may be worth the small monthly fee—although if you're not comfortable linking your bank accounts, Rocket Money won't work for you.

Your Rocket Money credit score is calculated using the FICO scoring model and your Experian credit report. We use FICO Score 2 specifically because it's used by lenders when you apply for a mortgage on a home, a goal that we know many of our members would like to achieve.

While the Rocket Money app is free, there is a subscription fee if you want to use Premium features, like concierge services or premium chat. Free to create a budget. Subscription fee applies to premium services.

Rocket Money uses the most up-to-date industry protocols for storing your data, including bank-level 256-bit encryption. Your online banking credentials never touch Rocket Money's servers, nor are they stored by the company in any way. Your financial data will never be accessed or used by any other party.

On behalf of the Electronic Privacy Information Center (EPIC), the NYU Tech Law and Policy Clinic filed a complaint with the Consumer Financial Protection Bureau against financial technology company Rocket Money (formerly Truebill), alleging unfair, deceptive, and abusive trade practices and violations of the the Fair ...

Ways to save

However, Mint easily has a more robust offering of available products for its users. Within the Mint app, you can find credit cards, loans, investment accounts, savings accounts, and different types of insurance. The Rocket Money app doesn't have these features.

Bill Negotiation

If Rocket Money thinks a certain bill is too expensive, they may offer to negotiate that bill on your behalf. But they'll also take a cut of the savings—which kind of defeats the purpose. Rocket Money charges 30–60% of the amount they help you save for the year.

Select the Recurring tab 🗓️ on the bottom left on mobile and upper left on web. Next, tap All, near the top of the screen to see your complete list of subscriptions. After that, tap on three dots “•••” the right of the subscription. Select Cancel Service option!

Mint is a budgeting app first and foremost, whereas Rocket Money is a personal finance app with budgeting, credit reporting, and bill negotiation features. This means Mint is more comprehensive for creating custom budgets and managing your spending, but Rocket Money has more features overall.

The app also offers bank-level security with 256-bit encryption to keep your personal data safe. Rocket Money is free to use, although there are optional services, such as bill negotiation, that you can opt in to for an extra cost ranging from $4 to $12 monthly.

Does Rocket Money need your SSN? ›

These inquiries may include asking you for further information, requiring you to provide your full address and Social Security number, and/or requiring you to take steps to confirm ownership of your email address or financial instruments, ordering a credit report, or verifying information you provide against third ...

Bottom line: If you're willing to pay for a budgeting app, Monarch Money could be great -- but if you need something free (and want credit score monitoring and bill negotiation), Rocket Money might be the better fit.

Overall, user reviews are positive about Rocket Money's budgeting and money management features. Folks say the platform is easy to use and is broadly considered to be worth the cost for a Premium Membership. However, the vast majority agree that the Bill Negotiation isn't worth the cost.

Free to create a budget. Subscription fee applies to premium services. Rocket Money is featured in our best budgeting apps guide. While the Rocket Money app is free, there is a subscription fee if you want to use Premium features, like concierge services or premium chat.

Checking your credit score within the Rocket Money app is a soft inquiry. This type of inquiry has no impact on your credit score and is not reported to any of the credit bureaus.

EveryDollar is a good choice for those who are in search of simple, back-to-basics budgeting software. There's a free version that lets you enter your transactions yourself. However, if you want the app's full functionality and automatic sync features, expect to pay up.

While it isn't free, it makes sense for a wide variety of use casJB - no affes and investment goals. Rocket Dollar lets you invest in alternative assets with a self-directed IRA and solo 401(k). It's incredibly flexible and even lets you bring your own deal. However, fees can be higher than some competitors.

The app also offers bank-level security with 256-bit encryption to keep your personal data safe. Rocket Money is free to use, although there are optional services, such as bill negotiation, that you can opt in to for an extra cost ranging from $4 to $12 monthly.