Apps
Is Rocket Money Free and Safe?
We often get questions about Rocket Money from friends, family, and readers. Many of these questions revolve around the app for iPhone, but many people simply want to know what it is, how much it costs, and if it actually works.
We’ve used Rocket Money for several years now so we’re well equipped to answer these burning questions and help you decide if the service is worth a try and/or worth paying for.
Table of Contents
What Is Rocket Money?
Put simply, Rocket Money is a financial management tool that’s designed to help people simplify their finances.
The service can track your spending habits, track your net worth, improve your credit score, identify subscriptions, and help you keep track of them. It can even negotiate bills on your behalf.
Here’s a breakdown of Rocket Money’s key features:
- Subscription Management: Rocket Money will identify recurring payments and help you cancel unwanted subscriptions. It’s a great way to save money on forgotten gym memberships or unused streaming services.
- Budget Tools: The app can track your income and expenses, categorize your spending, and then help you create a budget that fits your needs.
- Bill Negotiation: Rocket Money can also attempt to negotiate lower rates on your cable, internet, and phone bills.
Earlier this year, Rocket Money helped identify a yearly Instacart subscription we had forgotten about. And because we never used the app, we canceled it using Rocket Money (we didn’t need to go to Instacart itself) and saved money.
Rocket Money App
When it comes to using Rocket Money, you’ve got a couple of options.
Rocket Money requires you to use an app. You can download the app on your mobile device, be it an iPhone or an Android, or you can use the web app on your MacBook or Windows PC.
Is Rocket Money Free?
There is a free version of Rocket Money, yes, but it’s fairly limited and doesn’t come with the full suite of features.
If you want access to the best features Rocket Money has, you’ll need to pay for a Premium Membership. Fortunately, the company has a sliding payment scale.
You can choose between $4-$12 per month with the $4-$5 options being billed annually. If you’re signing up for a Premium Membership for the first time, you’ll get a 7-day, free trial so you can test the service’s features.
If you decide to keep your subscription, you’ll then be charged the amount you selected.
So, what are the key differences between a free Rocket Money account and a Premium Membership? Let’s take a look:
Feature | Free Version | Premium Version |
---|---|---|
Number of Budgets | 2 | Unlimited |
Credit Reports | Credit Score Only | Credit Score & Full Report |
Cancellation Concierge | No | Yes |
Net Worth Tracking | No | Yes |
Smart Savings Accounts | No | Yes |
Account Syncing | Daily Updates | Real-time Updates |
Sharing Accounts | No | Yes |
Customer Support | No Live Chat | Priority Support & Live Chat |
Export Data | No | Yes |
As you can see, a free account is far more limited in what it can do.
Is Rocket Money Legit?
Rocket Money is legit, and, as we’ve noted, it helped save us money by canceling a subscription we forgot to cancel.
Now, keep in mind, the service may not be for everyone and there are some caveats you should be aware of before you start using it.
When it comes to canceling subscription services, the company says it has a high rate of success, but there’s no guarantee it will work for every service or app you use.
There’s a chance you might have to do the legwork yourself and contact companies directly to cancel unwanted subscriptions.
If you want to use Rocket Money to negotiate a bill on your behalf, that will cost extra money on top of whatever you pay for the Premium Subscription.
As with the subscription services, there’s no guarantee it succeeds and you might have to negotiate directly with your service provider(s).
Some users have also reported unexpected charges related to bill negotiations, even after trying to cancel their Rocket Money subscription. Before you use this service, read reviews and monitor your statements closely.
Is Rocket Money Safe?
In order to keep your information safe, the company says it uses bank-level 256-bit encryption to protect your data.
This doesn’t mean it’s immune to hacks or data intrusions so you’ll want to keep a close eye on your accounts.
Best Rocket Money Alternatives
If you try Rocket Money and aren’t a fan, there are a bunch of alternatives you might want to try out. Here are two of the best Rocket Money alternatives:
Explore both of these options, consider their strengths and weaknesses, and choose the one that best suits your budget and preferences.