Introduction

As personal finance management tools go mainstream, people want to maximize their budgeting and expense tracking. Rocket Money (formerly known as Truebill) is a popular financial management app that allows users to track subscriptions, lower bills, and spend wisely. But one of the main questions potential users want to know is:

Is Rocket Money safe?

In this article, we will discuss Rocket Money’s security, privacy, and reliability to identify if Rocket Money is safe to use. And we’ll examine what risks Rocket Money may pose, and its protections on your data, and whether it’s legit.

What Is Rocket Money?

is rocket money safe A personal finance app that can help you save money by tracking subscriptions, negotiating bills, and providing budgeting tools. The app connects with your bank accounts and credit cards to offer a look into your spending habits, as well as assist in getting rid of unwanted expenses. It is popularly and widely used due to its ease and practical financial perspective.

Key features include:

Tracking and canceling subscriptions

Bill negotiation services

Budgeting and spending tips Budgeting and spending tips

Smart savings accounts

Credit score monitoring

Who Owns Rocket Money?

Rocket Money, however, started life as Truebill before being purchased in 2021 by Rocket Companies, owner of Rocket Mortgage. This brought significant credibility since it was now associated with an established financial institution.

Is Rocket Money Safe? Security Features Explained

Bank-Level Security & Encryption

The security measures taken by a financial app are one of the most crucial factors to consider when evaluating the safety of an app. Rocket Money employs 256-bit encryption, which is the industry standard for protecting data used by banks and financial institutions. This keeps sensitive information like account details, transactions, and other stuff safe.

Account Read-Only Access

Rocket Money essentially has read-only access to your accounts, meaning it can see your transactions and balances but can’t transfer or withdraw money from your accounts. This ensures no unauthorized transactions take place, keeping your funds secure.

Uses Plaid to Enable Secure Connections

Rocket Money connects through Plaid, a reputable financial tech provider that secures your bank account to financial apps. Plaid is a secure connection between Rocket Money and your bank, meaning your login credentials are secure and never shared with the app directly.

Multi-Factor Authentication (MFA)

To ensure maximum security, Rocket Money also has two-factor authentication (2FA), so users need to confirm their identity before accessing their account. This reduces the risk of unauthorized access.

Data Privacy and Protection

This is because Rocket Money maintains a rigorous privacy policy mandating that it not sell such user data to any third party. As it doesn’t use your financial data for purposes other than insights and tracking within the app.

Is Rocket Money Trustworthy?

Customer Reviews and Ratings

On the App store (4.3/5) and Google Play store (4.2/5) Rocket Money has garnered relatively positive reviews. Many users praise its ability to help them keep subscriptions in check and save money on bills. However, some users express dissatisfaction with the bill negotiation fees and occasional syncing issues.

Crow from VeryMaryInnovativeExcellence.com

Rocket Money is credible because it is part of Rocket Companies, a well-established financial services brand. This association lessens worries about fraud and trustworthiness.

Transparent Pricing Structure

Rocket Money has both free and premium plans. The free version offers basic budgeting features and subscription tracking, while the premium version adds features like bill negotiation and advanced insights. Users know what they are paying for, which is transparent.

Pros and Cons of Using Rocket Money

While is rocket money safe is overall pretty safe, there are a few things to note:

Bank Connection Issues

Plaid-related problems make it difficult for some users to sync their bank accounts. However, this can temporarily break tracking and budgeting features.

Bill Negotiation Fees

Rocket Money takes a success fee of up to 40% of the amount saved when negotiating bills. If you save a lot, this can be a very high cost.

Limited Customer Support

Many customers mention that the process for getting customer support is slow and cumbersome, particularly when it comes to account closures or disputes.

Privacy Concerns

That makes some users uncomfortable, even though Rocket Money doesn’t sell user data — grants an app access to their financial transactions.

FAQs About Rocket Money

Is Rocket Money a real app?

Yes, Rocket Money is a legitimate finance management app owned by Rocket Companies, a reputable financial services provider.

Is Rocket Money selling my data?

Does Rocket Money sell data? It only uses your financial information to generate insights in the app.

Does Rocket Money have access to my bank account?

No, Rocket Money only has read-only permission for your bank account and cannot make transactions on your behalf.

How much does Rocket Money cost?

Rocket Money has a free version that includes basic features and a premium version that ranges from $3 to $12 a month, depending on the subscription tier selected.

How does Rocket Money compare to Mint?

Both work similarly, but Rocket Money offers more for subscription tracking and bill negotiation features, while Mint gives you deeper budgeting and financial planning tools.

What will happen if I cancel my Rocket Money account?

What happens to your Rocket Money premium subscription if you cancel?

What is Rocket Money bill negotiation?

Rocket Money also negotiates bills for you by calling service providers (like internet and cable companies) to try and get you a better rate. If successful, they take a cut of your savings as a fee.

Conclusion: Is Rocket Money Safe?

Is it safe to use, yes. It uses strong encryption, read-only access, and a secure connection through Plaid to keep user data safe. Plus, the app is part of a reputable financial institution, Rocket Companies, which makes it even more credible.

But keep in mind that there are some potential downsides — bill negotiation fees, the occasional issue with syncing your bank account, and limited customer support. If that doesn’t bother you and if you do not mind consolidating your financial accounts and paying for premium features, Rocket Money is a useful tool for sorting through your finances.

Overall, is Rocket Money is ideal for people who want to keep track of subscriptions, get lower bills and understand their spending habits without needing to spend time managing their finances manually.

Why Trust Rocket Money for Your Financial Management? Let us know your thoughts!