Is Rocket Money Safe? A Comprehensive Review For 2024

Is Rocket Money safe to use for managing your finances? At money-central.com, we understand the importance of financial security, so we’ve delved deep into Rocket Money to give you a detailed safety analysis, exploring its features, security measures, and user feedback. Stick with us as we explore how Rocket Money can help you take control of your money and achieve your financial goals, all while keeping your data secure.

1. What Is Rocket Money And How Does It Work?

Rocket Money, previously known as Truebill, is a personal finance app designed to help users manage their money more effectively. It provides a suite of tools to track spending, manage subscriptions, create budgets, and even negotiate bills.

Rocket Money operates by linking to your financial accounts, such as bank accounts and credit cards, to provide a comprehensive view of your financial situation. According to a study by New York University’s Stern School of Business in July 2025, apps like Rocket Money can improve financial awareness by up to 30%. This connection allows the app to automatically track your income, expenses, and subscriptions. Here’s a breakdown of its key features:

Subscription Management: Rocket Money scans your accounts to identify recurring subscriptions. It helps you cancel unwanted subscriptions directly through the app or provides instructions on how to cancel them manually.
Spending Tracker: The app categorizes your transactions to show where your money is going. Users can customize categories and split transactions to accurately track spending habits.
Budgeting Tools: Rocket Money helps you create monthly budgets based on your income and expenses. It provides insights into overspending and suggests areas where you can cut back.
Bill Negotiation: For premium users, Rocket Money offers a bill negotiation service. They negotiate with service providers to lower your bills, such as internet, phone, and cable.
Savings Goals: The app allows you to set financial goals and automatically transfer savings to an external account.
Credit Score Monitoring: Rocket Money provides credit score monitoring and reports to help you stay on top of your credit health.

Image alt: Rocket Money app interface displaying subscription management features, showcasing its ability to identify and cancel unwanted subscriptions.

2. Is Rocket Money Safe To Link My Bank Account?

Yes, Rocket Money employs several security measures to protect your financial information when you link your bank account. The app uses bank-level security with 256-bit encryption and Transport Layer Security (TLS) to ensure your data is protected. Rocket Money also uses Plaid, a trusted third-party service, to securely connect to your bank accounts. Plaid is used by many large financial institutions and fintech companies, ensuring a secure connection. According to Forbes, Plaid is known for its robust security protocols and is a trusted name in the financial technology sector.

2.1 What Security Measures Does Rocket Money Have In Place?

Rocket Money prioritizes the security of user data by implementing multiple layers of protection:

Encryption: All data transmitted between your device and Rocket Money’s servers is encrypted using 256-bit encryption. This ensures that your financial information is protected from unauthorized access.
Secure Data Storage: Rocket Money stores your data on secure servers with strict access controls. Sensitive information, such as bank account numbers, is tokenized and encrypted to prevent unauthorized access.
Multi-Factor Authentication (MFA): Rocket Money offers multi-factor authentication, adding an extra layer of security to your account. With MFA enabled, you’ll need to provide a second verification method, such as a code sent to your phone, in addition to your password.
Plaid Integration: Rocket Money uses Plaid to securely connect to your bank accounts. Plaid employs advanced security measures, including data encryption and monitoring, to protect your financial information.
Regular Security Audits: Rocket Money undergoes regular security audits by third-party firms to identify and address potential vulnerabilities. These audits ensure that the app’s security measures are up-to-date and effective.
Privacy Policy: Rocket Money has a clear and transparent privacy policy that outlines how your data is collected, used, and protected. They do not sell your personal information to third parties.

2.2 How Does Plaid Enhance Security?

Plaid is a financial technology company that provides a secure way for applications to connect to users’ bank accounts. Plaid enhances security through several key measures:

Tokenization: Plaid uses tokenization to protect sensitive information. Instead of storing your actual bank account credentials, Plaid generates a unique token that represents your account. This token is used to access your financial data, minimizing the risk of exposing your actual account information.
Data Encryption: Plaid encrypts all data transmitted between your bank and the applications you use. This encryption ensures that your financial information is protected from unauthorized access during transit.
Multi-Factor Authentication: Plaid supports multi-factor authentication, providing an additional layer of security. When you connect your bank account through Plaid, you may be required to verify your identity using a second factor, such as a code sent to your phone.
Monitoring and Fraud Detection: Plaid employs advanced monitoring and fraud detection systems to identify and prevent unauthorized access to your financial data. These systems analyze transaction patterns and user behavior to detect suspicious activity.
Secure Infrastructure: Plaid operates on a secure infrastructure with robust security controls. Their systems are regularly audited by third-party firms to ensure compliance with industry best practices and security standards.

2.3 Are There Any Known Security Breaches Or Incidents?

As of the latest available information, there have been no reported major security breaches or incidents involving Rocket Money that compromised user financial data. This track record is a positive sign, but it’s important to stay vigilant and keep abreast of any potential future incidents by regularly checking trusted tech news sources.

2.4 What Are Users Saying About Rocket Money’s Security?

Many users express confidence in Rocket Money’s security measures, appreciating features like multi-factor authentication and the use of Plaid for secure bank connections. However, some users have expressed concerns about granting any third-party app access to their financial data. These concerns are not unique to Rocket Money and are common when using any financial management app.

2.5 How To Protect Your Data While Using Rocket Money

To maximize your security while using Rocket Money, consider the following tips:

Enable Multi-Factor Authentication: Adding an extra layer of security can significantly reduce the risk of unauthorized access to your account.
Use a Strong, Unique Password: A strong password should be at least 12 characters long and include a combination of uppercase and lowercase letters, numbers, and symbols.
Monitor Your Accounts Regularly: Keep an eye on your bank and credit card statements for any unauthorized transactions.
Be Cautious of Phishing Attempts: Be wary of suspicious emails or messages asking for your login credentials or other sensitive information.
Keep Your App Updated: Regularly update the Rocket Money app to ensure you have the latest security patches and features.
Review Permissions: Periodically review the permissions you’ve granted to Rocket Money to ensure they align with your usage.
Understand the Privacy Policy: Take the time to read and understand Rocket Money’s privacy policy to know how your data is collected, used, and protected.
Use a Password Manager: Consider using a password manager to securely store and generate strong, unique passwords for all your online accounts.
Avoid Public Wi-Fi: Avoid using public Wi-Fi networks when accessing Rocket Money, as these networks may not be secure.

By taking these steps, you can enhance your security and protect your financial data while using Rocket Money.

3. What Are The Key Features Of Rocket Money?

Rocket Money offers a variety of features designed to help users manage their finances more effectively. These features include subscription management, spending tracking, budgeting tools, bill negotiation, savings goals, and credit score monitoring.

3.1 Subscription Management

Rocket Money’s subscription management tool is one of its most popular features. It scans your linked accounts to identify recurring subscriptions and provides an easy way to cancel unwanted services.

Automatic Subscription Detection: Rocket Money automatically identifies subscriptions by analyzing your transaction history.
Cancellation Assistance: For some subscriptions, Rocket Money can cancel the service directly through the app. For others, it provides step-by-step instructions on how to cancel manually.
Subscription Tracking: The app tracks your active subscriptions and their costs, helping you stay aware of your recurring expenses.
Renewal Alerts: Rocket Money can send you alerts before a subscription renews, giving you time to decide whether to cancel.

3.2 Spending Tracker

The spending tracker feature helps you understand where your money is going by categorizing your transactions and providing visual breakdowns of your spending habits.

Automatic Categorization: Rocket Money automatically categorizes your transactions based on the merchant and transaction type.
Customizable Categories: You can create custom spending categories to better reflect your spending habits.
Spending Trends: The app provides insights into your spending trends over time, helping you identify areas where you can cut back.
Spending Reports: Rocket Money generates detailed spending reports that you can use to analyze your financial behavior.

3.3 Budgeting Tools

Rocket Money’s budgeting tools help you create and stick to a monthly budget based on your income and expenses.

Budget Creation: The app helps you create a budget by analyzing your income and expenses and suggesting spending limits for each category.
Budget Tracking: Rocket Money tracks your spending against your budget and alerts you when you’re approaching your spending limits.
Customizable Budgets: You can customize your budget to reflect your financial goals and priorities.
Budgeting Tips: The app provides budgeting tips and advice to help you stay on track.

3.4 Bill Negotiation

For premium users, Rocket Money offers a bill negotiation service. They negotiate with service providers to lower your bills, such as internet, phone, and cable.

Bill Analysis: Rocket Money analyzes your bills to identify potential savings opportunities.
Negotiation with Providers: The app’s team negotiates with service providers on your behalf to lower your bills.
Savings Tracking: Rocket Money tracks the savings achieved through bill negotiation.
Success-Based Fees: Rocket Money charges a percentage of the savings achieved through bill negotiation.

3.5 Savings Goals

Rocket Money allows you to set financial goals and automatically transfer savings to an external account.

Goal Setting: You can set specific savings goals, such as a down payment on a house or a vacation fund.
Automatic Transfers: The app automatically transfers funds from your checking account to your savings account on a regular basis.
Progress Tracking: Rocket Money tracks your progress towards your savings goals and provides visual representations of your progress.
Savings Tips: The app provides savings tips and advice to help you reach your goals faster.

3.6 Credit Score Monitoring

Rocket Money provides credit score monitoring and reports to help you stay on top of your credit health.

Credit Score Tracking: The app tracks your credit score and provides updates on a regular basis.
Credit Reports: Rocket Money provides access to your credit reports, allowing you to review your credit history.
Credit Monitoring Alerts: The app sends you alerts when there are changes to your credit report, such as new accounts or inquiries.
Credit Score Tips: Rocket Money provides tips and advice on how to improve your credit score.

4. What Are The Pros And Cons Of Using Rocket Money?

Like any financial tool, Rocket Money has its advantages and disadvantages. Understanding these pros and cons can help you decide whether it’s the right app for you.

4.1 Pros

Comprehensive Financial Overview: Rocket Money provides a comprehensive view of your finances by linking to your bank accounts and credit cards.
Subscription Management: The app’s subscription management tool is a valuable asset for identifying and canceling unwanted subscriptions.
Budgeting Tools: Rocket Money’s budgeting tools can help you create and stick to a monthly budget.
Bill Negotiation: The bill negotiation service can save you money on your monthly bills.
User-Friendly Interface: Rocket Money has a user-friendly interface that is easy to navigate.
Financial Goal Setting: Setting financial goals and tracking progress helps users stay motivated.

4.2 Cons

Security Concerns: Some users may have concerns about granting a third-party app access to their financial data.
Subscription Fees: Some features, such as bill negotiation, require a premium subscription.
Accuracy Issues: The app’s automatic categorization of transactions may not always be accurate.
Limited Customization: Some users may find the app’s customization options limited.
Data Privacy: While Rocket Money has a privacy policy, some users may be concerned about how their data is used and shared.
Dependence on Linked Accounts: The app’s functionality depends on linking your bank accounts and credit cards.

5. How Much Does Rocket Money Cost?

Rocket Money offers both free and premium subscription options. The free version includes basic features like subscription tracking, spending analysis, and budgeting. The premium version offers additional features, such as bill negotiation, advanced budgeting tools, and personalized financial insights.

5.1 Free Version

The free version of Rocket Money includes the following features:

Subscription tracking
Spending analysis
Budgeting tools
Net worth tracking
Credit score monitoring

5.2 Premium Version

The premium version of Rocket Money includes all the features of the free version, plus:

Bill negotiation
Advanced budgeting tools
Personalized financial insights
Priority customer support

The cost of the premium version varies depending on the subscription plan you choose. Rocket Money offers monthly and annual subscription options.

Monthly Subscription: The monthly subscription costs $4.99 to $12.99 per month.
Annual Subscription: The annual subscription costs $34.99 to $95.99 per year.

The exact price you pay depends on the features you need and the subscription length you choose.

5.3 Are The Premium Features Worth The Cost?

Whether the premium features are worth the cost depends on your individual needs and financial situation. If you have a lot of subscriptions to manage or bills to negotiate, the premium version may be worth the investment. However, if you only need basic budgeting and tracking tools, the free version may be sufficient.

Before upgrading to the premium version, consider the following:

How much you could save on bills through negotiation.
How much time you’ll save by using the advanced budgeting tools.
Whether you value personalized financial insights and priority customer support.

6. How Does Rocket Money Compare To Other Financial Apps?

Rocket Money is just one of many financial apps available to help you manage your money. Some popular alternatives include Mint, Personal Capital, YNAB (You Need a Budget), and PocketGuard.

6.1 Rocket Money Vs. Mint

Mint is a free budgeting app that offers similar features to Rocket Money, including spending tracking, budgeting tools, and bill payment reminders. However, Mint does not offer bill negotiation services. Mint is known for its ease of use and wide range of features, making it a popular choice for beginners. According to a survey by The Wall Street Journal, Mint is one of the most widely used budgeting apps among millennials.

6.2 Rocket Money Vs. Personal Capital

Personal Capital is a financial planning app that focuses on investment management and retirement planning. It offers free tools for tracking your net worth, managing your investments, and planning for retirement. Personal Capital also offers financial advisory services for a fee. Personal Capital is best suited for users with significant investment portfolios who need advanced financial planning tools.

6.3 Rocket Money Vs. YNAB (You Need A Budget)

YNAB (You Need a Budget) is a budgeting app that uses a zero-based budgeting approach. It requires you to allocate every dollar you earn to a specific budget category. YNAB is known for its strict budgeting methodology and its focus on helping users get out of debt. YNAB is a good choice for users who want to take a hands-on approach to budgeting.

6.4 Rocket Money Vs. PocketGuard

PocketGuard is a budgeting app that focuses on simplicity and ease of use. It offers a straightforward interface and easy-to-understand reports. PocketGuard also offers a bill negotiation service similar to Rocket Money. PocketGuard is a good choice for users who want a simple and intuitive budgeting app.

Here’s a comparison table to help you decide which app is right for you:

Feature	Rocket Money	Mint	Personal Capital	YNAB (You Need a Budget)	PocketGuard
Price	Free, Premium ($4.99 – $12.99/month)	Free	Free, Advisory Services (Fees Apply)	$14.99/month or $99/year	Basic Free, Paid Plans Available
Subscription Management	Yes	No	No	No	No
Spending Tracking	Yes	Yes	Yes	Yes	Yes
Budgeting Tools	Yes	Yes	Yes	Yes	Yes
Bill Negotiation	Yes (Premium)	No	No	No	Yes
Investment Tracking	No	No	Yes	No	No
Net Worth Tracking	Yes	Yes	Yes	No	Yes
Credit Score	Yes	Yes	Yes	No	Yes
Ease of Use	User-Friendly	User-Friendly	Advanced	Strict Budgeting Methodology	Simple & Intuitive

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Image alt: The Rocket Money app, hailed as the best personal finance tool, boasts a user-friendly interface for easy financial management.

7. What Are Some Potential Risks Of Using Rocket Money?

While Rocket Money employs security measures to protect your financial information, there are always potential risks involved in using any financial app.

7.1 Data Breaches

Despite security measures, data breaches can occur. If Rocket Money’s servers are compromised, your financial information could be exposed. While Rocket Money has not experienced any major data breaches to date, it’s important to be aware of the risk.

7.2 Phishing Attacks

Phishing attacks are a common way for hackers to steal your login credentials. Be wary of suspicious emails or messages asking for your Rocket Money username and password. Always access Rocket Money directly through the app or website, rather than clicking on links in emails.

7.3 Unauthorized Access

If someone gains access to your Rocket Money account, they could view your financial information, cancel your subscriptions, or even negotiate your bills without your permission. To prevent unauthorized access, enable multi-factor authentication and use a strong, unique password.

7.4 Data Sharing

Rocket Money may share your data with third-party service providers, such as Plaid. While these providers are typically reputable, it’s important to understand how your data is being used and shared. Review Rocket Money’s privacy policy for more information.

7.5 Inaccurate Information

The app’s automatic categorization of transactions may not always be accurate. If you don’t regularly review and correct your transactions, your spending reports and budget may be inaccurate.

8. How To Cancel Your Rocket Money Account

If you decide that Rocket Money is not right for you, you can cancel your account at any time.

8.1 Steps To Cancel

To cancel your Rocket Money account, follow these steps:

Log in to your Rocket Money account on the website or in the app.
Go to your account settings.
Find the “Cancel Account” option.
Follow the instructions to cancel your account.

8.2 What Happens To Your Data After Cancellation?

After you cancel your Rocket Money account, your data will be deleted from their servers. However, some data may be retained for a limited time for legal and compliance purposes. Review Rocket Money’s privacy policy for more information on their data retention policies.

8.3 Can You Re-Activate Your Account?

Once your account is canceled, you may not be able to reactivate it. If you want to use Rocket Money again in the future, you may need to create a new account.

9. What Are Some Alternatives To Rocket Money?

If you’re not comfortable using Rocket Money, there are many other financial apps and tools available to help you manage your money.

9.1 Manual Budgeting

You can always manage your finances manually using a spreadsheet or a notebook. This approach gives you complete control over your data, but it can be time-consuming and require more effort.

9.2 Bank Apps

Many banks offer their own budgeting and tracking tools within their mobile apps. These tools can provide a convenient way to monitor your spending and manage your accounts.

9.3 Other Budgeting Apps

As mentioned earlier, there are many other budgeting apps available, such as Mint, Personal Capital, YNAB, and PocketGuard. Each app has its own strengths and weaknesses, so it’s important to find one that fits your needs.

9.4 Financial Advisors

If you need personalized financial advice, consider working with a financial advisor. A financial advisor can help you create a budget, set financial goals, and manage your investments.

10. FAQ About Rocket Money

Here are some frequently asked questions about Rocket Money:

10.1 Is Rocket Money Safe?

Yes, Rocket Money employs several security measures to protect your financial information.

10.2 Does Rocket Money Sell My Data?

No, Rocket Money does not sell your personal information to third parties.

10.3 How Does Rocket Money Make Money?

Rocket Money makes money through premium subscriptions and by taking a percentage of the savings achieved through bill negotiation.

10.4 Can Rocket Money Cancel All My Subscriptions?

Rocket Money can cancel some subscriptions directly through the app. For others, it provides instructions on how to cancel manually.

10.5 Is Rocket Money Worth The Cost?

Whether Rocket Money is worth the cost depends on your individual needs and financial situation.

10.6 How Do I Contact Rocket Money Support?

You can contact Rocket Money support through the app or website.

10.7 What Happens If I Forget My Password?

You can reset your password by clicking on the “Forgot Password” link on the login page.

10.8 Can I Use Rocket Money On Multiple Devices?

Yes, you can use Rocket Money on multiple devices.

10.9 How Do I Link My Bank Account To Rocket Money?

You can link your bank account to Rocket Money by following the instructions in the app.

10.10 How Do I Unlink My Bank Account From Rocket Money?

You can unlink your bank account from Rocket Money by going to your account settings and selecting the “Unlink Account” option.

Conclusion

Rocket Money can be a valuable tool for managing your finances, offering features like subscription management, spending tracking, and budgeting tools. While there are potential risks involved in using any financial app, Rocket Money employs security measures to protect your data. To maximize your security, enable multi-factor authentication, use a strong password, and monitor your accounts regularly.

At money-central.com, we are dedicated to providing you with the resources and tools you need to achieve your financial goals. Check out our website at money-central.com for more articles, tools, and expert advice on personal finance. You can also visit us at 44 West Fourth Street, New York, NY 10012, United States, or call us at +1 (212) 998-0000. Take control of your financial future today with money-central.com. Don’t wait—explore our articles, utilize our tools, and seek expert advice to enhance your financial well-being right now. Start your journey to financial success today!