Review Time
Overall the app is not bad. It shows you a graph (visualization) of your spending, which I appreciate.The negatives are this:Very little explanation of a lot of conceptsSupport doesn't actually listen/attempt to support you, they just copy paste basic/generic answersCategorization is very often wrong. I've created over 25 rules and now it's finally categorizing things correctly.Lots of institutions are still unsupported. Edit: Oh look, a generic copy/paste response as a reply to my review. Cool...
I tried this service almost 9 months or so ago and cancelled immediately. The commercial makes it sound like it’s so simple; that they tell you all the subscriptions you’re paying for and will cancel them with the click of a button upon your request. This could not be further from the truth!! You have to put in all the information for the subscriptions even after connecting them to your bank account. If I had all that information compiled I wouldn’t need them! Then I’m paying them to do all that grunt work? Why? I never write reviews which is why I did not write one at the time so long ago, however I’ve been seeing their TV commercials again quite often demonstrating just how simple it is based on people not even remembering or realizing what subscriptions they’ve signed up for and decided to write this review. Mostly to remind myself how disappointed I was as I found myself almost wanting to try it again falling for the marketing!!! So, I decided to write this review instead so because it just is Not the case! It’s so disheartening to constantly have marketing campaigns shoved into your brain that promise something the company doesn’t deliver! Don’t fall for it!!!
Just started using the app and loving it so far! It's already helped so much. After having a baby we had completely lost track of our spending. Immediately after subscribing I found a fraudulent subscription that Lane Bryant had signed me up for @$17/month. Thanks to rocket I found it early enough for a full refund. I chose to pay $10 a month for it. I like the choose what to pay feature, I figure that means someone like me with more income is helping to offset someone who can only afford to pay $5. This feature can seem awkward I guess, but I view it as a way that the service can be offered to a larger range of users based on customer decisions. So overall I like this payment model. By far the most helpful feature is that it can accurately track Credit Card and Debit card purchases. We have a couple of CC's we use to pay bills and we only use CC's for online payments, making it easy to lose site of the balance and what is left in your budget. This is all automatic with Rocket. I also like the self-defined rules and categories. We categorize all cash withdrawals as "Family Care" for example, since cash is pretty much only used for the baby sitter. We also split out some of the larger ticket spending habits. *Coughs in nerd* like the TCG budget which had grown out of control. Since April 2024 our balance dropped form $7K to only $500. Even though we only started Rocket mid- February 2025, we already increased our balance to $800 and I'm confident we will meet our goal of $2000 in March. We are also considering trying the bill decrease service. The only ding I have against the app is that you can only set goals if you open non-interest-bearing rocket savings accounts. I don't want a bunch of accounts, especially for short term goals like saving for a vacation or home remodel. I also prefer to keep my 3-months living expenses in an interest-bearing account, since that's a long-term savings I should rarely have to use. There are many online-only savings accounts from BMO Alto, Discover, Chase, etc. offering 3-4% interest. $12K of living expenses left in a 3% account will grow to over $13,506 in 5 years. That's a lot of money to leave on the table, especially for a rainy day fund.
I enrolled to get my phone bill negotiated. Rocket Money asked my account PIN and I gave it. Since then I got several texts from my phone company to grant access to my account. Then the phone company called me to "continue the call that they were having with me". At first we were both puzzled because I didn't call them. Then we realized that someone impersonated me, and even gave my PIN. They even spoofed my phone number to appear as me! I immediately wrote to Rocket Money asking if they contacted my phone company for negotiation, and they said that they didn't. After this happened a 3rd time, I changed my PIN. The scammer continued to try to access my account, and the phone company called me again to notify me. Then I get another message from Rocket Money to give them my new PIN, which I won't. If Rocket Money didn't deliberately disclose my account details to scammers, then there is a serious data breach on their end. This needs to be addressed immediately.
RocketMoney is a SCAM! If you sign up for Financial Goals, they take your money and put it in a separate account that THEY manage and only THEY have access so you can’t withdraw it. Where does it go? Who knows? They’ve basically STOLEN $100 and I can’t get it back. They probably pocketed it. I have since signed up for YNAB.
Rocket money advertises as a way to help save you money by finding subscriptions you're paying for you don't use. Yet it insists on having all my banking information including my checking which I don't use for subscriptions. This is false advertising on their part. I don't want to give them access to all my financial accounts because I'm only interested in the subscriptions as they advertised.
Rocket money charges a monthly fee for premium service. In premium theyre supposed to negotiate lower recurring bills on the customer's behalf. I asked to lower my verizon bill. A few months later i receive notification my bills been lowered $10/mo and would I like to pay the percentage of my savings up front and i agree, so i get charged $15.40 by rocketmoney for lowering my bill $120 annually. Today I see on my bank statement a $11.02 disney plus charge, and the bill is managed thru verizon according the the billing info available on disneyplus website. So rocketmoney charged me $15.40 to actually cost me $12.24 MORE annually by adding on disney plus w out informing me. How does any of this help budgeting??? How?! How do I pay them to screw me over? Don't fall for it. After I talk to a person tomorrow (Monday because no one works on sundays at rocketmoney) I will be cancelling my services w them.
I thought I had cancelled my account in the trial time but received a message that I was going to be charged $198 ANYWAYS. SO AFTER MANY CHATS I REACTIVATED THE ACCOUNT BECAUSE I CANNOT HANDLE THAT MUCH MONEY OUT OF MY ACCOUNT RIGHT NOW. THEY TOOK THE MONEY ANYWAYS AND I AM NOT SURE IF THEY WILL BE CHARGING ME THAT MUCH IF I CANCEL AGAIN. THEIR RESPONCES HAVE BEEN VERY CONFUSING AND I CANT GET A STRAIGHT ANSWER. I WANT MY MONEY BACK/
I signed up to see if they could negotiate better deals with recurring payments (cable tv, etc.). The interface is slick, and well presented. The back end is concerning and their negotiations were poor. They didn't listen to what I indicated would be a good solution and instead just negotiated a promotional rate. Then they take their entire fee and I have to wait 6 months to make up the difference. NOT worth the 2 weeks it took them to "negotiate" and I'll cancel everything with Rocket Money and do it myself next time. Also convenient that "negotiations" took until 2 days past the new billing cycle and it isn't prorated so Specrum gets their full amount for one additional month. Plus, their app sends constant notifications about credit score updates, but you have to pay them to see what that means. The whole premiss of the company and app is "We want to help you" when in fact it is "we want to know where all your money is and is going so we can try and take a cut."So long Rocket Money.
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Managing money is hard, but you don’t have to do it alone. Rocket Money empowers you to save more, spend less, see everything, and take back control of your financial life.
We offer our members a unique understanding of their finances and a suite of valuable services that save them time and money - ultimately giving them a leg up on their financial journey.
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