If you’ve ever looked at your bank statement and thought, “Where did all my money go?”, you’re not alone. A couple of years ago, I found myself paying for three streaming services I didn’t even use.
That was my wake-up call to get serious about tracking my expenses. That’s when I discovered Rocket Money, an app that promises to help you cancel unwanted subscriptions, create budgets, and save money. But like you, my first question was simple: is Rocket Money safe to use?
I didn’t want to hand over access to my bank accounts to an app without being sure it was trustworthy. So, I downloaded it, tested it with my own accounts, read tons of reviews, and even compared it with similar budgeting tools.
This article is my personal journey mixed with facts, research, and safety tips. By the end, you’ll know whether Rocket Money is safe to use and if it’s the right choice for you.
My First Time Using Rocket Money
When I first downloaded Rocket Money, the setup was quick. The app asked me to connect my bank accounts and credit cards so it could scan for subscriptions and track spending. Honestly, that made me nervous.
Giving an app access to my financial life felt risky. But curiosity won, so I started with a secondary account instead of my main one.
Within minutes, Rocket Money pulled up a list of my recurring payments. To my surprise, it found an old gym membership that was quietly charging me every month. It also highlighted my rarely used streaming service. Seeing all of this in one place was eye-opening.
But the big question still remained in my mind: is Rocket Money safe to use with all of my accounts?
Security Measures That Gave Me Confidence
Before trusting the app fully, I dug into their security features. Here’s what I learned (and tested):
- Bank-Level Encryption – Rocket Money uses 256-bit encryption, the same kind banks use. That means all data shared between my bank and the app is scrambled and secure.
- Read-Only Access – When I linked my account, I noticed Rocket Money doesn’t actually let anyone move money. It’s read-only access, which means it can view transactions but not take funds out. That gave me peace of mind.
- Trusted Partners (Plaid) – Rocket Money uses a service called Plaid to connect accounts. Many other finance apps, like Venmo and Chime, also rely on Plaid, which reassured me.
- Privacy Controls – I checked their privacy policy, and it clearly says they don’t sell personal financial data.
After learning this, I felt more comfortable. So, in my mind, the answer to is Rocket Money safe to use was leaning toward yes, at least from a security perspective.
The Downsides I Noticed While Using It
No app is perfect, and Rocket Money definitely has a few things that worried me.
- Subscription Cancellation Isn’t Always Free – The app can cancel subscriptions for you, but sometimes it charges a small fee for that service. I preferred canceling them myself.
- Premium Version Costs Money – To unlock features like automatic savings or negotiating lower bills, you need to pay for their premium plan. That felt ironic since the goal was saving money.
- Data Concerns – Even with strong security, some people may feel uncomfortable giving a third-party app access to their finances. That thought crossed my mind several times.
These downsides don’t make Rocket Money unsafe, but they do mean you should think carefully about how much control you give the app.
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How I Stay Safe While Using Rocket Money
Over time, I developed my own rules to make sure I was using Rocket Money safely. Here are my personal tips:
- Start with One Account – I tested it first with a smaller account, not my main one.
- Enable Bank Alerts – I kept alerts from my bank on so I’d know if anything unusual happened.
- Cancel Subscriptions Manually – Instead of paying Rocket Money to cancel, I used their list to cancel subscriptions myself.
- Use Strong Passwords – I set up a unique password for the app and enabled two-factor authentication on my email.
- Review Regularly – Every week, I log in to check my subscriptions and spending.
With these steps, I felt confident that Rocket Money was adding value instead of creating new risks.
The Benefits That Made Me Keep Using It
Despite my initial doubts, I kept Rocket Money on my phone because it did offer some great benefits:
- Found Hidden Subscriptions – It helped me discover small charges I had ignored.
- Budgeting Tools – The app automatically categorized my spending so I could see where my money was really going.
- Bill Negotiation – Rocket Money offered to negotiate my cable bill. I tried it, and while I had to pay a small fee, it actually lowered my bill.
- Automated Savings – The feature that sets aside small amounts into savings was surprisingly helpful.
So, if you’re asking yourself, is Rocket Money safe to use, I’d say yes, and it can even be a money-saver if you use it wisely.
What Experts and Users Say
I didn’t just rely on my own experience. I also looked up what financial experts and real users had to say.
- Experts – Most finance sites say Rocket Money is safe to use because it uses Plaid and bank-level encryption. They recommend it for tracking expenses and canceling subscriptions.
- Users – On app stores, reviews are mixed. Many love how easy it is to manage subscriptions, but some complain about fees for premium features.
This confirmed what I experienced: the app is safe, but you have to use it carefully to avoid unnecessary charges.
My Final Verdict
After months of using Rocket Money, here’s my honest answer:
Yes, Rocket Money is safe to use. It has strong security, read-only bank access, and clear privacy policies. But like any financial tool, safety also depends on how you use it. If you rely on it completely without double-checking, you might end up paying for things you didn’t plan to.
For me, Rocket Money became more than just a budgeting app. It became a financial wake-up call. It made me more mindful about my subscriptions and spending. But the real key was staying cautious and not giving the app more power than necessary.
So, if you’re asking is Rocket Money safe to use, my answer is: yes, but only if you use it smartly.
FAQs About Rocket Money
1. What is Rocket Money used for?
Rocket Money helps track subscriptions, manage budgets, and sometimes negotiate bills to save you money.
2. Is Rocket Money safe to use with my bank account?
Yes. Rocket Money uses Plaid and bank-level encryption. It only has read-only access, so it can’t withdraw money.
3. Does Rocket Money sell my data?
No, according to their privacy policy, Rocket Money does not sell personal financial data.
4. Can Rocket Money cancel subscriptions automatically?
Yes, but sometimes it charges a fee for doing this. You can also cancel subscriptions manually.
5. Is Rocket Money free?
There’s a free version, but premium features like bill negotiation and automated savings require a paid subscription.
6. Is Rocket Money better than Mint or YNAB?
It depends on what you want. Rocket Money is great for tracking subscriptions, while Mint and YNAB are more focused on detailed budgeting.
7. What happens if Rocket Money gets hacked?
Because of bank-level encryption and read-only access, hackers can’t move money. But like with any app, you should use strong passwords and monitor your accounts.
8. Should I trust Rocket Money with all my accounts?
It’s safe, but if you’re worried, start by linking just one account and expand as you gain confidence.