Rocket Money is a money app that claims to help you take control of your finances by finding and cancelling unwanted subscriptions, tracking your spending, creating a budget, saving money automatically, and more.
But is Rocket Money safe to use? In this article, we’ll try to answer this question, and by the end, you will have a clear idea about the safety of this application.
How does Rocket Money work?
Rocket Money connects to your bank accounts and credit cards and analyses your transactions. It then identifies recurring subscriptions and bills and helps you cancel or negotiate them.
It also tracks your spending by category and shows how much you must spend each month. Moreover, the app helps you create a budget catered to your needs and alerts you when you are nearing your spending goals.
Rocket Money can also help you save money by setting aside a small sum from your checking amount every few days. In addition to that, the app helps you track, understand and assess your credit card report.
Rocket Money provides an additional concierge service specialising in securing reduced rates for your current expenses, including cable, internet, phone, and insurance.
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Is Rocket Money safe to use?
In this section, we’ll do a safety assessment of the Rocket Money application.
Rocket Money has a bank-level 256-bit-bit encryption protocol to protect your transactions and data, which is quite impressive.
Also, Rocket Money servers do not store your data in any way. These credentials are securely transmitted through Plaid to your bank, and in return, Rocket Money receives an encrypted token granting access to your transaction data.
This means that Rocket Money cannot modify your account, and you have full control to revoke our access token by unlinking your account at any time.
Rocket Money also hosts its servers using Amazon Web Services (AWS). AWS is also trusted by many other high-profile entities like the Department of Defence, NASA, and the Financial Industry Regulatory Authority (FINRA). That being said, recently, cybersecurity researchers discovered a severe flaw in the AWS Systems Manager Agent (SSM).
The app has a respectable 3.47 out of 5 rating on the Better Business Bureau (BBB) website. Most customers were satisfied with the services provided by Rocket Money. However, some customers gave a very poor one-star rating to the app.
Customers complained that the company charged the customers even after their free trial has ended, and the customer never agreed to the signing up process. One customer also complained that the company’s phone number on the BBB website was disconnected, and there was no way to reach the company.
However, most customers expressed satisfaction with the company. Although the reviews are not an official method of assessing the safety of any app, it shows you, at least in part, what is the actual situation. Moreover, customer reviews are not used to calculate the BBB rating score.
In conclusion, Rocket Money is a legit and safe application, and you can use it to gain more control over your finances. That being said, you must take the necessary precautions that you generally do to protect your financial interests.
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