Are you looking to save more while still enjoying the flexibility of an online bank? If so, let’s review Rocket Money. This relatively new online bank offers competitive rates and other benefits.
But is Rocket Money legit? In this review, we’ll look at everything you need to know about Rocket Money, from its security measures and customer service to its savings rates and available accounts.
We’ll also touch on how it compares to similar institutions like Ally Bank or Betterment, so you can decide when choosing a new place for your money.
So if you’re ready to find out if Rocket Money is safe and sound, strap in because this will be a wild ride!
What is Rocket Money?
Since its launch in 2024, Rocket Money has made a big splash in the online savings and investment world.
It’s a financial technology platform that allows users to invest or save money with low risk while also providing access to high-yield FDIC-insured accounts.
In addition, Rocket Money offers innovative ways to diversify your investments, including diversified index funds and fractional shares of real estate. The platform enables users to access various global markets and choose the right portfolio option.
On top of these features, Rocket Money provides competitive fees, intuitive interfaces for mobile and desktop platforms, and accessible account setup, with no minimums or maximums required.
With no hidden fees or complicated setup processes, opening an account and investing or saving your money safely is quick and easy.
What Types of Accounts Are Available at Rocket Money?
When it comes to Rocket Money, you have a few different account options for managing your finances.
Here’s a quick look at the three main types of accounts available:
1. Regular Account
The regular account is the bread and butter of Rocket Money. It’s an online savings account that’s FDIC-insured up to $250,000.
It has no minimum balance required and no fees associated with it. You can also set up automatic transfers between accounts to quickly move money around while keeping track of where it is.
And if you ever need to access your money, you can do so without any hassle.
2. IRA Account
A Rocket Money IRA allows you to save for retirement easily and securely. Depending on your retirement planning and saving needs, you can choose a Traditional IRA, Roth IRA, or SEP-IRA.
As with the regular account, no minimum balance requirements or fees are associated with setting up an IRA.
3. Investment Account
Finally, there’s the Rocket Money Investment Account. This gives you access to stocks and mutual funds from top investment advisors such as Vanguard and Fidelity to grow your money in a tax-advantaged way over the long term.
The minimum balance requirement for this type of account is $500. Still, otherwise, there are no associated fees or commissions when investing through Rocket Money.
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Pros and Cons of Rocket Money’s Services and Products
If Rocket Money’s services and products are right for you, looking at the pros and cons is essential.
Remember that everyone’s needs are different, so research and read up on any reviews before deciding.
Pros
- Rocket Money offers competitive interest rates on their savings accounts.
- They provide various products and services to fit different customer needs.
- Their website is user-friendly and easy to navigate.
- They offer convenient customer service options like chat, phone, and email support.
- They have an excellent track record of customer satisfaction, with past customers giving great feedback about their services.
Cons
- Their fees are high when compared to other online banks.
- They have limited branch locations compared to traditional banks.
- Their website can be slow; accessing accounts or transferring money quickly is challenging.
- There are limited investment options available with Rocket Money accounts compared to other banks.
Rocket Money Customers Review (What Do Customers Say About Their Experiences?)
No Rocket Money review would be complete without looking at what customers say.
For customer reviews, Rocket Money has an impressive 4.6 out of 5 stars across over 1,000 reviews.
Many reviewers applaud the app for its simplicity and user-friendliness. Some comments about the app include:
- “Rocket Money is one of the best apps I’ve used for tracking my finances. Easy setup, intuitive interface and great customer service.”
- “I love how easy it is to set up my budget and track my spending every month with Rocket Money. It’s been a great help for me and my family.”
- “I can’t say enough about how great this app is! It’s saved me so much time and effort when it comes to managing my finances. Highly recommend!”
So if you’re looking for a reliable money-tracking app that customers swear by, Rocket Money is undoubtedly worth considering.
Is Rocket Money Safe or a Scam?
Is Rocket Money safe or a scam? That’s the $64,000 question. The answer is…it depends.
There’s no denying that Rocket Money has been around since 2023 and has grown in popularity with savers since then.
It offers competitive interest rates, provides an FDIC-insured option, and has plenty of helpful customer service options. All of these factors make it a solid choice for your savings goals.
However, it would help if you also considered the risks associated with Rocket Money before opening an account.
Their algorithms run the show here, so if something were to go wrong in the system, it could cause significant issues with your account.
You should also know that their transfer process can take 10 business days. So if you’re looking for a faster option for transferring money, there might be a better fit for you.
The bottom line is that Rocket Money is a reputable savings option. However, it should still be used with caution and consideration of the risks involved.
Research and read the fine print before opening an account to understand better what to expect from this service.
My Personal Savings Recap Using Rocket Money
So, is Rocket Money the right choice for you? My personal savings recap using Rocket Money gives you a better understanding of using the platform.
For starters, setting up my account was a breeze. All I had to do was create an account with an email address and password and fund it with my desired starter balance. From there, I set up my goals and timeline that were realistic for me.
I noticed that Rocket Money makes reasonable interest rates accessible to everyone — even though rates vary slightly depending on the type of goal you set and the amount of money saved.
My money was divided between “save for later” accounts, which saved me 0.5% interest per annum (APY), and “investing,” which promised 2.3% APY.
The most impressive part is that I could always see how much interest I accrued each month – right on the main page where my goals were listed! It made it much easier to stay motivated in reaching my savings goals.
Overall, this experience reassured me that Rocket Money is a safe and secure investment platform for anyone looking to save up for something big or grow their wealth over time.
Conclusion
Rocket Money seems to be a safe option for saving your money. They offer high-interest rates and a variety of account types and are backed by a reputable bank.
However, weighing your options carefully before signing up for an account is essential, as alternatives may be more beneficial for your financial needs.
Research and consult a financial advisor to determine which options suit you. Ultimately, Rocket Money is a great way to save and reap the benefits of a high-interest account.
