Rocket Money, which used to be called Truebill, has rapidly gained popularity among people looking to handle their money easily and automatically. The app helps spot ongoing subscriptions and negotiate bills, aiming to help you save without much effort. However, many users wonder: is it really secure to give Rocket Money permission to access my bank accounts?
In this article, we will answer this worry by looking closely at various factors, such as encryption, how data is protected, privacy rules, and the importance of extra tools like Planet VPN to enhance the security of your online activities.
How Safe is Rocket Money for Your Data?
Rocket Money uses bank-level encryption (256-bit AES) to protect users’ personal information. Connections to bank accounts are made through Plaid, an intermediary used by major financial institutions such as Venmo and Robinhood. This level of security is usually considered reliable, but it does not eliminate the risks associated with outside access to your bank data.
The company follows strict security practices, such as two-factor verification (2FA), constant monitoring for suspicious activity, and data encryption in transit and at rest. However, it is always good to remember that no system is entirely immune to cyber attacks. For this reason, using a reliable VPN such as Planet VPN can be an additional protection barrier for those consulting Rocket Money from public Wi-Fi connections or unprotected networks.
Rocket Money and Privacy: What Do They Know About You?
In addition to the app’s safety features, it’s vital to consider how much of your personal information you’re willing to share in exchange for a thorough understanding of your finances. Like various modern finance apps, Rocket Money collects a significant amount of data to tailor its service to your needs. However, this kind of intelligent service often involves some oversight and profile building.
Understanding what information is collected and how it is used or shared is essential for making an informed decision. In this section, we will look into the types of data that Rocket Money gathers and how that data is handled once it is obtained. If protecting your personal information matters to you, consider using the app with a reliable VPN like Planet VPN, which helps limit data collection from your internet activity.
What Data Does Rocket Money Collect?
Rocket Money collects a wide range of personal data, including:
- Banking information (balance, transactions, account numbers).
- Details about active subscriptions.
- Identifying data such as name, email, IP address, and device.
- Behavioral information (frequency of use, features used).
Rocket Money uses all this data to provide detailed analysis and personalized recommendations. However, more data also means more significant liability in terms of protection. In case of a breach or unauthorized access, the information exposed could be extremely sensitive.
Rocket Money states that they do not sell your data to third parties, but their Privacy Policy states that some information may be shared with strategic partners for operational, marketing, or legal purposes. This means that although your data is not directly sold, external parties may still use it to create consumer profiles.
To further protect yourself, using tools such as Planet VPN allows you to mask your IP address and reduce the tracking of your online activities. Although Rocket Money encrypts data within the app, your Internet connection remains exposed if you do not use a secure VPN.
Is Rocket Money a Reliable App?
Benefits
Rocket Money offers numerous features that make it one of the most comprehensive apps for personal financial management:
- Automatic recognition of active subscriptions.
- Alerts for out-of-budget expenses.
- Bill negotiation function with built-in customer support.
- Monthly budget planning and tracking of expense categories.
- Ability to automatically save a percentage of salary.
Drawbacks
Despite the advantages, some elements might give pause:
- The app requires full access to bank accounts, a choice not everyone feels comfortable making.
- The most valuable features (such as bill negotiation) are only available with a premium subscription.
- The interface can be a bit invasive from a privacy standpoint.
- It uses third-party services (such as Plaid) that introduce an additional layer of data exposure.
For added peace of mind, using Planet VPN while using Rocket Money helps strengthen the security of your Internet connection and avoid vulnerabilities from compromised networks.
Safe Alternatives to Rocket Money
If the idea of directly linking your bank accounts to a third-party app doesn’t quite convince you, there are viable alternatives more focused on privacy and manual management of finances:
- YNAB (You Need A Budget): One of the best apps for creating and tracking a monthly budget. It is more manual, offers great control, and does not necessarily require account access.
- PocketGuard: An app that offers a good balance between automation and security. It tracks subscriptions and expenses and suggests where you can save money.
- Spendee: Great for international users due to multi-currency support. It also has features for sharing the budget with family.
In addition to considering these alternatives, we recommend using Planet VPN whenever you access these apps via mobile or desktop devices. It is an easy way to strengthen security and limit data collection by insecure trackers or networks.
Conclusions: Is Rocket Money Safe?
Rocket Money is typically safe because it uses advanced encryption and data safety measures. Nonetheless, it does carry some risks, particularly for individuals who prioritize their privacy or prefer not to disclose their banking details to external services. Security solutions like Planet VPN are essential to safeguard your data and minimize the chances of unauthorized access.
Should you choose Rocket Money, it’s essential to be mindful and equipped with the appropriate tools for all-encompassing protection: the realms of financial and digital security are interconnected.
