Empower vs Rocket Money 2024
Disclosure
This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.When it comes to managing personal finances, tools like Empower and Rocket Money come into play, offering a myriad of features aimed at simplifying the process. These platforms help users track spending, set budgets, and plan for the future, but they approach these tasks differently.
In this detailed comparison, we will steer you toward a platform that works best for you, as the choice between the two depends on your specific financial needs and preferences. We’ll delve into both platforms, covering their strengths and weaknesses across various factors. Ultimately, we’ll provide a clear winner of this matchup based on our comprehensive analysis.
By the end of this comparison, you’ll have a better understanding of which platform aligns with your financial goals, helping you make an informed decision.
For more detailed analysis of each product check out our full reviews:
Empower is Better for: | Rocket Money is Better for: |
Automated savings and financial planning | Tracking and managing subscriptions |
Personalized financial advice | Bill negotiation |
Cash advances and cashback rewards | Budgeting and spending categorization |
Mobile-first approach | Alerts for bills and low balances |
Introducing the Platforms
Empower
Empower (formerly known as Personal Capital) is a robust personal finance and wealth management tool that caters to users seeking detailed insights into their financial health. Empower is known for its advanced features and comprehensive approach to financial management.
Key Features of Empower
- Comprehensive Financial Dashboard: Empower provides a holistic view of your financial situation, integrating all your accounts, including bank, investment, and retirement accounts.
- Investment Tracking: The platform offers in-depth analysis of your investments, helping you monitor performance, asset allocation, and fees.
- Retirement Planning: Empower includes a powerful retirement planning tool, allowing you to forecast your retirement needs and track your progress.
- Expense Tracking: Automated categorization of expenses makes it easy to see where your money is going.
- Free and Premium Services: While Empower offers a suite of free tools, it also provides premium advisory services for those looking to invest with the help of financial advisors.
Read my full Empower review to learn more about the company and its offerings.
Rocket Money
Formerly known as Truebill, Rocket Money is a comprehensive financial management tool that excels in tracking subscriptions, recurring charges, and negotiating better rates on various bills. Its user-friendly interface and goal-oriented approach make it a valuable asset for individuals looking to streamline their financial operations and save money.
Check out my dedicated Rocket Money review for a more thorough analysis of the platform.
Pros and Cons of Empower
Pros
- Comprehensive view of all financial accounts
- Advanced investment tracking tools for detailed analysis
- Powerful retirement planning feature to forecast needs
- Automated expense tracking simplifies budgeting
- Free and premium services cater to different needs
- Provides personalized financial advice through advisors
- Uses bank-level security measures to protect data
Cons
- Premium services can be expensive for small investors
- May be overwhelming for users with simple finances
Pros and Cons of Rocket Money
Pros
- Effective subscription management to avoid unwanted charges
- Bill negotiation service helps lower recurring expenses
- User-friendly budgeting tools track spending effortlessly
- Savings goals feature encourages better financial habits
Cons
- Premium features require a monthly subscription fee
- Limited investment tracking and financial planning tools
- Charges a percentage of savings for bill negotiation
- Less comprehensive financial overview compared to Empower
Type of Service | Mobile app for financial management | App for subscription and bill management |
Best Use | Automated savings and cashback | Subscription tracking and bill negotiation |
Customer Support | In-app support and FAQs | Chat and email support |
Unique Features | Cash advances, personalized advice | Bill negotiation, subscription cancellation |
Integration | Broad financial account integration | Limited to billers and subscription services |
Modest Money Review | Empower Review | Rocket Money Review |
Current Promotion | Start a 14-day free trial! | Start a 7-day free trial! |
Modest Money Overall Rating |
Type of Service | Mobile app for financial management |
Best Use | Automated savings and cashback |
Customer Support | In-app support and FAQs |
Unique Features | Cash advances, personalized advice |
Integration | Broad financial account integration |
Modest Money Review | Empower Review |
Current Promotion | Start a 14-day free trial! |
Modest Money Overall Rating |
Type of Service | App for subscription and bill management |
Best Use | Subscription tracking and bill negotiation |
Customer Support | Chat and email support |
Unique Features | Bill negotiation, subscription cancellation |
Integration | Limited to billers and subscription services |
Modest Money Review | Rocket Money Review |
Current Promotion | Start a 7-day free trial! |
Modest Money Overall Rating |
Empower vs Rocket Money Review Video
Factor 1: Subscription Management
- Rocket Money excels in tracking and managing subscriptions.
- Empower offers broad financial tools but less focus on subscriptions.
Empower: Subscription Management
Empower provides a comprehensive overview of your financial life, including aspects of subscription tracking. While it doesn’t specialize in subscription management, Empower integrates this feature into its broader financial tools, providing a snapshot of your monthly expenses and recurring charges. This helps users understand their spending habits better and manage their finances more effectively.
Key Features of Empower’s Subscription Management
- Insight into recurring charges
- Comprehensive financial overview
- Integrated with budgeting and planning tools
Empower’s strength lies in its holistic approach to financial management, encompassing budgeting, investment tracking, and retirement planning. This integration ensures users have a well-rounded view of their finances, even if it lacks the direct subscription cancellation feature that Rocket Money provides.
Rocket Money: Subscription Management
Rocket Money stands out in the domain of subscription management by offering detailed insights into your recurring charges and the convenience of canceling subscriptions directly through the app. Users can easily track all their subscriptions, identify unwanted services, and cancel them with a few clicks, making it a specialized tool for managing recurring payments effectively.
Rocket Money’s approach is designed for users who primarily want to keep their subscriptions in check. By highlighting and providing actionable steps to manage subscriptions, Rocket Money ensures that users can avoid unnecessary expenses and optimize their spending.
Factor 2: Automated Savings and Financial Planning
- Empower shines with automated savings and personalized advice.
- Rocket Money focuses on budgeting and bill management, less on savings.
Empower: Automated Savings and Financial Planning
Empower’s automated savings feature, coupled with personalized financial advice, sets it apart for users looking to boost their savings effortlessly. The platform analyzes your financial situation and suggests an optimal savings strategy, which is then automated to ensure consistent contributions toward your financial goals.
Empower also provides personalized advice from financial advisors, helping you tailor your financial plan to suit your unique needs. This combination of automated savings and professional guidance makes Empower a robust tool for individuals serious about long-term financial planning.
Benefits of Empower’s Automated Savings
- Personalized savings strategies
- Automated contributions
- Comprehensive financial planning tools
Empower’s approach ensures that users can save more efficiently, benefiting from the seamless integration of various financial tools designed to enhance their overall financial health.
Rocket Money: Automated Savings and Financial Planning
Rocket Money provides valuable budgeting tools but places less emphasis on automated savings and financial planning. While it helps users track their spending and manage bills, Rocket Money doesn’t offer the same level of personalized financial advice or automated savings features as Empower.
Rocket Money’s strength lies in its ability to manage day-to-day finances, but for users seeking a more in-depth approach to savings and financial planning, Empower is the preferred choice.
Factor 3: Bill Negotiation and Management
- Rocket Money wins with its dedicated bill negotiation service.
- Empower offers financial management tools but not specialized in bill negotiation.
Empower: Bill Negotiation and Management
Empower offers a broad range of financial management tools but doesn’t specialize in bill negotiation. Its primary focus is on helping users manage their finances through budgeting, investment tracking, and savings automation. Empower’s tools are designed to give users a comprehensive understanding of their financial situation, helping them make informed decisions.
Empower’s Financial Management Tools
- Budgeting and spending insights
- Investment tracking
- Savings automation
Empower’s integrated approach ensures users have all the necessary tools to manage their finances effectively, even without specialized bill negotiation services.
Rocket Money: Bill Negotiation and Management
Rocket Money’s bill negotiation service is a standout feature for users looking to cut down on their monthly expenses. The platform works on behalf of users to negotiate better rates for services such as cable, internet, and phone bills. By securing lower rates, Rocket Money can lead to significant savings, making it an appealing option for those focused on reducing their monthly bills.
Key Features of Rocket Money’s Bill Negotiation
- Dedicated negotiation team
- Potential for significant savings
- Focus on reducing monthly expenses
Factor 4: User Experience and Accessibility
- Empower provides a seamless user experience with comprehensive insights.
- Rocket Money has a user-friendly interface but fewer overall features.
Empower: User Experience and Accessibility
Empower’s mobile-first approach ensures users have access to their financial data and tools wherever they are. The app provides real-time updates, allowing users to track their spending, investments, and savings effortlessly. Empower’s dashboard is designed to give users a comprehensive view of their financial health, making it easy to understand and manage their finances on the go.
Highlights of Empower’s User Experience
- Mobile-first design
- Real-time financial updates
- Comprehensive dashboard
Empower’s focus on user experience extends to its desktop platform, ensuring that users can access the same features and insights regardless of the device they use. This seamless integration makes Empower a versatile tool for comprehensive financial management.
Rocket Money: User Experience and Accessibility
Rocket Money provides a straightforward user experience focused on subscription and bill tracking. The app’s interface is designed to be intuitive, making it easy for users to manage their subscriptions and bills with minimal effort.
Rocket Money’s mobile app ensures that users can track their expenses and manage their finances on the go, but its range of features is more limited compared to Empower.
Key Features of Rocket Money’s User Experience
- Intuitive interface
- Easy subscription management
- Mobile app for on-the-go access
Factor 5: Pricing and Value for Money
- Empower offers competitive pricing with a range of free and premium features.
- Rocket Money has variable pricing but may incur extra costs for services like bill negotiation.
Empower: Pricing and Value for Money
Empower’s pricing structure is designed to offer users a wide array of financial tools and services, ensuring they get significant value for their investment. The platform provides a free version with essential features and premium services for those seeking more advanced tools and personalized financial advice.
Empower’s transparent pricing ensures that users know exactly what they are paying for, making it a cost-effective choice for comprehensive financial management.
Empower’s premium services include investment tracking, retirement planning, and personalized financial advice, providing users with a complete financial management solution. The value offered by these services justifies the cost, making Empower an attractive option for those serious about managing their finances.
Empower’s Pricing Benefits
- Free version available
- Transparent pricing
- Comprehensive premium features
Rocket Money: Pricing and Value for Money
Rocket Money’s flexible pricing allows users to choose services that match their needs, but the potential costs associated with bill negotiation could add up. The platform offers both free and premium options, with the premium services providing additional features such as bill negotiation and advanced subscription management.
Rocket Money’s Pricing Structure
- Flexible pricing options
- Additional costs for bill negotiation
- Premium features for advanced users
While Rocket Money’s flexible pricing is beneficial for users seeking specific services, the additional costs for certain features might make it less cost-effective compared to Empower. However, for users focused on subscription management and bill negotiation, Rocket Money offers a valuable set of tools at a reasonable price.
Factor 6: External Customer Reviews & Ratings
External Empower Reviews & Ratings
Site | Rating | |
Apple App Store | 4.8 from 121,079 reviews | |
Google Play | 4.7 from 105,788 reviews | |
Credit Monkey | 4.6 | |
Software Advice | 4.5 from 28 reviews | |
G2 | 4.4 from 19 reviews | |
GetApp | 4.3 from 29 reviews |
External Rocket Money Reviews & Ratings
Site | Rating | |
Google Play | 4.4 from 46,676 votes | |
Apple App Store | 4.3 from 54,380 reviews | |
Wallstreetzen | 3.5 | |
Moneywise | 3 |
My Final Verdict: Empower vs Rocket Money
Empower and Rocket Money each offer unique features that cater to different aspects of personal finance management. While Empower slightly edges out with its comprehensive financial tools, automated savings, and personalized advice, Rocket Money holds its own with specialized subscription management and bill negotiation services.
Empower: The Winner
Empower is the clear winner in this matchup due to its holistic approach to financial management. It excels in areas such as automated savings, investment tracking, and personalized financial advice. These features make it an ideal choice for users seeking a comprehensive tool to manage all aspects of their finances.
Why Empower Wins
- Comprehensive financial management tools including budgeting, investment tracking, and retirement planning.
- Automated savings feature that helps users effortlessly boost their savings.
- Personalized financial advice tailored to individual needs.
Rocket Money: Specialized Features
Rocket Money remains a strong contender, particularly for users focused on managing subscriptions and reducing monthly expenses through bill negotiation. Its specialized tools provide valuable services for those looking to streamline their recurring payments and manage their finances more effectively in these areas.
Rocket Money’s Strengths
- Exceptional subscription management, including the ability to cancel subscriptions directly.
- Dedicated bill negotiation service that can save users money on monthly expenses.
- User-friendly interface focused on simplifying subscription and bill management.
Choosing the Right Platform
Your choice between the two will largely depend on your specific financial priorities. If you’re looking for a robust platform that covers a wide range of financial goals, Empower is the best choice. It provides a comprehensive suite of tools designed to help you manage your finances effectively, from saving and investing to budgeting and financial planning.
For users who primarily want to manage and reduce their monthly subscriptions and bills, Rocket Money offers specialized tools that excel in these areas. Its focus on subscription and bill management makes it a valuable tool for those looking to optimize their recurring expenses.
Regardless of which platform you choose, both Empower and Rocket Money are capable tools that can help you gain better control over your finances. Consider your primary financial needs and preferences to make an informed decision.
Ready to take control of your financial future? Click here to get started with Empower, or go here to explore Rocket Money for streamlined subscription and bill management.
Frequently Asked Questions
How does Empower’s automated savings work?
Empower’s automated savings feature analyzes your spending habits and identifies safe amounts to save. It then automatically transfers these amounts into a separate savings account, helping you save without any effort.
Is there a mobile app for Empower?
Yes, Empower has a mobile app available for both iOS and Android devices. The app allows users to manage their finances on the go, with features like real-time budget tracking, expense categorization, and financial goal setting.
Does Empower charge any fees?
Empower offers both free and premium services. The premium service costs $8 per month and includes additional features like personalized financial coaching and more advanced budgeting tools.
What types of accounts can I link to Empower?
You can link various types of accounts to Empower, including checking and savings accounts, credit cards, loans, and investment accounts. This allows for a comprehensive view of your financial situation.
How secure is my data with Empower?
Empower uses bank-level security measures, including 256-bit SSL encryption, secure servers, and multi-factor authentication, to ensure that your data is safe and secure.
Can Empower help with debt management?
Yes, Empower provides tools and advice to help users manage and pay off debt. This includes tracking debt balances, setting repayment goals, and providing strategies to pay down debt more effectively.
Does Empower offer financial coaching?
Empower’s premium service includes access to financial coaching. Users can get personalized advice and guidance from financial experts to help them achieve their financial goals.
What payment methods does Empower accept for its premium service?
Empower accepts major credit cards for its premium service subscription. Payments are billed monthly.
Is there a refund policy for Empower’s premium service?
Empower offers a 30-day money-back guarantee for its premium service. If you are not satisfied within the first 30 days, you can request a full refund.
Who founded Empower?
Empower was founded in 2014 and has grown significantly through acquisitions, including the acquisition of Personal Capital in 2020.
Where is Empower headquartered?
Empower is headquartered in Greenwood Village, Colorado, USA.
Is Empower a fiduciary?
Yes, Empower operates as a fiduciary, meaning it has a legal obligation to act in the best interests of its clients.
Who is the founder of Rocket Money?
Rocket Money was founded by Haroon Mokhtarzada in 2015, originally known as Truebill.
Where is Rocket Money based?
Rocket Money is based in Silver Spring, Maryland, USA.
How does Rocket Money help manage subscriptions?
Rocket Money helps users track their subscriptions and recurring charges. It identifies all subscriptions linked to your bank accounts and credit cards and allows you to cancel unwanted subscriptions directly through the app.
Does Rocket Money offer bill negotiation services?
Yes, Rocket Money offers bill negotiation services. They can negotiate lower rates on your behalf for bills such as cable, internet, and phone services, potentially saving you money each month.
Is Rocket Money free to use?
Rocket Money offers both free and premium versions. The free version includes basic subscription tracking and budgeting tools, while the premium version offers additional features like bill negotiation and detailed financial insights.
How secure is my financial information with Rocket Money?
Rocket Money employs strong security measures, including 256-bit SSL encryption and secure servers, to protect your financial information. They also use secure access protocols to ensure your data is safe.
What payment methods does Rocket Money accept for its premium service?
Rocket Money accepts major credit cards for its premium service subscription. Users can choose from various payment plans based on the services they need.
Related Financial Product Reviews:
https://www.empower.com/
https://www.empower.com/personal-investors/financial-service-overview
https://www.empower.com/personal-investors/retirement-planner
https://www.empower.com/personal-investors/net-worth
https://www.empower.com/personal-investors/budget-planner
https://www.empower.com/financial-calculators
https://www.empower.com/personal-investors/investment-checkup
https://www.empower.com/about-empower