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Charles Schwab vs Rocket Money

Charles Schwab logo

Charles Schwab

Software

Investing made simple

From
On request
Rated
-
Full reviewWebsite
Rocket Money logo

Rocket Money

Software

Cancel subscriptions and save money automatically

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only Rocket Money has a free tier, so it costs nothing to try first.
  • Each has a real cost: Charles Schwab broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile; Rocket Money successful bill negotiation costs a one time fee of 35% to 60% of the first year's savings
  • They diverge on capability: Charles Schwab covers Commission-free trading, Rocket Money covers Subscription tracking.

Where they differ

Only the attributes on which Charles Schwab and Rocket Money actually diverge.

Attributes where Charles Schwab and Rocket Money differ
AttributeCharles SchwabRocket Money
Starting priceOn requestFree
Pricing modeltransactionfreemium
Free tierNoYes
Founded19712016

Identical on both: platforms (Web, IOS, Android), user rating (Not yet rated), category (Unknown).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Charles Schwab

  • Commission-free trading
  • Retirement planning
  • Wealth management
  • Research tools
  • Investment accounts

Only in Rocket Money

  • Subscription tracking
  • Bill negotiation
  • Automatic savings
  • Spending insights
  • Credit score monitoring
  • Credit cards
  • Utility providers

Both cover

  • Bank accounts
  • Web support
  • IOS support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Charles Schwab

  • Budget Managementnot Rocket Money
  • Expense Trackingnot Rocket Money
  • Investment Trackingnot Rocket Money

Rocket Money

  • Finding and cancelling unwanted subscriptionsnot Charles Schwab
  • Tracking bills and spending in one appnot Charles Schwab
  • Having a third party negotiate down recurring billsnot Charles Schwab

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Charles Schwab

  • Broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile
  • Options trades carry a $0.65 per-contract fee on top of the $0 online commission, per the App Store listing for Schwab Mobile

Rocket Money

  • Successful bill negotiation costs a one time fee of 35% to 60% of the first year's savings
  • Premium is priced on a sliding scale and the help centre publishes no fixed monthly or annual amount, stating rates vary across platforms
  • Custom budget categories, financial goal plans, credit score tracking and real time account syncing are Premium only
  • The Premium free trial is 7 days

Pricing, plan by plan

Charles Schwab

On request
  • Individual BrokerageFree
    • Commission-free trading
    • Research tools
  • Schwab Advisor Services$undefined/month
    • All Brokerage features
    • Wealth management
    • Personal advisors

Rocket Money

Free
  • FreeFree
    • Subscription tracking
    • Spending insights
    • Bill reminders
  • Premium$12/month
    • Bill negotiation
    • Subscription cancellation
    • Smart savings

Which should you pick?

Choose Charles Schwab if

  • You need commission-free trading.
  • You work on Web, IOS, Android.
  • You also want retirement planning.
Charles Schwab review

Choose Rocket Money if

  • You need subscription tracking.
  • You want to start without paying.
  • You work on Web, IOS, Android.
  • You also want bill negotiation.
Rocket Money review

Questions people ask

Is Charles Schwab or Rocket Money better?
Neither clearly leads. Charles Schwab starts at On request and Rocket Money at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Charles Schwab or Rocket Money?
Rocket Money has a free tier; the other does not. Paid plans start at On request for Charles Schwab and Free for Rocket Money.
Does Charles Schwab or Rocket Money run on more platforms?
Both run on Web, IOS, Android, so platform support will not decide this one for you.
Can I use Rocket Money for free?
Yes. Rocket Money has a free tier, so you can try it without paying. Charles Schwab starts at On request.
What is Charles Schwab best used for?
Charles Schwab is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Rocket Money is typically brought in for.
What can Charles Schwab do that Rocket Money cannot?
Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Rocket Money covers Subscription tracking, Bill negotiation, Automatic savings, Spending insights. Both handle Bank accounts, Web support, IOS support, Android support.
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