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Software · head to head

Rocket Money vs Charles Schwab

Rocket Money logo

Rocket Money

Software

Cancel subscriptions and save money automatically

From
Free
Rated
-
Full reviewWebsite
Charles Schwab logo

Charles Schwab

Software

Investing made simple

From
On request
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: Rocket Money successful bill negotiation costs a one time fee of 35% to 60% of the first year's savings; 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
  • They diverge on capability: Rocket Money covers Subscription tracking, Charles Schwab covers Commission-free trading.

Where they differ

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

Attributes where Rocket Money and Charles Schwab differ
AttributeRocket MoneyCharles Schwab
Starting priceFreeOn request
Pricing modelfreemiumtransaction
Free tierYesNo
Founded20161971

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 Rocket Money

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

Only in Charles Schwab

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

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.

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

Charles Schwab

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

Where each one falls short

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

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

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

Pricing, plan by plan

Rocket Money

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

Charles Schwab

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

Which should you pick?

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

Choose Charles Schwab if

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

Questions people ask

Is Rocket Money or Charles Schwab better?
Neither clearly leads. Rocket Money starts at Free and Charles Schwab at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Rocket Money or Charles Schwab?
Rocket Money has a free tier; the other does not. Paid plans start at Free for Rocket Money and On request for Charles Schwab.
Does Rocket Money or Charles Schwab 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 Rocket Money best used for?
Rocket Money is most often used for finding and cancelling unwanted subscriptions, tracking bills and spending in one app, having a third party negotiate down recurring bills. Of those, finding and cancelling unwanted subscriptions and tracking bills and spending in one app are not what Charles Schwab is typically brought in for.
What can Rocket Money do that Charles Schwab cannot?
Rocket Money covers Subscription tracking, Bill negotiation, Automatic savings, Spending insights. Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Both handle Bank accounts, Web support, IOS support, Android support.
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