Truebill Review – Critical Points To Understand
Update: Truebill is now a part of Rocket Money. It is a financial management app owned by Rocket Companies.
- Truebill was acquired by Rocket Companies for $1.275B in 2021
- Rocket Companies is a collection of personal finance-related companies including Rocket Mortgage, LowerMyBills, Rocket Loans, Rocket Auto, Lendesk, Rocket Money, and others.
They advocate that by creating a budget, cutting your expenses, terminating subscriptions, and other methods, Truebill may be able to help you save money. This software has a free version, but the premium features start at $3 a month (billed annually, or $12/month billed monthly) including automatic savings accounts and subscription cancellation.
If you are considering trying out Truebill for yourself, then read our handy review to see if it is worth it.
What is Truebill?
Yahya, Haroon, and Idris Mokhtarzada, established the business in 2015, making it the most recent of their joint endeavors since they were young. The goal of the financial management app Truebill is to help users save money by assisting them in terminating unwanted subscriptions, reducing recurring costs, and to promote savings.
Up to December 2021, when Rocket Companies purchased Truebill, the app was known as Truebill. In August 2022, Truebill became Rocket Money.
Truebill’s main objective is to teach you how to handle your money. Numerous features of the app can help with this, such as automating your savings, canceling unused subscriptions, and negotiating the termination of recurring expenses.
They claim that over 3 million subscribers have now saved more than $245 million thanks to Truebill. This includes terminating unwanted subscriptions totaling more than $155 million. The Truebill app is accessible via web browsers, Google Play, and the App Store.
Who is Truebill most suited for?
If you’re just getting started managing your finances and are unsure of where to begin and would like to understand how to budget efficiently, the app may be beneficial.
Truebill is an ok option if you want to use the app’s automatic features. This includes automated subscription cancellation and automatic savings, to make your current financial plan more effective.
If you simply need a straightforward budgeting tool for monitoring your expenditures or understanding how to put a budget together, the free edition can be adequate on its own.
What can Truebill help you with?
Users of Truebill usually use this site for one or more of the following:
Truebill generally promotes itself as a free service. It’s true that there isn’t a cost up front for letting Truebill try to cut your expenses. Yet, you won’t get the savings unless you pay the company.
Truebill charges a 40% “savings fee” for every dollar that customers save by using the service. Once the savings are secured, that price is assessed, and it covers one year’s worth of savings. Therefore, if Truebill reduces your annual bill by $500, you will be charged $200. If Truebill is not able to save you money, there is no charge.
The business boasts a success rate of 85% when negotiating bills. Some users have taken issue with Truebill altering information on things like cable bundles or cell phone plans in order to save money. If Truebill changes your plan and removes channels or services you thought were worth the extra money, that might be problematic.
Only when it is able to lower your bill will the company charge you. However, it seems possible that you may be charged upfront for Truebill’s portion of a year’s worth of savings. Even though you will only receive those savings one month at a time.
The next option Truebill offers you are to control your monthly subscriptions after you’ve set up some bills for it to evaluate.
Through a credit card or bank statement, Truebill aims to be able to keep track of these. According to the website, Truebill won’t charge your account. However, keep in mind that the business already has your payment card information on file.
Truebill will then be able to identify all the recurring monthly expenses you have and then assist you in getting rid of extra costs. These subscriptions can be terminated yourself. Or if you subscribe to Truebill’s premium service, its “concierge team” will handle the termination for you.
In order to obtain refunds for overdraft charges or late penalties on related accounts, Truebill provides the service of writing to banks. It’s important to note that not every bank will permit Truebill to take action on your behalf.
Additionally, Truebill keeps track of interruptions to your phone, internet, and cable service and will look into possible refunds on your behalf. These reimbursements will be subject to the 40% savings charge. Yet, this service seems like a very nice reward, considering that outages can occasionally go unnoticed.
In the Truebill app, you may view a detailed breakdown of your finances. This offers a side-by-side comparison of the amount of money you’ve made and spent each month.
Additionally, you may view your main spending areas and get advice on how to change your spending patterns and raise your savings. You can receive real-time warnings from Truebill regarding impending charges and low account balances. You might be able to prevent overdrafts and late penalties with the help of these account balance alerts.
Understand Or Track Your Credit Score
Truebill provides full access to credit history and reports. In addition to this, it can let you know when anything changes that could affect your credit score. To assist you in learning more about how credit scores are calculated and how credit histories work, the app can also provide insights regarding future adjustments.
What premium services does Truebill offer?
In addition to reducing costs and handling memberships, Truebill also includes several features that could be useful in helping you stick to your monthly budget and make wise financial decisions. However, a lot of those products require a premium subscription, which costs between $3 and $12 each month (depending on if you choose to be billed annually or monthly). Although this subscription automatically renews, it can be stopped at any moment.
Some of the premium services available are:
- Cancellations Concierge
- Balance Syncing
- Unlimited Budgets
- Smart Savings Plans
While all of these are excellent services that might aid you in making wise choices, you might discover that your credit card or bank provider also provides services that track spending patterns and spending limits. In other words, you may wish to avoid using Rocket Money to pay for services that are likely available elsewhere for free.
Is Truebill safe?
You have every right to be dubious if a financial app requests access to your personal online financial details. It ought to raise a red flag right away, and you should continue cautiously.
Truebill is aware that potential customers might be afraid of the service’s security issues. Its website’s “Security” button, one of the primary tabs, makes an effort to calm your concerns about handing over private and sensitive details to the app.
To try to help make their customers feel protected and safe to use their services, Truebill has put together a number of security measures. These are the following:
- Your data is encrypted at a 256-bit bank level.
- The Plaid service is used by Truebill to communicate with financial institutions. You shouldn’t be required to provide Truebill with your financial information due to Plaid.
- According to Truebill, it will not sell your information to any parties.
- On Amazon’s Web Services, where the US Department of Defense also holds sensitive data, Truebill stores its data.
Overall, Truebill does appear to meet the most recent industry security requirements. Only you, however, will be able to decide whether these precautions are sufficient for you to feel confident giving Truebill access to your data.
Truebill isn’t for everyone. For some users, it is great at helping them save money and budget more effectively. The free version can help you with the basics, but the premium version has more to offer. If you need help with your money, then you may wish to consider Truebill.
Although with that being said, you don’t get to keep all the money that you save from Truebill. They take a 40% savings fee from all savings that they make. Also, they do require access to your personal banking information, which not everyone may feel comfortable with.
Overall, Truebill is great if you don’t have time to track your spending yourself. However, the savings fee is quite high. Whether this app is suitable for you will vary from person to person.
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Cody is the founder and owner of Personal Finance Guru. His day job is as a management consultant at one of the Top 3 firms (think Mckinsey, Bain), where he advises Fortune 500 C-suite clients on their most important and pressing business problems. He completed his business education at Harvard Business School.
After seeing the lack of personal finance education for regular people, Cody started the website with the mission to provide everyone access to information that will help them achieve their financial goals.
Cody approaches personal finance from a maximalist perspective, shunning typical advice around simply not buying a cup of coffee instead of more effective methods like investing in yourself to quickly grow your income.
He believes in saving money and investing for the future, but he also knows that you need to enjoy life today. That’s why Cody approaches money with a sense of humor and a positive attitude. He knows that if you’re not having fun while you’re growing your wealth, then what’s the point?
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