A High Yield Savings Account is a savings account you open and manage right in the Rocket Money app. Your balance earns interest at the current annual percentage yield ("APY"), and your money is held at a third-party FDIC-insured bank, not at Rocket Money.
There's no minimum balance to earn interest and no tiers, every dollar earns the same rate. The APY is variable, which means it can change at any time.
High Yield Savings Account is available to Premium+ members and is accessed via iOS and Android. You can view your balance and activity on the web, but opening an account, adding money, and withdrawing all happen in the mobile app.
Who can open one
To open a High Yield Savings Account, you need to:
Be on a Premium+ membership
Be located in the United States (50 states + DC - U.S. territories aren't supported)
Be at least 18 (19 in Alabama and Nebraska, 21 in Mississippi)
Have a linked bank account that can send and receive ACH transfers
Pass the application, which includes an identity verification check
Cannot be subject to backup withholding
A few other things to know:
You can have one Rocket Money High Yield Savings Account at a time.
If you already have an active Financial Goal, you won't see the option to open a High Yield Savings Account right now. The two products aren't available side by side.
A third party FDIC-insured financial institution will need to verify your identity.
Approval isn't guaranteed.
How to open your account
If you're eligible, you'll see an option to apply for High Yield Savings Account in a few places in the app: your Dashboard, the Accounts card, the Savings tab in the More menu, or your Complete Setup list.
The application walks you through:
Your legal name
Your phone number (verified by text)
Your legal address
Your date of birth
Your Social Security number ("SSN")
A few questions about your employment and tax status
Choosing the bank account you'll use to move money in and out
An optional first deposit
Reviewing and agreeing to the account disclosures
Your SSN is handled through a secure service; Rocket Money never sees or stores it. It goes straight to our identity verification partner.
Once your account is created, you'll be asked whether you want to turn on Smart Savings, which moves small amounts into savings automatically when your cash flow allows. You can turn it on or off any time later.
If your application isn't approved
You'll see a message in the app letting you know. We can't always share a specific reason beyond what's shown. If you'd like to try again, please wait 48 hours before submitting a new application.
Terms and exclusions may apply. Please click here to learn more.