If you downgrade from Premium+, your High Yield Savings Account stays open but converts to a non-interest-bearing savings account until you upgrade again. Here's exactly what changes, and when:
Downgrade from Premium+
Downgrade Scenario | Your account becomes | Will I earn interest? | Deposits | Withdrawals | Takes effect |
Premium+ to Premium | Basic Savings | No | Yes | Yes | End of current billing cycle |
Premium+ to Free | Limited Basic Savings | No | No in-app deposits (external transfers still work) | Yes | End of current billing cycle |
Either downgrade above, with a refund request | Same as above | No | Same as above | Yes | Immediately |
Missed subscription payment: Premium+ to Free (involuntary downgrade) | HYSA for 30 more days, then Limited Basic Savings | 3.55% for 30 days, then you will stop earning. | Yes for 30 days, then no | Yes | 30 days after notification is sent |
Upgrade back to Premium+
Upgrade Scenario | Your account becomes | Will I earn interest? | Deposits | Withdrawals | Takes effect |
Free or Premium to Premium+ | High Yield Savings | 3.55%* | Yes | Yes | Immediately |
3.55% is the current published APY. It's variable and can change at any time. These tables aren't a rate promise, just the mechanics of what happens when your tier changes.
Frequently asked questions
Do I have to close my High Yield Savings Account to downgrade from Premium+?
No. Your savings account stays open, but your High Yield Savings Account converts to a Basic Savings or Limited Basic Savings account, depending on your selected membership tier. You never have to close it or reopen a new one just because your Rocket Money subscription changed.
Does my Savings account work the same with a free or Premium membership
Both earn 0.00% interest, but functionality differs by tier:
On Premium, your Basic Savings Account keeps full functionality: manual deposits, automated deposits, and withdrawals.
On Free, your Limited Basic Savings account only allows withdrawals. You cannot start new deposits from inside Rocket Money and any automated deposits settings will be cancelled. External deposits from your linked bank still go through.
Can I still see my account and routing numbers after I downgrade?
Yes, in every scenario, behind the same biometric check as before.
What happens if I downgrade from Premium+ to Premium?
Your High Yield Savings Account becomes a Basic Savings account. This means you stop earning interest, but keep full functionality.
What happens if I downgrade or cancel from Premium+ to Free?
Your High Yield Savings Account becomes a Limited Basic Savings account earning 0.00% interest, and you can no longer kickoff in-app deposits. You can still withdraw anytime, and external deposits from your linked bank still work. Smart Savings pauses automatically since it can no longer make deposits.
When exactly does my APY change take effect?
You keep your Premium+ APY for the rest of the period you already paid for. If a refund is issued for that period, then the change happens immediately. If no refund is issued, the change takes place at the end of your current billing cycle.
What happens if my Premium+ payment fails and my subscription lapses on its own?
This is an involuntary downgrade. We will provide 30 days' written notice via email before your account converts to a Limited Basic Savings account (which earns 0% interest). You keep your current High Yield Savings Account and APY for 30 more days after we notify you by email, even though other Premium+ features end sooner. After 30 days, your account converts to Limited Basic Savings earning 0.00% interest, with in-app deposits turned off.
How will I be notified if I involuntarily downgrade?
By email, with the exact date your account will convert to a Limited Basic Savings account.
Where can I check my current APY?
On your savings account's balance screen in the Rocket Money app, alongside your available balance and all-time interest earned.
What happens if I upgrade back to Premium+?
Your account converts back to High Yield Savings Account and starts earning the current APY immediately; you do not need to wait for a new billing cycle. Smart Savings will not resume automatically, you'll need to turn it back on.