Snoop launches savings account - Poissondistribution

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UK-based money-saving app Snoop has launched its first savings account, which includes integrated money management features.

The new Snoop Easy Access Savings Account requires a minimum balance of £1 to encourage users to begin saving immediately, and offers a 4% AER/3.92% gross variable interest rate.

Account holders can withdraw money at any time without being charged a fee.

Users can track their spending, receive savings nudges, and benefit from tailored recommendations through the Snoop app, which uses Open Banking technology.

Eight out of ten Snoop customers say that it is much easier to keep on top of their money and spending using the app

John Natalizia, chief executive officer of Snoop, said: “Our Snoop Easy Access Savings Account is designed with flexibility and simplicity at its core, so people can start saving with as little as £1 while benefiting from competitive interest rates.”

Natalizia cited research by the Building Societies Association which found there are 14 million people in the UK holding less than £100 in savings, and more than £250 billion sitting in accounts that pay no interest.

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“Whether someone is just beginning to save or wants to ensure their existing savings are working harder, Snoop provides a practical, user-friendly solution to help more people build a financial safety net, all in one place.

“Available exclusively through Snoop, the account offers a fully-digital experience, allowing users to track their spending, budget more effectively, and grow their savings.

“With Snoop’s smart nudges, customers are encouraged to maximise their savings, while reminders ensure they are informed about underperforming accounts elsewhere, allowing for better financial decision-making.”

In 2024 Snoop partnered with Equifax to launch a free credit score service. With this, Snoop offers people a service with the tools needed to set budgets, control their finances and improve their credit score.