The new Snoop Easy Access Savings Account has a minimum balance requirement of just GBP 1, encouraging users to start saving right away. It offers an interest rate of 4% AER/3.92% gross variable, while account holders can make withdrawals at any time without incurring any fees.
Through the Snoop app, which uses Open Banking technology, users can monitor their spending, receive helpful savings reminders, and access personalised recommendations. According to Snoop’s data, eight out of ten Snoop users confirm that the app significantly simplifies managing their finances and spending. In addition to aiding individuals, Snoop provides businesses with insights into emerging consumer spending trends through detailed analyses of customer spending habits and transactions on its platform, offering valuable information about their clientele.
Representatives from Snoop declared that the Snoop Easy Access Savings Account is crafted for flexibility and ease, allowing individuals to begin saving with just GBP 1 while enjoying optimised interest rates.
Furthermore, as detailed by Snoop, according to the Building Societies Association, 14 million individuals in the UK have savings of less than GBP 100, and over GBP 250 billion is held in accounts that yield no interest.
In August 2023, Vanquis Banking Group, a specialist bank located in the UK, announced its acquisition of fintech company Snoop to increase financial management offerings.
This acquisition offered Snoop significant growth potential, as it gained access to Vanquis Banking Group’s extensive customer base of 1.7 million. These customers were set to benefit from the Snoop app, increasing their financial management skills. Furthermore, the acquisition provided Snoop with the necessary capital to support its development and further expand its capabilities.
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