Snoop’s VRP functionality allows users to set up flexible and automated deposits from their current account into their Snoop savings account on a weekly or monthly basis, on their chosen day. This new capability builds on the app’s existing savings features, which include tools that assist customers in moving spare cash into high-interest savings accounts.
Since its launch, the Snoop savings account has had a positive impact, with over 90% of customers funding their accounts using Open Banking, preferring the optimal and secure transfers over manual processes.
The Snoop savings account aims to offer:
4.25% AER / 4.16% gross (variable) interest;
Daily interest payments;
Optimal access available on the same working day if requested before 11 am;
The ability to open from GBP 1 and save up to GBP 85.000;
FSCS protection up to GBP 85.000, held with Vanquis Bank Limited.
According to the company, more than 80% of users have already set savings goals, with most focusing on building an emergency fund. Snoop recommends monthly contributions and nudges users when spare cash is available. With the Bank of England expected to reduce interest rates later this year, savers should remain proactive, looking for savings options.
This feature will expand to include advanced sweep rules, roundups, and payday savings, providing additional automation options.
In January 2025, Snoop launched its first savings account, which came equipped with integrated money management tools. The Snoop Easy Access Savings Account had a minimum balance requirement of just GBP 1, encouraging users to start saving right away. It offered an interest rate of 4% AER/3.92% gross variable, while account holders could make withdrawals at any time without incurring any fees. Through the Snoop app, which used Open Banking technology, customers could monitor their spending, receive helpful savings reminders, and access personalised advice.
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