Launch of banking service by Snoop, providing savings account for budget-conscious users
In the ever-evolving world of personal finance, a new player has entered the scene: Snoop. The UK-based money-saving app has recently launched its first savings account, offering a fresh approach to managing and growing one's savings.
John Natalizia, the CEO of Snoop, stated that the Snoop Easy Access Savings Account is designed with flexibility and simplicity in mind. The account, available exclusively through Snoop, requires a minimum balance of just £1, making it accessible to a wide range of individuals.
One of the standout features of the Snoop account is its smart nudges, designed to encourage customers to maximize their savings. Through the Snoop app, users can track their spending, receive savings nudges, and benefit from tailored recommendations. The app also offers budgeting tools, allowing users to manage their money more effectively and grow their savings.
Snoop's innovative approach has not gone unnoticed. In 2024, the platform won the Best Use of Data category at the website Awards. The app's ability to remind users about underperforming accounts elsewhere promotes better financial decision-making, helping users make the most of their savings.
The Snoop Easy Access Savings Account offers a competitive 4% AER/3.92% gross variable interest rate, making it an attractive option for those looking to grow their savings. Moreover, account holders can withdraw money at any time without being charged a fee.
The acquisition of Snoop by the specialist bank Vanquis Banking Group in July 2023 has provided the platform with significant scale and capital to grow. With the acquisition, Snoop aims to help more people in the UK manage their money more effectively.
According to research by the Building Societies Association, there are 14 million people in the UK holding less than £100 in savings, and more than £250 billion is sitting in accounts that pay no interest. The fully-digital experience offered by Snoop presents a promising solution for these individuals, helping them take control of their finances and start growing their savings.
As Snoop continues to innovate and grow, it's clear that they are committed to making personal finance more accessible and manageable for everyone. For more information, you can read about Snoop's recent collaboration with Equifax to launch a credit score service.
Sources: - Snoop launches credit score service with Equifax. (n.d.). Retrieved from https://www.snoop.co.uk/news/snoop-launches-credit-score-service-with-equifax - Building Societies Association. (2023). The state of the nation's savings. Retrieved from https://www.bsa.org.uk/research-and-insight/reports-and-publications/the-state-of-the-nation-s-savings-2023/
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