Money-saving app Snoop has introduced its first-ever savings account, offering customers an easy access option with a competitive 4% AER (3.92% gross, variable) interest rate.
The Snoop Easy Access Savings Account (Issue One) aims to provide “flexible” saving opportunities alongside integrated money management tools.
The account requires a minimum balance of just £1 and customers can withdraw their savings at any time without fees.
Deposits, which are protected under the Financial Services Compensation Scheme (FSCS), are capped at £85,000.
Funds are held with Vanquis Bank Limited, while Snoop’s app includes features like spending tracking, tailored recommendations, and savings nudges to help users manage their money more effectively.
John Natalizia, CEO at Snoop, commented: “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.
“With 14 million people in the UK holding less than £100 in savings, and over £250billion sitting in accounts that pay no interest, we want to empower people to make the most of their money.”
Mr Natalizia noted that the account is available exclusively through Snoop and offers a fully digital experience, “allowing users to track their spending, budget more effectively, and grow their savings”.
He added: “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.”
Powered by Open Banking, Snoop is a free money management app providing tailored products and services to 1.75 million UK customers. It helps customers track their spending, set budgets, cut bills, and control their finances.
By connecting their bank account or credit card, customers can see all their transactions on one place, receive personalised money-saving suggestions, be notified when there’s a better deal on their broadband and insurance, and set custom alerts for balance, bills, and spending summaries.
But while Snoop’s new account may be offering an enticing deal, the rate isn’t currently topping the table in the easy access savings market.
Digital bank Chase’s Boosted Rate Saver tops the list with an Annual Equivalent Rate (AER) of 5%. There is no minimum deposit requirement and the account features a 1.5% introductory bonus for the first six months.
People must open a Chase current account to access the offer. Customers can withdraw up to £25,000 daily without fees and interest is paid monthly.
GB Bank’s Nu Wealth Easy Access Account falls just behin with an AER of 4.86%.
The rate includes a 0.46% bonus for 12 months on deposits ranging from £500 to £25,000. A lower rate of 4.40% applies to the portion of the balance exceeding £25,000. There are no restrictions on withdrawals and interest is paid daily.
Atom Bank Instant Reward Saver places just behind with an AER of 4.85%.
There is no minimum deposit required to launch the account and interest is paid monthly. Up to £100,000 can be invested overall, however, there are some restrictions on withdrawals. A lower interest rate will be paid during the month a withdrawal is made.
