Money management app Snoop has unveiled its first savings account, offering potential customers a competitive four per cent AER variable interest rate for an easy access product. The Snoop Easy Access Savings Account (Issue 1) aims to combine strong returns with flexible saving options for customers.
Savers have been able to benefit from high interest rate accounts thanks to the Bank of England’s decision to hike the base rate. Analysts are urging bank customers to secure a competitive deal before any potential rate cut from the central bank.
With a minimum opening balance of just £1, the savings account is designed to be accessible to savers regardless of their initial deposit amount. The account’s four per cent AER translates to a 3.92 per cent gross variable interest rate.
The new savings product integrates with Snoop’s existing money management features, allowing customers to combine their daily budgeting with building their savings pot. Key features of the account include fee-free withdrawals at any time, offering customers complete flexibility with their savings.
Account holders can deposit up to £85,000, with savings held by Vanquis Bank Limited and protected under the Financial Services Compensation Scheme.
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Snoop has launched a competitive, easy access savings account
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Customers also receive personalised savings nudges and tailored recommendations through the app interface.
The digital-first approach allows users to manage their savings alongside their everyday spending in one unified platform. The account’s structure enables savers to maintain easy access to their funds while still earning competitive returns on their deposits.
Commenting on the launch, John Natalizia, CEO at 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.”
He highlighted concerning statistics about UK savings habits, noting that “14 million people in the UK hold less than £100 in savings, and over £250billion sits in accounts that pay no interest.”
The Bank of England has raised interest rates to new highs over the years
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“We want to empower people to make the most of their money,” Natalizia explained.
He emphasised that the account aims to help people build financial safety nets, regardless of whether they are new to saving or looking to make existing savings work harder.
Natalizia further emphasised the digital-first nature of the account, stating: “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 Snoops 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,” he added.
Money Expert director Liz Hunter has offered valuable advice for savers looking to maximise their financial management in 2025.
“It might seem like an obvious one, but regularly checking your bank accounts means you’ll know exactly what’s coming in, what’s going out and what you can afford to spend right now,” she said.
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Savings rates continue to be competitive GETTY Hunter emphasised the importance of monitoring for potential issues, noting: “Even better, it means you can stop problems in their tracks.
“Whether that be fraudulent charges or simply being a little too close to your overdraft.”
She recommended making account monitoring a priority throughout 2025.
“This might be a weekly sit-down session where you review what you’ve spent and what you’ve got left to spend – or, if it feels more achievable – a quick balance check once per day,” Hunter advised.
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