Snoop unveils Virtual Private Savings (VPRs) to boost automated savings
Fintech app Snoop has introduced a new feature, Variable Recurring Payments (VRPs), to help users automate their savings and stay on track with their financial goals.
With the launch of VRPs, Snoop users can set flexible, automated deposits from their current account into their Snoop savings account on a weekly or monthly basis, on a day that suits them. This feature, facilitated by Tink, a Visa Solution, provides a seamless and secure way to build savings habits effortlessly.
Snoop's VRP system focuses on user-controlled flexible regular deposits, setting it apart from other automated savings apps that use Open Banking to analyze spending and determine safe saving amounts. The new VRP feature will expand to include advanced sweep rules, roundups, and payday savings, providing users with even more control over their savings.
Since launch, over 90% of Snoop's customers fund their accounts using Open Banking, preferring this method over manual top-ups. This approach has made saving smarter, faster, and more flexible, according to John Natalizia, CEO and co-founder of Snoop.
The Snoop savings account offers 4.25% AER / 4.16% gross (variable) interest, providing a good return on savings. The account also provides daily interest payments, easy access (same working day if requested before 11am), and can be opened from just £1, with a maximum balance of £85,000. FSCS protection up to £85,000 is provided for the Snoop savings account, held with Vanquis Bank Limited.
The Bank of England is expected to cut rates later this year, making it more important than ever for savers to stay proactive. With VRPs, Snoop users can develop better saving habits by making frequent, manageable deposits into their savings without needing to log in and transfer funds manually each time.
Over 80% of Snoop users have set savings goals, most aiming to build an emergency fund. VRPs, according to Natalizia, unlock a new level of control and ease, and are about building better habits with less effort, helping people grow their money without needing to think about it every day.
Ian Morrin, Tink's head of payments, stated that automated savings with rules set by the consumer is a perfect sweeping VRP use case. Tink is excited to see the VRP developments and Snoop going to market with this fantastic product.
Snoop is innovating experiences with a clear focus on the customer and their financial health. With smart insights and nudges that help customers shift spare cash into high-interest savings, Snoop recommends monthly contributions and nudges users when spare cash is available. The app also keeps customers ahead, alerting them when better options are available.
With £280 billion sitting in UK bank accounts earning no interest, Snoop helps people move that money to where it works harder. The new VRP feature is a significant step forward in Snoop's mission to make saving easy, flexible, and rewarding for everyone.
[1] Open Banking technology: https://www.openbanking.org.uk/ [2] Tink: https://tink.com/ [3] AI-driven adjustable autosaves: https://www.investopedia.com/terms/a/artificialintelligence.asp
- Tink, a Visa Solution, facilitates Snoop's Variable Recurring Payments (VRPs), offering a seamless and secure method for users to automate their savings.
- Unlike other automated savings apps, Snoop's VRP system focuses on user-controlled flexible regular deposits, setting it apart with its unique approach to savings management.
- The new VRP feature in Snoop will include advanced sweep rules, roundups, and payday savings, providing users with more control over their savings strategies.
- With over 80% of Snoop users having set savings goals, the new VRP feature is expected to help users build better saving habits and grow their money with less effort, according to John Natalizia, CEO and co-founder of Snoop.
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