Say hello to the Snoop Easy Access Savings Account
Whether it’s a house deposit, emergency fund or rainy-day savings you want to build - Snoop can help. Use our budgeting app alongside our savings account to hit your financial goals.
Five reasons to save with Snoop...
It’s easy
Open from £1, save up to £85,000 and manage everything through the app.
It’s rewarding
Competitive interest rate of 4.00% AER / 3.92% gross (variable). Watch your balance grow, with interest credited to your account each day.
It’s protected
Financial Service Compensation Scheme (FSCS) protection for your savings – up to £85,000.
Easy access savings
Get your money same working day if you request before 11am, or next working day if after 11am.
See everything in Snoop
With your savings and spending in the same app, you’ll have a much better view of your total net worth and how it’s growing.
Summary box
Please read this Summary Box alongside the Snoop terms and conditions and Savings terms and conditions before applying.
Account name
Snoop Easy Access Savings Account (Issue 1)
What is the interest rate?
4.00% AER / 3.92% gross (variable)
Interest is calculated and added to the account daily. If the daily interest is less than 1p, it is added to the next day’s interest and paid once the total reaches at least 1p.
Can Vanquis Bank Limited change the interest rate?
Yes, the interest rate is variable, so it can go up or down. This might be due to changes in market conditions (e.g. change in the Bank of England base rate, changes in competitors’ rates), costs of running Vanquis Bank Limited’s business or for ensuring consistency with new customers’ rates.
• If the rate increases, we’ll make the change immediately and then let you know.
• If the rate decreases, we’ll let you know at least 14 days before the change takes effect.
What would the estimated balance be after 12 months based on a £1,000 deposit?
Original deposit: £1,000
Interest rate: 4.00% AER / 3.92% gross (variable)
Balance after 12 months: £1,040
This estimate is for illustrative purposes only. It assumes £1,000 is deposited in the account at the time it’s opened and no other deposits, withdrawals or interest rate changes are made.
How do I open and manage my account?
Via the Snoop App.
To open the account, you’ll need to be:
• 18 years or over • Tax resident in the UK only • Not a US Citizen
Joint accounts are not available.
The maximum balance for this account is £85,000 at any given time.
The minimum deposit is £1.
When applying, you’ll need to ‘nominate’ a current account that you’ve connected to Snoop and you’re named on. All deposits into your Snoop savings account must be made from this account and all withdrawals will be sent to this account. You can change which account is nominated via the Snoop App.
Deposit or withdrawal instructions made before 11am will be actioned the same working day. Any deposit or withdrawal instructions made after 11am will be actioned the next working day. No deposit or withdrawal instructions will be actioned on non-working days.
If you need more help – including how to open an account – email us at hello@snoop.app.
Can I withdraw money?
Yes. There’s no minimum withdrawal amount, and you can withdraw at any time without paying a fee.
When you withdraw, you’ll be shown the balance available to be withdrawn at that given moment. Any interest which has been calculated but not yet added to your account will not be withdrawn.
Additional information
The AER (Annual Equivalent Rate) shows the interest you could earn from a savings account over a year. It includes interest on the interest that’s added to your account over the year too (known as compound interest). The gross rate is just the flat rate of interest you’d earn and doesn’t factor in compound interest.
AER is useful because it allows you to compare savings accounts that pay interest at different times (e.g. daily vs annually).
Depending on your circumstances, you may have to pay tax on the interest you earn. You’re responsible for paying any tax due to HMRC. For more info go to gov.uk/apply-tax-free-interest-on-savings.
Your money will be held with Vanquis Bank Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
To provide the Snoop savings account, Snoop works with a partner called Bondsmith Savings Limited, which will manage the account for you behind the scenes. This means it will:
• arrange for any money you add to your account to be deposited with Vanquis Bank Limited • arrange for any withdrawals to be returned to you • calculate and add interest to your account in Snoop
Bondsmith is the trustee, and all money held in your Snoop savings account is held in trust for you (subject to the Snoop terms and conditions and the Savings terms and conditions).
You have the right to cancel and can close your account without charge at any time. You can cancel or close your account in the Snoop App or by emailing us at hello@snoop.app.
