Money App launches new ‘flexible’ savings account with 4% interest rate | Personal finances | Finance

Money saving app Snoop has introduced its first savings account, offering customers an easy-access option with a competitive 4% APR (3.92% gross, variable) interest rate.

The Snoop Easy Access Savings Account (Number One) aims to provide “flexible” savings opportunities along with built-in 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 by the Financial Services Compensation Scheme (FSCS), are capped at £85,000.

Funds are held at Vanquis Bank Limited, while the Snoop app includes features such as spending tracking, personalized recommendations and savings encouragement to help users manage their money more effectively.

John Natalizia, CEO of Snoop, commented: “Our Snoop Easy Access savings account is designed with flexibility and simplicity in mind, so people can start saving with as little as £1 while benefiting from competitive benefits. interest rates.

“With 14 million people in the UK have less than £100 in savingsand more than £250 billion in interest-free accounts, we want to empower people to make the most of their money.”

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 increase their savings.”

He added: “With Snoop’s smart nudges, customers are encouraged to maximize their savings, while reminders ensure they are informed about underperforming accounts elsewhere, enabling better financial decision-making.”

Powered by Open Banking, Snoop is a free money management app that offers personalized products and services to 1.75 million UK customers. Helps clients track their spending, set budgets, reduce bills, and control their finances.

By connecting their bank account or credit card, customers can see all their transactions in one place, receive personalized money-saving tips, receive notifications when there’s a better deal on their broadband and insurance, and set up personalized alerts for balance, invoices and expenses. summaries.

But while Snoop’s new account may offer an attractive deal, the rate is not currently topping the chart in the easy-access savings market.

Chase digital bank’s Boosted Rate Saver tops the list with an annual equivalent rate (AER) of 5%. There is no minimum deposit requirement and the account comes with a 1.5% introductory bonus for the first six months.

Individuals must open a Chase checking account to access the offer. Customers can withdraw up to £25,000 daily with no fees and interest is paid monthly.

GB Bank’s Nu Wealth Easy Access account lags behind with an APR 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 comes right behind with an AER of 4.85%.

There is no minimum deposit required to open the account and interest is paid monthly. In total, up to £100,000 can be invested, however there are some restrictions on withdrawals. a lower interest rate It will be paid during the month in which the withdrawal is made.