Source: Snoop press release
Fintech app Snoop has launched Variable Recurring Payments (VRPs), letting users automate savings with ease and stay on track with financial goals – all powered by Open Banking.
Snoop’s new VRP functionality allows users to set flexible, automated deposits from their current account into their Snoop savings account on a weekly or monthly basis – on the day that suits them. This new capability builds on the app’s existing savings features, which already include smart insights and nudges that help customers shift spare cash into high-interest savings.
John Natalizia, chief executive officer and co-founder of Snoop said “Open Banking has made saving smarter, faster, and more flexible,”
“With VRPs, we’re unlocking a new level of control and ease. This is about building better habits with less effort – and helping people grow their money without needing to think about it every day.”
Since launch, the Snoop savings account has gained strong traction. Over 90% of customers fund their accounts using Open Banking, preferring seamless, secure transfers over manual top-ups.
The Snoop savings account offers:
· 4.25% AER / 4.16% gross (variable) interest
· Daily interest payments
· Easy access: same working day if requested before 11am
· Open from just £1, save up to £85,000
· FSCS protection up to £85,000 (held with Vanquis Bank Limited)
Over 80% of users have set savings goals, most aiming to build an emergency fund. Snoop recommends monthly contributions and nudges users when spare cash is available. This will expand to include advanced sweep rules, roundups, and payday savings, offering even more intelligent automation.
Natalizia added “Unlike traditional accounts, Snoop actively helps customers optimise their savings,”
“With £280 billion sitting in UK bank accounts earning no interest, Snoop helps people move that money to where it works harder – automatically, securely, and with zero hassle.”
“With the Bank of England expected to cut rates later this year, it’s more important than ever for savers to stay proactive. Snoop’s smart nudges keep customers ahead, alerting them when better options are available.”
Snoop has worked with its partner Tink, A Visa Solution, to facilitate the launch of the new VRP feature.
Ian Morrin, Tink’s head of payments, added: “Automated savings with rules set by the consumer is a perfect sweeping VRP use case. Snoop are innovating experiences with a clear focus on the customer and their financial health. At Tink, we’re excited to see these VRP developments and Snoop going to market with this fantastic product.”
