Snoop describes itself as a “consumer champion” app that allows its users to take control of their financial data. By doing this, it aims to give consumers a greater awareness of their spending, help them take advantage of the best deals available and be smarter about making savings.
Connecting to your existing bank accounts and credit cards, Snoop centralises all of your spending and presents it in one integrated interface that combines all of your accounts and transactions in one place.
It’s an app designed to help you live, spend and save smarter, and hopes to take away the effort that customers would have had to put into researching and finding better deals.
Snoop launched in April 2020 – earlier than expected – to help households cope with the impact of coronavirus.
The app was co-founded by two former Virgin Money executives, ex-CEO Jane-Anne Gadhia and former managing director John Natalizia. The app has also earned praise from business magnate Richard Branson.
By integrating all of your cards and accounts in one interface, Snoop monitors and tracks all of your spending to see where you can save and spend better. The app, which is free of charge, will:
In addition, you can open a savings account in Snoop and see your savings alongside your spending. You can also upgrade to Snoop+ for £4.99 a month (or £39.99 a year) to get access to even more features, including unlimited custom spending categories, the option to create spending reports, and the ability to add accounts manually.
Rather than being driven by corporate backing and sponsorship, the Snoop app says it uses a unique artificial intelligence interface that delivers data-driven and unbiased results to its users, which are based on individual customer’s spending behaviour.
Snoop uses Open Banking to analyse your spending, so it can’t access your money – it simply draws together all of your banking data to view in one place. Snoop is registered and regulated by the Financial Conduct Authority (FCA).
If you open a savings account with Snoop, your money is held with Vanquis Bank which is FCA regulated and your money will be covered under the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
Pros
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All in all, while there’s still a lot that remains to be seen, Snoop seems to be shaping up to be an exciting and useful app which could help customers improve their personal finances. Get started by downloading the app.
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