Questions about Snoop savings?

Snoop has teamed up with Bondsmith to offer Snoop savings accounts. When you open a Snoop savings account, Bondsmith will manage some of the processes behind the scenes. This includes:

• Transferring any money you add to your account to Vanquis Bank.
• Calculating and adding interest to your account in Snoop each day.
• Transferring any withdrawals you make from your account back to you – into your nominated account

Your deposits will be held with Vanquis Bank Limited, which is part of the Vanquis Banking Group (VBG). VBG is a FTSE All Share company listed on the London Stock Exchange with around 1.7 million customers

Your deposits are held with Vanquis Bank Limited and eligible deposits are covered by the Financial Services Compensation Scheme (FSCS).

When you deposit money into the Snoop savings account, it will first go into an account held by our partner Bondsmith (which is an HSBC account so also part of the FSCS). It’s then deposited with Vanquis Bank Limited, and then contributes towards your total FSCS allowance of £85,000 with Vanquis Bank Limited.

If your total deposits exceed £85,000 with either Vanquis Bank Limited or HSBC Banking Group, the excess won’t be covered by the FSCS.

An eligible deposit is one that’s met all money laundering requirements among other things.

The minimum balance is £1. The maximum you can have deposited at any one time is £85,000. Interest earned can take your balance above that, so the total amount you can have in your savings account when including interest can exceed £85,000.

When you apply for a Snoop savings account, you’ll need to ‘nominate’ a current account. When you make a deposit into your Snoop account, it will come from this nominated account. When you make a withdrawal, it will be paid into this same nominated account.

You can only nominate one of the current accounts you’ve connected to Snoop.

Once your savings account is open, you can change which account is nominated via the app. Head to your savings account, tap the three dots in the top right and select ‘View / change nominated account’

No, applying for a Snoop savings account won’t have any impact on your credit score.

Yes, it’s completely free to open and manage your Snoop Easy Access Savings Account.

The Snoop Easy Access Savings Account lets you earn interest on your savings while still being able to withdraw your money at any time, with no penalties.

Here are the main benefits of the account:

• Set up and manage everything in the app
• Interest credited daily – watch your balance grow each day
• Easy withdrawals – get money same day if you request before 11am
• See your account in Snoop – track your net worth

You make deposits and withdraw money through the Snoop app.

The Snoop team is always here to help - just drop us a line at hello@snoop.app.

We can discuss your needs and see what we can do support you. And if your additional needs mean you'd prefer to talk to us face to face, we can arrange a video call - just drop us a line and we can arrange a time.

Right now, we only offer the Snoop Easy Access Savings Account. But we may offer other savings accounts in the future. We’ll keep you posted!

It’s easy to do. Go to your savings account in the app and hit ‘Add money’.

When you make a deposit, the money goes into a ‘holding account’ with our partner, Bondsmith (into an HSBC account).

Bondsmith then immediately arranges for that money to be transferred to Vanquis Bank and into your Snoop savings account. Once it’s in there, it starts to earn interest.

If you make a deposit before 11am, the money will clear into your Snoop savings account on the same working day. The only time this won’t happen is if extra checks are needed for things like anti-money laundering or fraud prevention (for example, if you make multiple large payments).

If you make a deposit after 11am, the money will clear into your Snoop savings account on the next working day.

Deposits won’t be transferred to your Snoop savings account on non-working days.

If you request your withdrawal before 11am, we’ll pay it back to your nominated current account on the same working day.

If you request your withdrawal after 11am, we’ll pay it the next working day.

We won’t pay withdrawals on non-working days.

This means something has gone wrong with the deposit. For example, you’re trying to make a deposit from a different account to your nominated account.

If the deposit is ‘declined’, we’ll return the money to the account it came from.

This means something has gone wrong with the withdrawal. For example, because your nominated account is now closed.

If the withdrawal is ‘declined’, we’ll return the money to your Snoop savings account.

You can access the money in your Snoop savings account at any time. Just open the app and go to your savings account. Then hit ‘Withdraw money’ and follow the steps.

If you request your withdrawal before 11am, we’ll pay it back to your nominated current account on the same working day.

If you request your withdrawal after 11am, we’ll pay it the next working day.

We won’t pay withdrawals on non-working days.

No, you can withdraw as much as you want, as often as you want, with no penalties or charges.

When you make a withdrawal, we’ll show you the balance that you have available to withdraw. This will exclude any pending withdrawals that you’ve already requested. That’s why the available balance we show might be different to what you see on the main savings account screen.

A regular deposit lets you set up a weekly or monthly deposit into your Snoop savings account. We use Open Banking technology to safely transfer your money on the day or date that suits you.

Currently you can set up a maximum of two regular deposits into your Snoop Savings Account – one weekly and one monthly.

Monthly deposits can be set up for the same date each month (1st-28th).

Weekly deposits can be set up for the same day each week (Monday-Friday).

Deposits will be taken on the morning of your selected day or date. They’ll be in your Snoop Savings Account the same day, except for monthly deposits that fall on a weekend (which will be taken on the next working day).

Tap on your Snoop Savings Account within the app. Hit the ‘Add money’ or ‘Auto Saver’ tile at the top of the screen and follow the screens.

When you setup a new regular deposit, it will only start being taken from the next working day onwards. For example, if it’s a Monday and you set up a regular weekly deposit for ‘Monday’, we won’t take the deposit until the next week.

Or if it is the 13th of the month and you set up a regular monthly deposit for the 1st of every month, we will take the deposit on the 1st of the next month.

You can also manage and make changes to existing regular deposits at any time by tapping on ‘Regular deposits’ on the ‘Auto Saver summary’ page.

Weekly payments will start being taken from the next working day onwards. For example, if it’s a Monday and you set up a payment for ‘Monday’, we won’t take it until the next week.

It depends on the date you set it up…

If you set it up before your chosen deposit date, we’ll take the first deposit on that date (e.g. set up on 31 Oct for 1 Nov, deposit will be taken on 1 Nov)

If you set it up on your chosen deposit date, we’ll wait until the next month (e.g. set up on 1 Nov for 1st of each month, first deposit will be taken on 1 Dec)

You can cancel or delete a regular deposit at any time in the app. On the ‘Auto Saver summary’ page, tap the regular deposit you want to change, then tap the ‘Edit’, ‘Skip’ or ‘Delete’ button.

If you skip a deposit, we won’t take your upcoming deposit, but we’ll go back to taking the deposit the next time it’s due. You can keep doing this as and when you like, so you’re in full control.

If you edit the details of your regular deposit, the changes will apply immediately and the deposit will be taken on the next amended date.

If you delete the regular deposit, we will stop taking the deposit straight away.

We round up the value of your transactions to the nearest pound each week and save the difference (the amount rounded up) – automatically.

For example:

• You buy a coffee for £4.50 on Monday (rounding up to £5, saving 50p)
• You do your weekly shopping at the supermarket on Friday for £35.20 (rounding up to £36, saving 80p)
• You go out for dinner on Saturday and spend £27.50 (rounding up to £28, saving 50p)

For that week, we will round up all three transactions to the nearest pound and save the total of amounts rounded up (for that week, £1.80).

Useful to know:

• We’ll round up transactions from the accounts you have connected with us and chosen for roundups.
• You can exclude certain transactions from your spend analysis if you don’t wish them to count towards roundups.
• You can remove/add accounts to roundups at any time.
• We'll round up your transactions from Monday to Sunday each week.
• We’ll take the total the following Wednesday morning from your nominated account (the one you use for Snoop savings deposits and withdrawals). This allows more time for weekend and bank holiday transactions to clear so we can include them.
• You can also boost your savings by multiplying the roundup amount (from 2x to 10x).
• You can set a maximum weekly limit for roundups, so we don’t take more than this amount. If you don’t set one, we’ll set a default limit of £100.
• You can skip or delete roundups right up until Wednesday morning at 7am.
• The total figure will be taken from your nominated account and paid to your Snoop Easy Access Savings Account.

We’ll only include debit transactions - like your grocery shop and bills - on your accounts. Transactions from Open Banking accounts you’ve connected with Snoop are included. But they must be:

• Personal accounts
• Not closed

The following transactions are excluded from roundup calculations:

• transactions marked as income
• internal transfers (where you move money between accounts connected to Snoop)
• transactions you’ve excluded from your spend analysis
• transactions that have a 0 pence element e.g. £10.00, £20.00, etc

If your bank rounds up your spending and both the spending account and savings account are connected to Snoop, we may also round up the original transaction (but not the roundup itself).

For example:

• You buy a coffee for £4.50
• Your bank rounds it up to £5.00 and moves 50p to your savings
• Snoop sees the original £4.50 spend and rounds it up again - adding another 50p to your Snoop savings
• We treat your bank's 50p roundup as an internal transfer and don't round up whole numbers like £5.00

If only your spending account is connected to Snoop, your bank’s roundup (the 50p) might get rounded up again as the app won’t be able to tell it’s an internal transfer.

If you'd prefer not to apply roundups to these transactions, you can exclude that account by tapping on the roundups tile on the Auto Saver summary screen.

Yes! Auto Saver supports both standard regular deposits (weekly and monthly) and newer, more flexible options like roundups.

Yes, you can change this anytime by tapping on the roundups tile on the Auto Saver summary page – you’ll see this when you set up roundups.

By default, we’ll automatically include all your connected accounts in roundups to start with – so if you add a new one, it’ll be included. But if you’ve changed your roundup rules so you manually select which accounts are included in roundups, meaning we won’t automatically include new accounts you add to Snoop in your roundups.

You can change the accounts included in roundups anytime by tapping on the roundups tile on the Auto Saver summary page – you’ll see this when you set up roundups.

Absolutely. You can set a weekly maximum limit – we won’t take more than this amount. You can also change which accounts are included in your roundups. 

Yes, you can skip roundups at any point up until 7am Wednesday morning (UK time). 

Yes, you can delete them anytime until 7am Wednesday morning (UK time).

We make all personal connected accounts available to be included in roundups, except business accounts. But you can remove any accounts you don’t want to include – for example, if you don’t want to use your savings accounts, you can remove them from roundups.

We’ve only released roundups on Android for now, but iOS will have it shortly – keep your eyes peeled. Rest assured, if you’ve set up roundups on an Android device, they’ll still be working in the background on iOS.

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).

Yes, the interest rate is variable, so it can go up or down. This might be due to changes in market conditions (e.g. a change in the Bank of England base rate, changes in competitors’ rates), the 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.

Once your money is deposited, you earn interest daily. We credit this to your account each night or sometimes we credit a few days' interest at a time. But remember, you still earn interest daily even if it's not added to your account daily.

If the daily interest is less than 1p, we’ll include it in the next day's interest and add it to your account once the total reaches at least 1p.