Snoop has reportedly added a new variable recurring payments feature.
Fintech app Snoop has introduced Variable Recurring Payments (VRPs), allowing users to automate savings with ease while also staying on track with financial goals – all enabled by Open Banking tech.
As explained in the update, Snoop’s new VRP functionality lets users set flexible, automated deposits from their current account into their Snoop savings account.
This may be done on a weekly or monthly basis and also on the day that suits them.
This capability reportedly builds on the Fintech app’s existing savings features, which currently include smart insights as well as nudges that help clients shift their spare cash into high-interest savings.
John Natalizia, CEO 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 its official launch, the Snoop savings account has reportedly gained considerable traction.
More than 90% of customers fund their accounts via Open Banking, preferring more seamless, secure transfers over traditional / 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)
More than 80% of users have set savings goals, most aiming to build an emergency fund. Snoop suggests monthly contributions as well as nudges users when spare cash is available.
This will expand in order to include advanced sweep rules, roundups, and payday savings, providing 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.”
They also shared:
“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 reportedly worked with its partner Tink, a Visa Solution, in order to facilitate the roll out of the new VRP feature.
Ian Morrin, Tink’s Head of Payments, noted:
“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.”
Snoop is currently available via App Store and Google Play.