Thoughts on "Snoop" Easy Access Savings account (4.6%)?

Vet

Hi all,

I've had a look around the forums and the website to see if anyone else has seen the new interest rate on the Snoop app easy access savings account.

It offers 4.6% Interest on an easy access savings account through Vanquis Banking Group.

It's reasonable high in terms of the interest rate, but I don't see anyone else talking about it, or even information on it on the "Best Savings account" page.

Does anyone have any thoughts on it? Is this a missed savings account?

masonic

There was another thread about this. It's definitely in the Oddball category. The savings account is provided by Vanquis. But Snoop is, as the name suggests, about harvesting your data. I suppose you can limit that by setting up a dedicated linked account so they don't get to hoover up your banking transactions from your main account.

Vet

masonic said:

There was another thread about this. It's definitely in the Oddball category. The savings account is provided by Vanquis. But Snoop is, as the name suggests, about harvesting your data.

From what i've read, they harvest data on your spending habits (*anonymously*), rather than your actual personal data.

masonic

Vet said:

masonic said:

There was another thread about this. It's definitely in the Oddball category. The savings account is provided by Vanquis. But Snoop is, as the name suggests, about harvesting your data.

From what i've read, they harvest data on your spending habits (*anonymously*), rather than your actual personal data.

Anonymous profiling is not really any better. Such information doesn't have to be collected with your personal data in order to be reassociated with it at some later stage.

Selling your data to snoopers can be quite lucrative (see Yougov) but in this case I'm not sure the offer is very good. Effectively you are getting an extra 0.05% vs the best "big name" savings account.

flaneurs_lobster

masonic said:

 I suppose you can limit that by setting up a dedicated linked account so they don't get to hoover up your banking transactions from your main account.

Think this is right, but Snoop seems to limit access to deposit/withdraw from their savings account to only the linked account(s?). OK if you are not accessing your savings frequently otherwise bit of a pain shunting monies in'n'out of a "quiet" account.

masonic

flaneurs_lobster said:

masonic said:

 I suppose you can limit that by setting up a dedicated linked account so they don't get to hoover up your banking transactions from your main account.

Think this is right, but Snoop seems to limit access to deposit/withdraw from their savings account to only the linked account(s?). OK if you are not accessing your savings frequently otherwise bit of a pain shunting monies in'n'out of a "quiet" account.

I would think that's probably right as they'll be using OB to "verify" linked accounts. For a decent enough rate it might be worth it, especially for a secondary account with the same bank. I think Cahoot will serve me well enough, and has the benefit of being true instant access.