Snoop was founded in 2019 by former Virgin CEO Jane-Anne Gadhia and ex-Managing Director John Natalizia. It launched its money-saving app in April 2020 and markets itself as 'A clever robot that's able to help you spend, save and live smarter'.
What is Snoop?
Snoop is an iOS* and android app that uses open banking to analyse your spending, suggesting ways to save money across a number of areas of personal finance.
Snoop has three main objectives:
- Combines all of your accounts in one place so you can easily see what you're spending and on which card
- Checks and notifies you if you're overpaying on bills and purchases
- Creates a personalised list of ways you can save money
Snoop is designed to offer a personalised experience for each user. The app is regularly updated and uses Artificial Intelligence (AI) to learn from the actions of each of its users.
Snoop works in a similar way to other budgeting apps such as Emma and Money Dashboard, however, it does have a couple of interesting features that are unique, such as the 'Voucher code spotter' feature.
Below is a list of all of the features that the Snoop app currently offers:
- View all of your accounts in one place - access all of your accounts from one screen
- Monitor your bills and savings - Snoop keeps a watchful eye on your spending recommending savings where possible
- Rewards monitor - keep on top of your rewards and spot opportunities to earn more
- Switch to a better energy deal - energy switching offers directly within the app
- Mobile and broadband checker - Snoop can help you switch and save money on your phone and broadband bills
- Credit card checker - Snoop checks you're not being overcharged on credit card fees or missing out on rewards
- Annual insurance checker - Snoop will check to see if you can save money on insurance
- Voucher code spotter - get the latest deals with the voucher code spotter feature
- Mortgage checker - automatic check to see if you're on the best deal
- Spending categorisation - itemised spending so that you can keep on top of your spending
- Bill tracker - keep on top of your bills and make sure you are not paying more than you need to
- Smarter subscriptions - check to make sure you're not overpaying on your subscriptions
- Nickname accounts - custom account names
- Weekly and monthly spending summaries - know exactly where your money is going each week/month
- Daily balance alerts - daily updates allowing you to spot unusual transactions
- Look Ahead - get notified on upcoming transactions for the week
Features coming soon to Snoop
- Payday predictor - set your payday and Snoop will predict your current account balance based on spending patterns
- Savings rate checker - automatic check for the best savings account offers
- Media checker - automatic check on TV and broadband deals
- Budgeting - set budgets and see how you are doing at any given time
- Custom categories - personalise your spending categorisation
- Subscription spotter - Snoop will notify you of new subscription payments allowing you to cancel subscriptions before any free trial expires
- Custom alerts - set personal spending alerts e.g tell me when I've spent over £20 at McDonald's
How does Snoop work?
Snoop uses open banking to connect to your bank accounts and credit cards, curating savings suggestions based on your spending habits. Open banking is a secure process that allows third-party apps to access your bank account information without having access to your login details. Permissions are 'read-only', meaning your money is never at risk.
How do I set up a Snoop account?
To set up a Snoop account you need to download the free app from the Apple or Google Play store. Once downloaded, you'll need to enter your name and mobile number, followed by the secure 6 digit code in order to verify your identity. Next, you need to enter your email address and set up a secure 5 digit pin to access the app and you may also be given the chance to set up Face ID for the future.
Once set up, you will need to connect to your bank/s via open banking and will be guided through the process by the Snoop app. I connected my Monzo account and you can see the process via the screenshots below.
What banks are supported on Snoop?
The banks currently supported by Snoop are as follows:
- American Express
- Bank of Scotland
- Bank of Ireland
- Capital One
- Creation Cards
- First Direct
- M&S Bank
- Sainsbury's Bank
- Yorkshire Bank
- The One Account
- Virgin One Account
How much does Snoop cost?
Snoop is a free app that can be downloaded on your phone via the Apple or Google Play store.
How does Snoop make money?
Snoop makes money by sharing your spending data with other companies in order to identify trends. They assure that your data will never be used in a way that allows you to be identified as an individual. Snoop also asks its users that have been helped by Snoop or like the app to 'tip Snoop' via PayPal, this is not compulsory and how much you decide to tip is up to you.
Like most companies, Snoop may receive a payment if you move to a product or service that has been recommended by it. Although Snoop says it remains impartial and only recommends products that are best for the customer.
Is Snoop safe?
Snoop uses open banking to analyse your spending. This means it cannot see your login information and only has access to your spending data. Snoop does not have the ability to move money from your accounts on your behalf. Snoop uses 256-bit encryption to keep all of your personal information safe and is registered and regulated by the Financial Conduct Authority.
Snoop customer reviews
Snoop only launched in April 2020 and so only has 7 reviews on independent review site Trustpilot. 6 of which are 5/5 stars with users calling Snoop a 'gamechanger' and 'one of the best personal finance monitoring apps out there'. The 1 negative review is someone explaining that they are hesitant to enter their bank details into the app, however, we explain here why Snoop is safe to use.
Snoop also has a rating of 4.8 out of 5.0 rating on iTunes from 1,000 reviews. Users cite features such as the 'Snoops' (short insightful tips) as particularly useful. The poor reviews, though not many it has to be said, say they had problems being kicked out of the app. Another believes the app is just pushing affiliate deals to make money.
Snoop vs Emma
Snoop is very similar to the mobile banking app Emma in that it analyses your spending, however, it doesn't yet have the same budgeting prowess that makes Emma particularly attractive. That said, Snoop seems to be more interested in helping users to save money by finding vouchers and deals and so if you are a keen bargain hunter then Snoop could be for you. For more information on Emma, check out our independent Emma app review.
Snoop vs Yolt
Again, if you want powerful tools that can help you budget effectively then apps like Yolt and Emma currently have the edge. If bargain hunting and deals are your thing, then Snoop could be for you. For more information on Yolt, check out our independent Yolt review.
Pros and cons of Snoop
Pros of Snoop
- Easy to set up
- FCA regulated
- See all of your accounts in one place
- Insightful tips to help you save money
- Categorises your spending
Cons of Snoop
- App is still learning and growing so it will be a while before you benefit from the full list of features
- The name 'Snoop' can be offputting to some due to its negative connotation
Snoop makes it easy to see all of your transactions in one place and provides quick and easy tips on how and where you can save money. It is a neat app that can help simplify your finances and spot opportunities to save money but those serious about understanding their finances may want to look at Emma or Money Dashboard due to the superior budgeting tools that are on offer.