New money-saving app ‘could save you £1,500 a year’ by giving personalised saving ideas
A NEW money-saving app reckons it can boost your bank balance by up to £1,500 a year by giving you personalised savings ideas.
The Snoop app launched on Friday - a month earlier than originally planned in order to help hard-up households manage the coronavirus lockdown period.
The free app uses so-called open banking technology to connect to your bank account and credit cards in order to analyse the data.
It then uses a mix of artificial and human intelligence to help you make the most of your money by giving personalised tips on how to spend.
This could include smaller things like pointing out a better way or place to buy your daily coffee or how to get money off your mobile bill.
It also includes bigger things such as switching energy provider and re-mortgaging deals.
Snoop told the Sun that customers who take advantage of its money saving "snoops" can make their finances go at least 5 per cent to 10 per cent further.
Based on the median household disposable income of £29,600 in the UK last year, you'd save at least £1,480 a year.
Snoop said the aim of the app is to put people in charge of their own data to help them make the most of their money.
The app makes money in various ways including from commissions, when users choose money-saving deals that Snoop recommends based on existing spending patterns.
But it insisted customers will not receive recommendations unless they are in users’ best interests.
Other budgeting apps
THERE is a wide range of budgeting apps available to help you manage your finances.
- - Helps you ditch unnecessary fees and subscriptions
- - Helps you budget for future goals by tracking your spend
- - Similar to Money Dashboard by categorising your transactions so you know what you're spending most money on
- - Uses an algorithm to work out how much you can afford to save
- - Tracks spending across multiple accounts, giving you a good overview
The free app, which is regulated by the Financial Conduct Authority, is available to both and users.
It can connect to accounts with all of the UK's banking giants including Barclays, HSBC, Lloyds Banking Group, which includes Bank of Scotland, Halifax, Lloyd's Bank, as well as Monzo, Nationwide, NatWest and RBS.
Former Virgin Money boss Jayne-Anne Gadhia, who's co-founded the app, said: "The coronavirus pandemic has been a game-changer for everyone.
"We know money is going to be tight for many in the months to come and so we've worked flat out to get to market as soon as humanly possible."
Rachel Springall, finance expert at comparison site Moneyfacts, told The Sun: "It’s fantastic to see Snoop launch its app early to help consumers save money at a time when monthly outgoings may be as tight as they have ever been.
"As with any app users may be concerned about privacy or fraud but the Snoop app is designed to utilise open banking, whereby users most authorise permission to access their accounts.
"These are difficult times, so consumers would be wise to consider financial tools which may help them get through the coronavirus pandemic.
"As with any suggested products, consumers would be wise to have a quick look online to compare deals as products are changing very quickly."
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Earlier this year, Martin Lewis explained how auto-saving apps could save you £1,000s.
We've also rounded up some of the best budgeting apps to help you save money.
A couple of years ago, another new app claimed it could help you save up to £600 by ditching unnecessary fees and subscriptions.