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Snoop App Review – Is It Safe And What Are The Benefits?

Looking for help with monitoring your finances and receive some tips on saving money? Then take a look at this Snoop app review to see if it’s the right app for you.

snoop app review

10-second Snoop app review

Rating: 3.5 out of 5.

The Snoop app doesn’t do a huge amount to differentiate itself from its competitors. But with that said, it’s easy to follow and provides some very useful tips – both for budgeting and saving money.

Snoop app

I have to admit that I’m slightly unusual. Not in an odd way (at least I hope), but when it comes to managing my money. I have 24 finance apps on my phone and I use most of them regularly. That means I feel that I have most of my money issues covered. So when I saw there was yet another finance app available, I managed to contain my excitement.

However, I’ll try (almost) anything once and agreed to give the Snoop app a go.

Before I get started with my Snoop app review, I have to question the name. To me, I have fairly negative thoughts around the word snoop. And over the last few years, there seem to have plenty of incidences where companies have been using apps to snoop on us. I’m not sure what their thinking was behind the name, but I’m willing to overlook it. For now.

What is the Snoop app?

Snoop is an app available on Android and Apple that allows you to keep a better eye on your finances and gives you tips on how you could save money.

Taken from their website:    Snoop’s a new kind of app, designed to save you money. Snoop connects to your bank accounts and credit cards, showing you how to save money at the places you already spend.

Snoop belongs to Usnoop Limited, a British company based in London and incorporated in January 2019.

Does the app cost?

Nope, currently the Snoop app won’t cost you a penny. Although that doesn’t mean there won’t be a paid version with added features at a later date. Many personal finance apps have done so in the past.

So, how does Snoop make money?

It’s always important to establish what’s in it for the company offering ‘free’ services. In the case of Snoop, they sell data relating to your spending habits which identify trends. It may sound slightly scary, but this data shouldn’t be identifiable to you.

Snoop will also recommend products to you, that should save you money. Of course, Snoop may receive a commission from some of these products.

Is Snoop safe?

So, one of your first questions will probably be whether the Snoop app is safe or not. They are regulated by the Financial Conduct Authority and registered with the Information Commissioner’s Office.

Snoop uses something called Open Banking, which allows customers to track their spending and accounts across multiple providers, all from one place. Currently, there are over 2 million customers taking advantage of this technology. When connecting to your bank, Snoop uses 256-bit encryption and never sees or stores your login details.

Snoop does not have the authorisation (or ability) to move any money from your accounts.

Which banks does the Snoop app work with?

A gripe I have with many personal finance apps is that they don’t work with all banks. But Snoop has most of them covered:

  1. Barclays (Personal Banking)
  2. HSBC (Personal Banking – Current Accounts)
  3. Lloyds (Personal Banking)
  4. NatWest
  5. RBS
  6. Monzo
  7. Nationwide
  8. Santander
  9. Ulster Bank
  10. Capital One
  11. Tesco Bank
  12. Bank of Ireland
  13. Revolut
  14. TSB
  15. Barclaycard
  16. Bank of Scotland (Personal Banking)
  17. MBNA
  18. Danske (Personal Banking)
  19. First Direct (Current Accounts)
  20. Halifax
  21. M&S Bank (Current Accounts)
  22. Clydesdale Bank 
  23. Yorkshire Bank 
  24. Cahoot 
  25. Virgin Money Credit Cards and Savings Accounts
  26. Virgin Money Current Accounts 
  27. B 
  28. American Express 
  29. One Account 
  30. Virgin One Account 
  31. NatWest One Account 
  32. Starling 

The following accounts should be available in the next few weeks (Although Snoop has been saying that for a few months):

  1. American Express
  2. Starling

How does Snoop work?

To get started, you will need to link Snoop to your current account. This is done through something known as Open Banking, which allows companies to share your banking details with each other. But only with your permission.

Once done, Snoop starts working away in the background and analysing your transactions. The app will then start sending you ‘Snoops’. These little snippets offer you advice about all your finances and you’ll be pleased to hear that it isn’t all about selling you services.

An example of Snoops

For example, Snoop saw that I had been investing with Nutmeg over the last year and linked to a recent article about the coronavirus and how it had hit the stock markets. Snoop also saw that I had shopped in Boots and showed me how to get a £25 eye test for free. Other Snoops included how, as a Sky Mobile customer, I could stream Sky TV for free to my phone.

Overall, there seems to be quite a mixture of personalised and generic Snoops.

And you’re not restricted to linking just one current account, you can add as many as you like.

One of the most useful additions has been the Snoop ‘card checker’. This handy feature will take a look at your credit card spending to see if you’re spending too much on interest and fees and whether there are some rewards available.

Benefits to the snoop app

Payment Hub

This is described as a ‘one-stop shop to help you manage and save money on all your bills’.

The payment hub gives you

  • insights and information about how much you spend, how often, what’s increased and decreased and your next expected payments.
  • link your payments so Snoop knows what you’re paying for. For example, you can tell the app if the money going out of your account is for broadband or your mobile phone. This will allow Snoop to search for better deals at the right time.
  • manage your contract end dates – usually, when a contract ends, you will find that your payments will increase. Let Snoop know of the end dates and the app can remind you and search for alternative deals.

Any downsides to Snoop?

It can be a little misleading at times. For example, I received this Snoop:

Snoop example

In the menu, it told me that I had just paid £102 to Sky Mobile, which caused me to panic slightly. But when I actually opened the Snoop, it told me it was over the last 5 months. Not the best way to get information across!

Like many other financial apps, Snoop offers to find you a better energy deal. I’m never a fan of these schemes, as companies only offer them due to the generous referral fees on offer.

When it comes to switching energy, I always recommend doing it yourself. For example, you can earn the referral fee yourself if the energy company is listed on a cashback site. Or companies like Bulb and Octopus offer a generous £50 refer a friend fee. Take a look at my Octopus referral link.

You will need to relink your current account every 90 days. In fairness to Snoop, this isn’t their fault and is standard practise due to open banking rules.

My Snoop app review conclusion

So, is the Snoop app worthwhile?

There isn’t anything particularly groundbreaking on offer, but the information provided is very easy to digest – much easier than its competitors. If you lead a busy life and don’t have much time to look through your finances too often, then this app could provide you with some very useful tips.

To find out more, click on one of the buttons below to download onto your device.

But, if my Snoop review hasn’t convinced you, why not take a look at the best personal finance and budgeting apps?

Please note that this post contains affiliate links.

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