Latest news with #VanquisBank
Finextra
22-05-2025
- Business
- Finextra
Snoop adds variable recurring payments feature
Fintech app Snoop has launched Variable Recurring Payments (VRPs), letting users automate savings with ease and stay on track with financial goals - all powered by Open Banking. 0 Snoop's new VRP functionality allows users to set flexible, automated deposits from their current account into their Snoop savings account on a weekly or monthly basis - on the day that suits them. This new capability builds on the app's existing savings features, which already include smart insights and nudges that help customers shift spare cash into high-interest savings. 'Open Banking has made saving smarter, faster, and more flexible,' said John Natalizia, CEO and Co-founder of Snoop. '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 launch, the Snoop savings account has gained strong traction. Over 90% of customers fund their accounts using Open Banking, preferring seamless, secure transfers over 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) Supporting smarter saving Over 80% of users have set savings goals, most aiming to build an emergency fund. Snoop recommends monthly contributions and nudges users when spare cash is available. This will expand to include advanced sweep rules, roundups, and payday savings, offering even more intelligent automation. 'Unlike traditional accounts, Snoop actively helps customers optimise their savings,' Natalizia added. '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.' '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 worked with its partner Tink, A Visa Solution, to facilitate the launch of the new VRP feature. Ian Morrin, Tink's Head of Payments, added: "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 available for download on the App Store and Google Play.
Daily Mail
06-05-2025
- Business
- Daily Mail
Complaints about banks soared 76% in past year: Is YOURS one of the most reported?
Complaints to the Financial Ombudsman Service about banks and credit card companies jumped by 76 per cent at the end of 2024, figures show. Banking and credit services were responsible for the lion's share of complaints made to the ombudsman, which it put down to a spike in financial scams. Of the 141,846 complaints made to the FOS, 109,155 were related to banking and credit, making up 77 per cent of the total complaints the Financial Ombudsman Service received in the second half of 2024. In the same period the previous year, it received 62,139 banking and credit complaints - marking a jump of 76 per cent. Across all sectors, complaints to the FOS surged 49 per cent in the second half of 2024 compared to the same period in 2023. The higher levels of complaints were driven by banking fraud, credit affordability disputes and motor finance commission cases, it said. Which banks were most complained about? Vanquis Bank was the most complained about firm within the banking and credit sector, according to the figures, receiving 17,612 new complaints during the second half of 2024. In the first half of 2024 Vanquis Bank received 16,067 new cases. Credit card provider NewDay was the next most complained-about firm, as it received 8,345 complaints. Out of the household name banking giants, Barclays and Revolut were among the most complained about, alongside Monzo, HSBC, Lloyds and Santander. Barclays received 4,301 complaints in the second half of 2024. Barclays has a huge customer base, which means it frequently features at the top of the most complained about banks. Revolut has 10million customers in the UK and received 3,397 new cases in the second half of 2024. The FOS said disputes about fraud and scams were one of the main drivers behind the jump in complaints about banking and credit firms. Monzo, with a similar UK customer base to Revolut, received 3,393 complaints while HSBC, which includes First Direct, and Santander received 3,276 and 2,829 complaints respectively. Lloyds, one of the UK's biggest banks with 27million customers, received 2,843 banking and credit complaints. James Dipple-Johnstone, interim chief Ombudsman at the Financial Ombudsman Service, said: 'We're committed to strengthening the dispute resolution system – so it works better for everyone and reflects the needs of today's financial landscape.'
