How EXACTLY Does Snowball Work?

David ChristinoFinancial Tech

Simple checklist to guide user through setup

Thank You!

The Snowball App is now available exclusively for iOS in the App Store and we would like to extend a heartfelt “Thank You” to all of our early adopters. Because of you, the release of Snowball has been a huge success. We knew when we were creating Snowball there was a need for it, and if we did it right, it would have a profoundly positive impact on our users’ lives.

We want to take some time to answer a few general questions about the App that have been addressed in conversations with our users.

How EXACTLY Does The Snowball App Work?

Snowball pays off almost any debt with your Spare Change from everyday purchases. For example, you hit up Starbucks for an Orange Mocha Frappuccino for $4.35, Snowball will calculate spare change of $0.65. When the sum of your Spare Change is about $5.00, it is withdrawn and saved for payment to the debt provided. Depending on how active of a spender you are, this could be once every few days, or once per day.

Cleared Spare Change payments are sent out on the 3rd and 17th of each month. All details of Snowball transactions are provided in the “transactions” screen.

If you haven’t already, download Snowball and give it a try.

How Do I Setup My Account?

Estimate Your Savings
After installing Snowball on your iPhone you’ll be prompted to enter your debts so we can estimate your interest savings. You have the choice of entering credit cards and/or loans. Snowball will generate a graph of your accelerated payoff and the resulting interest savings. Adjust the “spare change” slider to understand how much of an impact your spare change has on your savings.

Create Your Account
Creating your account is simple: Name and email address. Upon creating your account, Snowball will require that you set a 6-digit security PIN for quick access. Additionally you may choose to access via your Touch ID.

Connect Your Accounts
In order to calculate and apply your Spare Change to your debts you must connect your regular spending account, which must be a checking account. From the checklist presented when entering the app, click on “Connect Accounts” then simply select your banking institution and enter your credentials. Snowball does not store your username or password.

Add Your Debt Details
There is some basic information we need in order to ensure that your Spare Change is credited correctly at your institution: Name on the Account, institution name, account number and the zip code of the institution. The debt with the highest interest rate will be paid off first.

DONE! Spend normally and watch your savings GROW…. or rather, watch Debt Balances SHRINK!

Does Snowball Store My Banking Credentials?

No. Banking credentials are never store inside the Snowball App or on the Snowball servers. Snowball uses an encrypted token based process to verify and connect your accounts. Meaning, once credentials are entered, Snowball never uses them again. Snowball implements bank level security, including multi-factor authentication required by most banks.

How much does Snowball cost?

Your first month is always free with, after that we charge just $1.99/month by deducting it from the spare change. Save $1,000s for less than the cost of a cup of coffee. Cancel anytime, no questions asked. Well…1 question. We generally like to ask if you could provide any feedback, so that we can make Snowball better for everyone.

Since launch we have received a lot of valuable feedback. Through conversations with our users, we have been able to determine what you liked/didn’t like, what didn’t work for you and issues you were having with setting up the app. Listening and reacting to our users’ feedback is a priority and critical in providing the best possible experience. We have gone to great lengths to make updates and upgrades as quickly as possible and we will continue to do so. Our team looks forward to continued feedback from our users and we are committed to helping you pay off your debt while saving thousands in interest.

Keep the feedback coming, submit through the app or email

Thank once again, Thank You!

The Snowball Team 🙂