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Kroo Bank Ltd is founded in 2016 and has a full banking license. A current account is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 and allows you to earn 4.35% AER / 4.27% Gross (variable) interest on balance up to £500k. As part of Kroo’s commitment, it has partnered with One Tree Planted to plant two trees for every new customer, intending to plant 1 million trees by the end of 2023.
Kroo’s current account allows customers to earn a high-interest rate of 4.35% AER / 4.27% Gross (variable) interest on balance up to £500k. Only one current account per client is permitted at Kroo. Also, it provides a prepaid e-money account for existing UK clients.
Kroo prioritizes the security of its customers’ data by using multi-factor authentication, ensuring it always remains safe and protected. Deposit protection of up to £85,000, and an overdraft. In addition, the Kroo app allows customers to freeze and unfreeze their cards easily, giving them greater control over their finances and an added layer of security.
Kroo has a UK-based customer service team. Customers can message the team in-app for prompt and efficient assistance, ensuring that issues or concerns are managed effectively.
Kroo provides an overdraft of up to £2,500 with a representative interest rate of 24.9% EAR/APR (variable), with no fees or penalties. The overdraft is by invitation only, and customers must first open a Kroo current account. The overdraft service guarantees customers that they are covered for unexpected expenses without hidden fees or penalties.
Kroo’s current account offers fee-free spending worldwide with Visa’s real exchange rate. Customers can quickly check the exchange rates by clicking on a button that leads to Visa’s exchange rate calculator. In addition, customers can withdraw up to £200 every 30 days with zero fees and track shared expenses easily with the Groups functionality feature.
The Kroo current account has no opening fees, no maintenance fees, and zero commission on spending abroad. Thanks to spending insights and fully transparent fees, customers can easily manage their finances. The tables below provide customers with an overview of the fees for using the account’s main services, helping them to compare these fees.
| Service | Fee |
|---|---|
| Maintaining the account | £0/mo |
| Debit card payment in pounds | £0 |
| Debit card payment in a foreign currency | £0 |
| Cash withdrawal in pounds in the UK | £0 |
| Cash withdrawal in foreign currency outside the UK | £0 (up to £200 in any calendar month) |
| Direct debit | £0 |
| Standing order | £0 |
| Sending money within the UK – Faster Payments | £0 |
| Sending money within the UK – CHAPS payment | £20 |
| Sending money outside the UK * | |
| Receiving money from outside the UK * | |
| Arranged overdraft | 24.9% EAR/APR variable |
| Unarranged overdraft | 24.9% EAR/APR variable. Kroo will not charge more than £15 interest for any month |
| Refusing a payment due to lack of funds | £0 |
| Allowing a payment despite lack of funds | £0 |
| Cancelling a cheque | Service not available |
| Obtaining a Kroo card | £0 |
| Fee for a replacement Kroo card if you lose it | £0 (first two replacement cards) |
| Allowing a payment despite lack of funds | £0 |
| Card delivery outside the UK | £10 |
| Fee | |
|---|---|
| Maintaining the account | £0/mo |
| Debit card payment in pounds | £0 |
| Debit card payment in a foreign currency | £0 |
| Cash withdrawal in pounds in the UK | £0 |
| Cash withdrawal in foreign currency outside the UK | £0 (up to £200 in any calendar month) |
| Direct debit | £0 |
| Standing order | £0 |
| Sending money within the UK – Faster Payments | £0 |
| Sending money within the UK – CHAPS payment | £20 |
| Sending money outside the UK * | |
| Receiving money from outside the UK * | |
| Arranged overdraft | 24.9% EAR/APR variable |
| Unarranged overdraft | 24.9% EAR/APR variable. Kroo will not charge more than £15 interest for any month |
| Refusing a payment due to lack of funds | £0 |
| Allowing a payment despite lack of funds | £0 |
| Cancelling a cheque | Service not available |
| Obtaining a Kroo card | £0 |
| Fee for a replacement Kroo card if you lose it | £0 (first two replacement cards) |
| Allowing a payment despite lack of funds | £0 |
| Card delivery outside the UK | £10 |
Deposits up to £85,000 are protected by the FSCS, thanks to a full banking license granted to the company. Customers can use various security features, such as multi-factor authentication, on the app. Also, Kroo uses credit reference agencies and fraud prevention services to check customers information and prevent fraudulent activities.
Customers can chat with humans in-app by tapping “Profile” and navigating to “Help & Support.” Alternatively, customers can email help@kroo.com.
If customers have a complaint, they can submit it by emailing complaints@kroo.com.
Kroo Bank Ltd has a full banking license and deposit protection of up to £85,000 allowing it to earn 4.35% AER / 4.27% Gross (variable) interest on balance up to £500k. The Kroo app, which is available for Android and iOS, allows customers to log into their accounts securely using a fingerprint, facial recognition or fingerprint, and a PIN number. While Kroo has limitations, such as restricted overdraft of up to £2,500 and no physical branches, it remains a top choice for UK residents looking for a reliable and innovative banking experience.
