Kroo is a fully licensed digital bank established in 2016. It received its full banking license in the UK in 2022
New digital bank Kroo is once again ramping up its bank account offerings in a bid to attract new customers.
The app-only bank, which launched its first-ever checking account in December last year, has raised its credit rate from 3.03 per cent to 3.33 per cent, on balances of up to £85,000.
The change is effective from April 1.
It will be one of the most competitive credit interest offers available, and puts the checking account in line with the best accessible savings rates available for purchase.
Kroo has attracted 42,000 bank account customers so far, and he hopes the new and improved interest rate will attract more and more customers to follow suit.
She also said that registration delays are now fixed and that customers should not wait so long to create an account.
Last month, Kroo came under fire on Twitter from a slew of angry customers who kept waiting for their bank account applications to be approved.
In some cases, customers have been waiting weeks due to oversubscriptions resulting in customer backlogs. The bank says the backlog says it has now been cleared and normal service has resumed.
A Kroo spokesperson said: ‘After high demand on our Kroo checking account, we can now confirm that our order backlog has been cleared.
Approved applications for a Kroo checking account have been notified that their account is now open, and customers whose applications have been declined have been notified.
We have automated the setup process so more apps are now running systematically and while the majority of apps do this, large deposits and some apps require more checks.
Kroo CEO, Andrea De Gottardo
“If customers want to check on the progress of their order, they can expect a response from Kroo within one to five business days.”
Speaking about the new credit rate, Andrea Di Gottardo, CEO of Kroo, said: ‘We truly believe in changing the banking industry for the better by providing customers with the fair deal, first-hand experience and no strings attached that they deserve. their bank.
That is why we have decided to increase the interest rate on the current account in line with the Bank of England.
We provide customers with an account to keep all their money in one place and benefit from the higher interest levels normally associated with a savings account. Now more than ever, who you deal with really matters.
What is Kroo and should you open an account?
Kroo is only the third bank to have a full banking license in the UK since 2016, and customers are fully protected under the Financial Services Compensation Scheme.
It has branded itself as a ‘socially conscious’ bank and aims to woo people by promising to plant two trees for every account opened, with a goal of planting one million trees by the end of 2023.
It has a lot of competition in the app-based banking arena, with banks like Monzo and Starling already serving millions of customers in the UK.
> Read our review of the four largest digital banks
Arguably changing the credit rate of 3.33 per cent will keep it as one of the best UK bank accounts for interest on credit.
Nationwide offers 5 per cent interest for new joiners in the first year – but only on balances of up to £1,500.
A person who maintains a balance of £10,000 in a Kroo checking account can expect to earn £333 over the course of a year, if the interest rate remains the same.
> Check that it measures up against other banks
Compared to the best easy access savings rates on the market, Kroo looks very competitive, with the best easy access rate currently at 3.4 percent.
Kroo, like many other app-based accounts, provides customers with a breakdown of their spending habits.
In addition to the higher interest rate, the Kroo checking account allows customers to share, track and split bills.
It also offers no charges for spending when using its debit card abroad and a lower rate on overdrafts than most major banks.
Those who wish to take advantage of the Kroo deal will not need to use an existing account switch service to do so.
It can simply be used as a secondary bank account, as there are no fees or requirements for creating an account.
To set up an account, converts will need to download the mobile app and run a five- to 10-minute registration process.
That’s five money from the best checking accounts
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