Founded in 2016 with a vision to simplify banking for young professionals and digital natives, Kroo offers features such as real-time spending notifications, budgeting tools, and fee-free foreign transactions.
Kroo is a UK-based neobank that focuses on providing personalized banking experiences through its mobile app. Headquartered in London, aiming to empower users with innovative financial solutions tailored to their lifestyle and financial needs.
Kroo places a strong emphasis on social features, allowing users to create and manage shared expenses with friends and family. This includes bill splitting and tracking group expenses, which simplifies financial coordination among groups and enhances the social aspect of managing money.
In this review, we will dive deeper into the key features and benefits of Kroo.
Overview
Kroo excels in transparency and customer empowerment by emphasizing ethical banking practices and user-centric features. The bank is dedicated to providing modern and user-friendly financial services that align with social and environmental values. This commitment is reflected in its innovative products and services designed for the needs of socially and environmentally conscious consumers.
However, despite its strengths, Kroo is currently available primarily in the United Kingdom, which limits its accessibility to a global audience. Additionally, as a digital bank, Kroo does not offer traditional banking services like physical branches.
In addition Kroo’s current accounts come with no monthly fees, making banking more accessible and cost-effective. Users receive a Mastercard debit card for everyday transactions, along with the ability to manage money transfers, direct debits, and standing orders seamlessly.
The user-friendly mobile app, available on both iOS and Android, enhances the banking experience by providing real-time transaction notifications, budgeting tools, and the ability to instantly freeze or unfreeze the debit card.
While Kroo provides valuable financial insights and personalized advice based on spending patterns, it also maintains a strong focus on customer support. The bank offers responsive assistance through the app and other digital channels, ensuring that users receive timely and effective help whenever needed. This user-centric approach underscores Kroo’s commitment to a positive and supportive banking experience.
By offering innovative features, transparent operations, and a strong commitment to social and environmental responsibility, Kroo stands out as a modern alternative to traditional banks, appealing to consumers who value both convenience and ethical banking practices.
Pros and Cons
Pros
- No account fees
- No overseas transaction fees
- 4.35% AER interest on current account balance
- Fully licensed bank in UK
- Ergonomic and intuitive app
Cons
- Overdraft only by invitation
- ATM withdrawal fees after £200 in foreign currency
- No joint accounts or credit cards options available
- Response times from customer service can be slow
Account Types
With Kroo, you only have one option for current account!
The current account comes with:
- Visa debit card
- 4.35% AER / 4.27% Gross (variable) interest Interest is calculated daily and paid monthly
- Free to open and has no monthly fees
- Overdraft and personal loans availability (eligibility may apply)
- Zero fees on spending abroad
- Apple Pay available
- Up to £200 in fee-free foreign currency cash withdrawal outside the Uk (after that a 3% fee)
- Free cash withdrawals in pounds
How to open an account
In order to use Kroo, you will need to be eligible for a Kroo current account by providing the following:
- Be over the age of 18 and be a legal resident of UK
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
- Selfie for account security
- Download the Kroo app
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
The Kroo Debit Card
No matter which account you choose, your Kroo debit card will be a Visa, which you can use to make purchases around the world wherever Visa is accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than and you can also associate your virtual card with your Apple Pay wallet.
The Kroo Overdraft
Kroo’s personal overdraft is available via invitation only in the app, and offers a real-time, comprehensive view of your finances at your fingertips. You can adjust your limit, track usage, accrue interest, monitor real-time balance, and receive instant notifications and alerts.
Likewise, it comes if some interesting features:
- 24.9% APR Variable interest rate
- No penalty fee
- Up to £2500 overdraft limit
- No additional fees
Overdrafts are currently available, but are subject to invitation and application!
Fees
The only fee that applies is a 3% fee in foreign currecy cash withdrawal outside the UK (after the £200 fee-free being withdrawal). Also, Kroo charges zero fees for all foreign purchases (0% markup)
In addition, Kroo uses Visa’s exchange rate, which is added on top of the European Central Bank (ECB) rates and passes that straight to you.
Finally, besides those key points, everything is fee-free for you!
Safety Measures
All of your deposits into Kroo are protected by the Financial Services Compensation Scheme (FSCS). This means that if Kroo goes bust then up to £85,000 is protected and can be reimbursed to you.
In fact, Kroo policies are designed to ensure the protection of personal information. The company stores and processes data hosted in the cloud and also use artificial intelligence and machine learning to protect your account.
In order to ensure your card’s security, Kroo offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card for safe online shopping
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Kroo is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Kroo’s service is currently focused on customers within the United Kingdom, providing its innovative range of financial products exclusively to residents of the country. This localized approach ensures that anyone residing in the UK can easily access Kroo’s diverse banking solutions designed to cater to modern financial needs with an emphasis on ethical and sustainable practices.
This availability means that if you reside in the United Kingdom, you can easily open an account with Kroo and benefit from its user-friendly current accounts, Mastercard debit card, and comprehensive mobile app features.
Costumer Service
In the app and user account on the website, customers can access an email to contact technical support that is shown in the website.
In addition, the website and app have a basic FAQs section and a blog with up-to-date information on the bank’s activities.
Bottom line
Founded with a mission to provide accessible and innovative financial solutions, Kroo offers a range of services tailored to meet the needs of modern consumers in the United Kingdom. Central to its offerings is the Kroo current account, with its competitive interest rate of 4.35% on account balances, which is attractive for funds kept in the account. The account includes a Visa debit card for seamless transactions, complemented by features like easy money transfers, direct debits, and standing orders.
Kroo’s mobile app, available on iOS and Android, enhances the banking experience with real-time notifications for transactions, budgeting tools, and the ability to instantly freeze or unfreeze the debit card. This technological integration ensures convenience and transparency in managing finances.
Despite its strenghts, Kroo’s services are currently limited to the United Kingdom, restricting accessibility to a global audience. Moreover, as a digital bank, Kroo does not operate physical branches, focusing instead on providing comprehensive online banking solutions.
In summary, Kroo represents a modern approach to banking that prioritizes ethical standards and user-centric innovation. Whether managing everyday finances or supporting environmental initiatives through banking activities, Kroo offers a compelling choice for individuals seeking to align their financial decisions with their values within the UK.
