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.
Moreover, 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 article, we will uncover Kroo’ availability and expansion plans in United States, as well as provide alternative solutions.
Is Kroo available in United States?
Unfortunately, Kroo is not available in United States and it’s currently available exclusively for UK residents.
So, you need to be a UK resident in order to be able to utilize Kroo!
As the world of digital banking evolves, U.S. residents looking for sophisticated and user-friendly banking platforms have a variety of options. Kroo has gained popularity in UK for its no-fee banking services and features like early direct deposit and automatic savings. However, Kroo is not available in United States.
However, there are still another relevant options that might fit your specific needs. In this article, we will explore the best Kroo alternatives accessible to Americans who wish to benefit from innovative digital banking services. We will look at the best neobanks and fintech platforms that cater to the unique needs and preferences of American users, offering features such as low fees, seamless transactions, and comprehensive mobile banking solutions.
Whether you are a seasoned user or just getting started, keep reading to learn about the best options for managing your finances efficiently.
If you would like to read a full review of Kroo just click here!
Kroo Alternatives in United States
In this section, we will be discussing 3 alternatives that share comparable features with Kroo in United States:
- Revolut
- Chime
- Aspiration
Revolut
Revolut was founded by Vlad Yatsenko and Nikolay Storonsky, former financial engineers, with the aim of creating an intuitive platform for international money transfers. Since its inception, the company has experienced significant investment, with a valuation of $1.7 billion after raising $250 million in 2018.
In addition, Revolut’s name reflects its ambition to revolutionize banking services, and its success is evident from its vast customer base and a presence in 152 cities with 152 payment options and money transfer solutions in 30 currencies.
Key features
- Account options: Revolut offers 5 different plans for current accounts (also business and junior accounts), providing you with a tailored plan for your needs.
- Savings interest rates: Up to 4.75% annual interest on your savings (depending on the plan).
- Minimum Deposits: There is not a minimum amount required to start an account.
- Asset Classes: You can invest in Stocks, Commodities and Crypto
- Funding Options: You can fund your account with Revolut from Europe through bank transfers, credit / debit card payments or via OnlineBanking apps.
- Additional Costs: Besides the monthly plan, there are also transfer fees, ATM withdrawal fees and currency exchange rates (everything depending on your plan).
- Platform: Designed for user convenience and efficiency, providing a comprehensive suite of financial tools in a single, intuitive interface. The app supports various functions including banking, budgeting, investing, and currency exchange.
- Security: Revolut Bank UAB, is authorised by the European Central Bank and the Bank of Lithuania. All European customers’ funds are protected by the Lithuanian State Company “Deposit and Investment Insurance”. As a result, Revolut customer deposits in Europe are insured up to a maximum of EUR 100,000.
However, if you still have doubts about Revolut being the right fit for you, just click here and read our full in-depth 2024 review!
Chime
Chime was founded by Chris Britt and Ryan King, driven by the vision of creating a banking experience that prioritizes customer needs and eliminates unnecessary fees. Since its inception in 2013, the company has seen substantial growth, currently serving over 20 million users across the United States and securing a strong position in the fintech industry with significant investments and a high valuation.
In addition, Chime also emphasizes financial health with its automated savings programs. The Save When You Get Paid feature automatically transfers a percentage of direct deposits into a savings account, while Save When You Spend rounds up purchases to the nearest dollar, transferring the difference to savings. These tools make saving effortless and habitual.
Key features
- Account options: Chime offers a free checkings account and also a free savings account, providing you with a tailored plan for your needs.
- Savings interest rates: Up to 2% annual interest on your savings (depending on the plan).
- Minimum Deposits: There is not a minimum amount required to start an account.
- Extras: Credit builder with no annual fee or interest
- Funding Options: You can fund your account with Chime from United States through bank transfers, credit / debit card payments or via OnlineBanking apps.
- Additional Costs: Chime assesses a $2.50 ATM withdrawal fee when you withdraw cash at an out-of-network machine. The ATM operator may also charge a third-party fee.
- Platform: Designed for user convenience and efficiency, providing a comprehensive suite of financial tools in a single, intuitive interface. The app supports various functions including banking, budgeting, investing, and currency exchange.
- Security: Chime accounts are insured up to the standard maximum deposit insurance amount of $250,000 through our partner banks, Stride Bank, N.A. or The Bancorp Bank, N.A., Members FDIC.
However, if you still have doubts about Chime being the right fit for you, just click here and read our full in-depth 2024 review!
Aspiration
Founded on the principles of sustainability and social responsibility, Aspiration provides options like sustainable investing portfolios, which allow users to invest in companies that prioritize environmental and social governance (ESG) criteria. These investments are aimed at generating financial returns while promoting positive environmental and social outcomes.
In addition, Aspiration’s flagship product, the Aspiration Spend & Save Account, combines everyday banking features with a commitment to transparency and fair fees. Customers can opt to pay what they think is fair, with no hidden fees and access to fee-free ATMs nationwide. The account also includes a debit card that rewards users with cashback on purchases made at environmentally-friendly businesses.
Key features
- Account options: Aspiration offers 2 different plans for current accounts, providing you with a tailored plan for your needs.
- Savings interest rates: Up to 3% annual interest on your savings (depending on the plan).
- Minimum Deposits: There is not a minimum amount required to start an account.
- Funding Options: You can fund your account with Aspiration from Europe through bank transfers, credit / debit card payments or via OnlineBanking apps.
- Additional Costs: Besides the monthly plan, there are also a $19.50 fee for each international transfer made and some cash withdrawal fee.
- Platform: Designed for user convenience and efficiency, providing a comprehensive suite of financial tools in a single, intuitive interface. The app supports various functions including banking, budgeting, investing, and currency exchange.
- Security:Money deposited into Aspiration is held at FDIC-insured banks, so your funds in these deposit accounts are as safe as they would be in any U.S. bank. While risk is inherent in all investment accounts, Aspiration is an SEC-registered broker-dealer and a member FINRA/SIPC, meaning your assets are protected.
However, if you still have doubts about Aspiration being the right fit for you, just click here and read our full in-depth 2024 review!
Final Thoughts
Although Kroo is not accessible in United States, there are still plenty of other options available to assist people in achieving their financial objectives. There are local and global solutions available, each catering to a different desire and set of financial goals.
Having said so, always remember that choosing the best neobank depends on your personal goals and financial situation, so it’s essential to stay informed about the latest developments and explore the ever-expanding range of financial tools available.
We hope we helped you in your search for the Best Alternatives for Kroo in United States.
