Kroo Review

Company background

Kroo is a licensed bank, founded in 2016, headquartered in the United Kingdom, operating under Kroo Bank Ltd. Kroo pays a headline rate of interest just for keeping money in your current account, which makes it a compelling FSCS-protected home for an everyday GBP balance. We rate it best for interest on your balance. It is a phone-first current account, bundling in-app savings, budgeting tools and joint accounts into one app.

Fees and pricing

On day-to-day costs, Kroo charges no monthly account fee, and applies a 0% markup on foreign-currency spending.

• Monthly fee: no monthly account fee.
• FX markup: 0% on spending outside your currency.
• ATM withdrawals: 0% fee.
• Savings: up to 4.1% AER on in-app balances.

For everyday domestic use the running cost is effectively nil, so the figure that matters most is how often you spend or withdraw in another currency.

Regulation and safety

Kroo operates as a licensed bank, regulated by FCA and PRA. Eligible deposits are protected up to 85,000 GBP under FSCS up to 85,000 GBP. That guarantee is backed by a national compensation scheme, so your covered balance is returned even if the provider fails.

Platform experience

Kroo is available across iOS, Android and Web. The mobile apps score 4.7/5 on the App Store and 4.3/5 on Google Play. Payments run on a Mastercard physical and virtual card, and it works with Apple Pay and Google Pay.

Pros and cons

On the plus side, fSCS-protected UK bank paying interest on the current-account balance, no fees on spending or ATM withdrawals abroad and shared group accounts for splitting bills. The main trade-offs are gBP-only with no multi-currency holding and smaller feature set than the established UK challengers. On balance it is a comfortable pick best for interest on your balance, provided its limitations line up with how you actually bank.