Updated September 29, 2026 · VaultCue Editorial Team
Kroo vs Varo Bank
Kroo
Higher score in this comparison
Varo Bank
Kroo vs Varo Bank: the differences
| Compare | KrooReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | £0 | $0 |
| Deposit protection | FSCS up to GBP 85,000 | FDIC up to USD 250,000 |
| Local account details | UK sort code | Us ACH |
| Free ATM withdrawals | £0 | $0 |
| Transfer fee | Faster Payments GBP 0, CHAPS GBP 20; sending money outside the UK not available | Free |
| Licence type | Not confirmed | Bank |
Same on both: Currency conversion fee (0%).
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Key differences
- Founded is lower at Varo Bank: 2015 vs 2016.
- Kroo is available in 3 more countries.
- Local account details: only Kroo offers UK sort code.
- Local account details: only Varo Bank offers Us ACH.
- Pricing model: only Kroo offers Low FX.
- Features: only Varo Bank offers No credit check.
Our verdict on each
Kroo
Kroo is a UK digital current account for people who spend and send money abroad, with a monthly fee of £0 and currency conversion at 0%. Interest lands on the cleared balance at a variable 2.65%, credited monthly, so the account pays you while the money waits.
Varo Bank
Varo Bank suits people who want a free digital bank account and an easy-access savings balance without a minimum deposit. It charges a monthly fee of $0, pays a variable rate of 1% to 3.75% and holds deposits under FDIC up to USD 250,000.
Score breakdown
| Area | Kroo | Varo Bank |
|---|---|---|
| Cost | 9.4HigherMonthly fee £0, cash machine allowance £0 and conversion 0%, ranked 1 on the cost list. | 9.3 |
| Offer | 9.1Higher | 9.0 |
| Trust | 8.4 | 8.5Higher |
How they place
| Ranking | Kroo | Varo Bank |
|---|---|---|
| Savings accounts | 410 of 1420 | 440 of 1420 |
| Online banks | 125 of 402 | 134 of 402 |
Availability and regulation
| Country | Kroo | Varo Bank |
|---|---|---|
| United Kingdom | Financial Conduct Authority 953772 | Not confirmed |
| United States | Not confirmed | FDIC FDIC cert 59190 |
Additional countries for Kroo: 4. Additional countries for Varo Bank: 1.
Spending 1,000 abroad
Kroo
0
0% of 1,000
Varo Bank
0
0% of 1,000
Both come to the same total.
Worked out from the stated prices and rates; your own total depends on how you use it. Facts checked September 26, 2026.
Sources behind this comparison
Kroo
- kroo.com: 12 facts, checked September 26, 2026
- help.kroo.com: 1 fact, checked September 26, 2026
Varo Bank
- varomoney.com: 8 facts, checked September 26, 2026
- banks.data.fdic.gov: 3 facts, checked September 26, 2026
- support.varomoney.com: 1 fact, checked September 26, 2026
Every fact side by side
| Fact | Kroo | Varo Bank |
|---|---|---|
| Audience | Travelers | Not confirmed |
| Pricing model | No monthly fee, Low FXCovers more | No monthly fee |
| Features | Free ATM, Digital only | Free ATM, Digital only, No credit checkCovers more |
| Legal entity | Kroo Bank Ltd | Varo Bank, National Association |
| Headquarters | United Kingdom | United States |
| Founded | 2016 | 2015Lower |
| Support channels | Email, Chat, Phone, Help centre | Email, Chat, Phone, Help centre |
Savings
| Fact | Kroo | Varo Bank |
|---|---|---|
| Headline rate | 2.65% | 1% to 3.75%Higher |
| Rate type | Variable | Variable |
| Minimum deposit | £0 | $0 |
| Access terms | Interest calculated daily on the cleared balance and credited monthly; account operated in-app 24/7, no notice period, close at any time | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers |
| Account kind | Easy access | Easy access |
Where each stands against the rest
| Fact | Kroo | Varo Bank | Median |
|---|---|---|---|
| Currency conversion fee | 0%below the median | 0%below the median | 0.5% |
Median across 377 listed accounts.
Pros and cons
Kroo
Pros
- A monthly fee of £0 and a cash machine allowance of £0 on the current account.
- Currency conversion of 0%, with the account aimed at travelers.
- FSCS up to GBP 85,000, with the Financial Conduct Authority as regulator under licence 953772.
Cons
- Digital only banking, with support running on email, chat and phone.
- Transfers are split by scheme, with Faster Payments free and CHAPS carrying a charge on the current account.
- The variable 2.65% is easy access money rather than a savings return, sitting under the 3% site median.
Varo Bank
Pros
- A monthly fee of $0 applies, matching the site median of €0
- The savings account takes a minimum deposit of $0 and pays a variable rate of 1% to 3.75%
- Transfers are free and the ATM allowance is $0
Cons
- The savings rate is variable, so the 1% to 3.75% range can move
- The service is digital-only, which needs a phone and app access for everyday banking
- It is a US bank licence, and the local payment detail is us ach
Who each suits
Kroo
Who it suits
- People who travel often and spend in other currencies, since the account is aimed at travelers and conversion runs at 0%.
- UK residents happy to run everything in the app, with support on email, chat and phone and a minimum deposit of £0.
- Anyone keeping a sterling balance as a rainy day fund, with FSCS up to GBP 85,000 and interest credited monthly.
Who should look elsewhere
- Anyone who needs to send money outside the UK from their account, since those transfers are not available; a euro option such as Bit2Me, monthly fee €0, is worth weighing.
- People who want a card led everyday account instead of an app based one, weighing Kroo against the Varo Visa Debit Card, monthly fee $0.
Varo Bank
Who it suits
- You want a savings balance you can reach at any time from the app
- You want no monthly charge on the everyday account
- You want a bank rather than an e-money or payment institution
Who should look elsewhere
- You want a fixed-rate term deposit, since the rate here is variable
- You need branches or in-person service, as the service is digital-only
- You need euro or UK payment details, and the local detail is us ach
Country by country
| Country | Kroo | Varo Bank |
|---|---|---|
| Guernsey | Yes | No |
| Isle of Man | Yes | No |
| Jersey | Yes | No |
| United Kingdom | Yes | No |
| United States | No | Yes |
Questions about each
Kroo
What does Kroo charge to hold the account?+
Kroo's current account charges a monthly fee of £0, with a cash machine allowance of £0 and currency conversion of 0%. Those are the fees published for the account, and the balance earns a variable 2.65% credited monthly.
Is money in a Kroo account protected?+
Deposits are covered by FSCS up to GBP 85,000, and the account is held at Kroo Bank Ltd, based in the United Kingdom, with the Financial Conduct Authority as regulator under licence 953772. Help runs on email, chat and phone.
Varo Bank
What does Varo Bank charge each month?+
Varo Bank charges a monthly fee of $0 on the everyday account, which matches the site median of €0. Transfers are free and the ATM allowance is $0, so day to day banking costs nothing extra.
How much interest does the Varo savings account pay?+
The savings account pays a variable rate of 1% to 3.75%. Because the rate is variable, the range can move over time. The site median headline rate is 3%, so this sits at the higher end of typical savings listings.
Other options to compare
Other matchups
Related by the facts
Kroo
Varo Bank