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Kroo Review
Kroo is a UK app-only bank focused on fee-free spending abroad, simple everyday banking, and a clean, modern app experience. With no monthly fees, 4.35% AER interest on current account balances, and strong sustainability commitments, Kroo offers a refreshing, transparent approach to digital banking that rewards users simply for holding money in their account.
FSCS Protection Guide — Click here to learn how the £120,000 FSCS protection scheme safeguards your savings with UK digital banks →
Key Features
| FSCS Protection | Yes — up to £120,000 per person (FSCS protected) |
| Monthly Fee | £0 — No monthly fee for the personal current account |
| Current Accounts | Yes — Personal current account with a Visa debit card, 4.35% AER interest on balances, and ethical lending policies |
| Savings Accounts | Not offered separately — Interest of 4.35% AER is paid on the entire current account balance (no cap, up to FSCS limit) |
| Credit Card | Not offered — Uses Visa Debit card only |
| Spending Abroad | Fee-free — No fees on card purchases or ATM withdrawals abroad. Visa exchange rate applies |
| App Features | Spending insights, real-time notifications, carbon footprint tracking, Pots for saving, bill splitting, tree-planting counter |
| Loans | Not offered — An arranged overdraft is available, subject to eligibility and credit check |
| Overdraft | Yes — Competitive arranged overdraft, interest charged only on the amount used |
| Top Feature | 4.35% AER interest on current account balance — one of the highest in the UK for everyday accounts |
Kroo at a Glance
- Kroo is a UK app-only bank offering simple, transparent everyday banking with no monthly fees, 4.35% AER interest on your entire current account balance (up to £85,000), fee-free spending abroad, and a clean, modern app. It also emphasises sustainability with features like carbon tracking and a tree-planting commitment, making it one of the few ethical digital banks that pays interest on everyday balances.
Kroo Services
Kroo provides a straightforward set of banking services built around a fee-free current account that pays 4.35% AER interest on balances, instant spending alerts, strong budgeting tools, and competitive overdrafts. It also includes sustainability-focused features such as carbon tracking and a tree-planting commitment, setting it apart from traditional digital banks.
✅ Pros
- 4.35% AER interest paid on entire current account balance (no savings account needed)
- No monthly account fees
- Fee-free spending abroad on card purchases
- Clean, modern mobile app with intuitive design
- Instant notifications and budgeting tools
- Competitive overdraft rates
- Sustainability features including carbon tracking and tree planting
- FSCS protected up to £120,000
- Ethical lending policy — no investment in fossil fuels
⚠️ Cons
- No cashback or rewards programme
- No dedicated savings accounts (interest is paid on current account)
- Limited product range compared to larger digital banks (no loans, investments)
- Fewer advanced features than Monzo or Starling
- Relatively new bank (launched 2022) with a smaller customer base
- No joint accounts available yet
- Interest rate is variable and subject to change
Why We Like Kroo
We like Kroo because it combines everyday usability with a genuinely ethical approach to banking — and pays one of the highest interest rates on current account balances in the UK. Fee-free spending abroad, instant notifications, and a clean app make daily money management easy, while its 4.35% AER on balances and sustainability focus create a compelling package for users who want their money to work harder and align with their values.
How We Compare Digital Banks
Compared with other UK app-only banks, Kroo delivers a simpler, more transparent everyday banking experience with a standout feature: 4.35% AER interest on current account balances. This positions it uniquely between a spending account and a savings account, challenging traditional banks like Chase (which offers 4.1% on a separate saver) and Monzo (which requires pots for interest). For users who value sustainability and want their everyday balance to earn competitive interest without moving money to a separate account, Kroo is an excellent choice — though it lacks the advanced features of more established digital banks.
Financial Information Disclaimer
The information on this website is provided for general guidance only and may not always reflect the latest fees, rates, or terms offered by each bank. While we do our best to keep content accurate and up-to-date, you should always check the bank’s official website or app before applying for an account. Nothing on this site constitutes financial advice.
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