Kroo Current Accounts | BankReviews.uk

The experts say:

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Kroo is a new, digital bank, known for paying a high rate of interest on current account balances, and for its environmental commitments – the company plants 2 trees for every new customer who signs up with them. It's a good choice for people who like to travel, as there are no fees to pay on card purchases abroad. Like other digital banks (e.g. Starling, Monzo), it may be a less good choice for people who need an overdraft, as they are only available by invitation from Kroo. While Kroo emphasises the way its mobile app can help you track your spending and split bills, it's worth noting Fairer Finance rates Kroo 3 Stars, meaning you know you're getting a solid current account product too.

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What Kroo customers are saying right now:

The Good

😀User friendly application process
⏰Quick approval time
👍Instant acknowledgement of first deposit
🔒Robust security against hackers
💰Good rate of interest :moneybag:

The Bad

😠 Slow and unresponsive customer service
😤 Painful sign up process due to freezing pages
😖 Transfer into account not received

Kroo customer reviews summary

Kroo current accounts have seen a mixed reception from customers, with some praising the easy sign-up process and quick approval, while others have experienced slower processes and poor customer service. Although some have had successful applications, frozen pages, delayed payments and difficulties contacting customer service have been reported. Despite this, Kroo current accounts offer competitive rates of interest and a straightforward app design. Overall, Kroo current accounts receive a score of 6 out of 10.

Is Kroo one of this year's Top 10 current account providers?

Frequently Asked Questions about Kroo

Has anybody successfully opened a Kroo Account?

The short answer is yes – but a fair number of customers have reported delays 🙄. Kroo states that it is "currently receiving high volumes of applications" and that it could take up to 14 days to review each one.

How do you open a Kroo current account?

As Kroo is a digital bank, you need to download the Kroo app to be able to apply 📱. Android users can get it from the Play Store, and iOS (Apple) users can get it from the App Store.

Who owns Kroo Bank?

Kroo is a so-called "neobank" – a privately-owned fintech startup, authorised by regulators to provide banking services 💰. Its investors are a venture capital fund called Karlani Capital, and the fund's founder, Rudy Karsan. It was previously known as B-Social.

Can you open a Joint Account with Kroo?

There is no mention of Join Accounts on Kroo's websites 🧑‍🤝‍🧑. It's worth noting that it was several years before earlier digital banks like Starling started offering joint accounts.

What ID does Kroo require to open an account?

Kroo asks for two pieces of identification during the application process:

Photo ID 🛂. This can be a passport, UK driving licence, UK biometric residence permit, or EU national identity card. You make a scan of it using the Kroo app.
A selfie video 🤳. You record this in the app during the sign-up process.

Is Kroo legitimate?

Yes 👌. Kroo has been authorised as a bank by the Prudential Regulation Authority since 2022, and is regulated by the Financial Conduct Authority and Prudential Regulation Authority (its registration number is 953772, in case you want to look it up in the FCA register). Deposits with Kroo are covered by the Financial Services Compensation Scheme (FSCS), which ensures that customers' money is guaranteed by the UK government up to a maximum of £85,000.

Kroo Current Account Review

Robin Banks