Kroo Review: A Current Account Paying 3.00% AER, With No Fees Abroad

Kroo is the smallest bank in this batch and has the simplest pitch: the current account pays interest on the money you live off, there is no monthly fee, and Kroo charges nothing when you use the card abroad. Founded in 2016 and granted a full UK banking licence in 2022, it now offers a Cash ISA and personal loans alongside the current account, but no joint or business accounts. This review covers the rate, the small print behind it, what a trip to Lisbon and Malta costs, and whether Kroo works as your main bank. For the wider field, see our banking apps hub.

This review is information, not financial advice.

Kroo Promo Code box

• Offer: 3.00% AER / 2.96% gross (variable) on current account balances up to £500,000 ($666,300 / €593,350) for new customers, including a 2.00% AER fixed bonus for 12 months
• Promo Code: No Promo Code needed
• Who qualifies: new Kroo current account customers aged 18 or over who are permanent UK residents
• Key terms: after 12 months the rate becomes a tracker 2.75% below the Bank of England base rate; no monthly fee, no minimum deposit

Offer detail	What you get
Promo Code	No Promo Code needed
Welcome offer	3.00% AER (variable) on the current account for new customers, including a 2.00% AER fixed bonus for the first 12 months
Who qualifies	New customers aged 18+, permanent UK residents with valid photo ID, a mobile number and an email address
Key terms	Applies to accounts opened from midday on 5 October 2026; balances up to £500,000; after 12 months the rate tracks 2.75% below Bank of England base rate
How to claim	Download the Kroo app, apply with photo ID and add money; interest is paid monthly

Get the Kroo offer

Key facts

• Owner: Kroo Bank Ltd, London
• Founded: 2016; full UK banking licence in 2022
• Regulation: authorised by the PRA, regulated by the FCA and PRA, firm registration number 953772
• Deposit protection: FSCS, up to £120,000 ($159,912 / €142,404) per customer
• Monthly fee: £0, no paid tiers, no minimum balance
• Current account interest: 3.00% AER (variable) for new customers, including a 12-month bonus
• Cash ISA: 3.00% AER / 2.96% gross, tax-free (variable)
• Card spending and cash abroad: no Kroo fees, Visa exchange rate
• App rating: 4.8 on the UK App Store (27k ratings)
• Trustpilot: 4.1 from 11,690 reviews

Verdict

Kroo does one thing better than most: it pays a decent rate on money sitting in your current account, with no hoops to jump through. Pair that with a free card that costs nothing extra abroad and you have a useful account for salary and travel. It is less complete than Monzo or Starling. There are no joint or business accounts, the bonus lasts only a year, and the customer reviews that go wrong tend to go badly wrong, with frozen accounts and slow replies. As a second account for travel and a rainy-day balance, it is easy to recommend.

Pros

• Interest on the current account itself, paid monthly
• No monthly fee, no minimum deposit and no minimum balance
• No Kroo fees on card spending or cash abroad
• Flexible Cash ISA at 3.00% AER
• Freephone support and in-app chat

Cons

• The 2.00% bonus lasts only 12 months
• After the bonus, the rate tracks well below the base rate
• Personal accounts only: no joint or business accounts
• No current refer-a-friend scheme
• Trustpilot complaints about frozen accounts and slow support

Kroo referral and switching offers

Kroo’s main incentive is the interest rate itself, not a cash bonus. Its last refer-a-friend scheme, which paid £5 to each side and was open only to selected customers, closed on 1 September 2026, and no replacement is listed on Kroo’s site. Kroo does not advertise a cash switching incentive either.

Kroo prices, fees and interest rates

There is one personal current account and it has no monthly fee, no minimum deposit and no minimum balance. The interest structure depends on when you opened it:

Account opened	Rate	How it works
From midday on 5 October 2026	3.00% AER / 2.96% gross (variable)	Includes a 2.00% AER fixed bonus for 12 months, then a tracker 2.75% below the Bank of England base rate
Before 5 October 2026	2.65% AER / 2.62% gross (variable)	Tracker 1.10% below the Bank of England base rate

Interest is calculated daily on balances up to £500,000, paid monthly on the first of the month and shown in the app under your balance. These are checked figures from Kroo’s help centre and website; tracker rates move whenever the Bank of England changes the base rate.

The Flexible Cash ISA pays 3.00% AER / 2.96% gross (variable), tax-free, with free deposits and withdrawals. You need a Kroo current account first.

The worked saving: £5,000 in a Kroo current account

A junior doctor in Glasgow keeps about £5,000 in her current account between pay days, rent and a holiday fund. At 3.00% AER, Kroo pays about £150 ($199.89 / €178.01) over the first year without her moving a penny into a separate saver. The same balance in a typical current account that pays no interest earns nothing.

The sums change after year one. Once the 2.00% bonus ends, new customers move to a tracker 2.75% below the base rate. Using the rates Kroo published when we checked, that implies a little over 1%, or roughly £50 a year on £5,000. At that point a dedicated saver, such as Chase’s or Starling’s, or Kroo’s own Cash ISA, will usually pay more.

Fees abroad: €500 in Lisbon, cash in Malta

Kroo charges no fee for using its debit card abroad, passes on Visa’s exchange rate and adds no fee of its own to cash withdrawals. Cash machine operators may still charge.

Picture a student on an Erasmus placement who spends €500 on rent top-ups and groceries in Lisbon, about £421.34 at our reference rate, then withdraws €200 (about £168.53) in Malta during a weekend visit. Kroo’s fees: £0. Pay in euros, not pounds, to avoid the merchant’s conversion. Kroo’s key information page does not publish a separate cap on cash withdrawals abroad, so check the limits shown in your app before a long trip.

For data abroad, see our travel eSIM guide.

Kroo vs Wise vs Revolut abroad

	Kroo	Wise	Revolut Standard
Monthly fee	£0	£0 (card costs £7 to order)	£0
Card spending in euros	No Kroo fee, Visa rate	Mid-market rate plus a conversion fee shown before you pay	Free up to £1,000 exchange a month, then 1%
Cash abroad	No Kroo fee	£250 a month free, then 2.69%	5 withdrawals or £200 a month free, then 2% (minimum £1)
Interest on everyday balance	3.00% AER (new customers)	See our Wise review	See our Revolut review
FSCS cover	Yes	No: e-money, safeguarded	See our Revolut review

Kroo’s advantage is that the travel card and the interest-paying balance are the same account. Wise and Revolut do more with multiple currencies.

Is Kroo safe? FSCS and FCA authorisation

Kroo Bank Ltd is registered in England and Wales (company number 10359002) at 3 More London Riverside, London SE1 2AQ. It is authorised as a bank by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, with firm registration number 953772. Eligible deposits are protected by the FSCS up to £120,000 per customer. Kroo was granted its full banking licence in 2022.

App ratings, support and what users say

Kroo’s app scores 4.8 on the UK App Store from 27,000 ratings. It is also available on Google Play.

Support runs through in-app chat (Account, then “Chat with support”), email at help@kroo.com, and phone on 0800 802 1323, or +44 1270 448008 from outside the UK.

On Trustpilot, Kroo scores 4.1 out of 5 from 11,690 reviews: 74% five-star and 13% one-star. Happy customers mention the easy set-up, the interest on their current account and the savings pots. Unhappy ones describe accounts or funds frozen for days or weeks without explanation, accounts closed with little notice, slow or automated support in fraud cases, and frustration over the lack of joint accounts, credit cards and overdrafts.

Who Kroo suits

• Students: only from 18, but a useful interest-paying account for a student loan instalment that has to last a term.
• Travellers: good. No Kroo fees abroad and the Visa rate, with interest on the money waiting to be spent.
• Freelancers: Kroo offers personal accounts only. It can hold a tax pot that earns interest, but invoices should go to a separate business account.

How to open a Kroo account, step by step

1. Check you are 18 or over and a permanent UK resident.
2. Have your mobile number, email address and a valid photo ID ready: a passport, a UK full or provisional driving licence, a UK Biometric Residence Permit or an EU national identity card.
3. Download the Kroo app from the App Store or Google Play.
4. Enter your details and verify your identity in the app.
5. Add money. There is no minimum deposit.
6. Add your card to Apple Pay or Google Pay, and open the Cash ISA if you want tax-free savings.
7. Check your rate under your balance on the Home tab; interest arrives on the first of each month.

Kroo vs Monzo vs Starling vs Chase

	Kroo	Monzo	Starling	Chase UK
Monthly fee	Free	Free; paid plans £3 to £23	Free	Free
Interest on current account	3.00% AER (new customers)	No; Pots pay 2.75% AER on the free plan	No	No; saver pays 4.5% AER for 12 months
Fee on card spending abroad	None	None	None	None
Cash abroad	No Kroo fee	EEA free; £200 to £600 elsewhere	No fee, £300 a day	No fee, £500 a day, £1,500 a month
Joint or business accounts	No	Yes	Yes	Not covered here
FSCS	Up to £120,000	Up to £120,000	Up to £120,000	Up to £120,000

Kroo FAQs

Is there a Kroo promo code or sign-up bonus?
No Promo Code is needed. New customers get 3.00% AER (variable) on their current account, including a 2.00% AER fixed bonus for 12 months. There is no cash sign-up bonus.

What interest rate does Kroo pay?
New customers get 3.00% AER / 2.96% gross (variable) on balances up to £500,000. Customers who opened before 5 October 2026 earn 2.65% AER, a tracker 1.10% below the base rate.

What happens after the Kroo bonus ends?
After 12 months, new customers move to a tracker rate 2.75% below the Bank of England base rate.

Does Kroo have a refer-a-friend scheme?
No scheme is listed on Kroo’s site. The last one closed on 1 September 2026.

Does Kroo charge fees abroad?
No. Kroo charges nothing for card spending or cash withdrawals abroad and uses Visa’s exchange rate. Cash machine operators may add their own fee.

Is Kroo a real bank, and is my money safe?
Yes. Kroo Bank Ltd is authorised by the PRA and regulated by the FCA and PRA (firm number 953772). Eligible deposits are covered by the FSCS up to £120,000 per customer.

Who can open a Kroo account?
Permanent UK residents aged 18 or over with valid photo ID, a mobile number and an email address.

Does Kroo offer a Cash ISA?
Yes. The Flexible Cash ISA pays 3.00% AER (variable), tax-free, with free deposits and withdrawals.

Kroo or Monzo?
Kroo pays interest on your everyday balance; Monzo has more features, joint and business accounts and free cash in the EEA. Many people use Monzo or Starling as their main bank and Kroo for travel money and spare cash.

Visit Kroo

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