Mobile-only UK bank Kroo has launched its flagship current account. offering customers two percent in interest on amounts up to £85,000.
Kroo’s analysis of Bank of England data shows that there was £271bn sitting idle in UK households’ non-interest-bearing sight deposits as of the 30th of September 2022.
Aimed at Millennials and Gen Z, Kroo says it will plant two trees for every new customer who opens a current account, through its charity partner, One Tree Planted.
Kroo was granted a full UK banking licence earlier this year and is only the third bank to receive one since 2016, enabling it to expand beyond its initial offering of a prepaid debit card and app.
Andrea De Gottardo, CEO of Kroo, says: “Building a fully licensed bank from scratch is exceptionally hard. We have created a bank that breaks the standard profit extraction logic of the incumbent players and is focused on genuinely having our customers’ backs.”
He says that in the future, Kroo will use predictive technology to track spending in real-time, helping customers to make better financial decisions, and stay on top of their transactions, as well as upcoming payments.