The fully licensed UK digital bank Kroo has announced it is increasing its current account interest rate to 3.6% AER from 3.33% AER on 1 June, offering a transparent, no strings attached current account.
To encourage transparency in the banking industry and change banking for good, Kroo is encouraging customers to read the fine print. As high street banks continue to withhold interest rates from their current account customers, burying fees and catches in the fine print, Kroo wants its customers to know they can expect the expected. The socially conscious bank commits to raising its interest rate, yet again, in line with the Bank of England. All without customers having to lock away money in a savings account and with no hidden fees.
With the recent economic uncertainty, Kroo has prioritised increasing security for its customers, with deposits fully protected by FSCS protection. As the Bank of England looks to update Britain’s deposit insurance scheme, Kroo recognises the importance of improving customer protections to grow their confidence and create a more competitive banking market.
CEO of Kroo, Andrea de Gottardo, says:
“To change the banking industry for the better, we provide customers with a fair rate on their current account with a straightforward, no strings attached experience that they deserve from their bank. It's important for customers to be reading the fine print to understand what they’re really buying into and make an informed decision on who they’re banking with.
Increasing trust from both an educational and regulatory standpoint improves consumers’ access to more competitive products, allowing them to feel more confident in the deal they’re getting long-term.”
Kroo is only the third bank to receive a full UK banking licence since 2016, and its customers are protected on deposits up to £85,000 under FSCS. This enables Kroo to provide the security of a high street bank combined with the flexibility and intuitive customer service of a FinTech, helping break down barriers to switching.