Kroo, a fully licensed UK digital bank, has announced an increase in its current account interest rate to 3.85% AER on 1 July 2023. This move positions Kroo as the provider with the best current account interest rate offer in the market, challenging the profit extraction model followed by traditional and neo banks.
Facts
- Kroo is raising its current account interest rate to 3.85% AER on 1 July 2023.
- Data from the House of Commons Treasury select committee reveals that high street banks’ interest rates on easy-access savings accounts are below the Bank of England’s base rate.
- Kroo aims to challenge the profit extraction model followed by banks by offering customers a high-interest current account.
- Kroo’s customers can enjoy no transaction fees when spending abroad with the Kroo debit card.
- In addition, Kroo charges no fees on ATM withdrawals until 31 October 2023, allowing customers to earn interest while traveling without the need to transfer funds between accounts.
- Andrea De Gottardo, CEO of Kroo, highlights the importance of holding high street banks accountable for their profit extraction model and emphasizes Kroo’s focus on providing customers with a better experience.
- Kroo’s high-interest current account and zero fees for spending abroad enable customers to make their travel money work for them.
