Digital bank Kroo raises current account interest rates to 3.85% as high street banks lag behind
Fully licensed UK digital bank Kroo has announced it is increasing its current account interest rate to 3.85% AER on 1 July 2023, ahead of the Bank of England base rate rise, providing its customers with the best current account interest rate offer on the market**.
Data published by the House of Commons Treasury select committee shows high street banks’ interest rates on easy-access savings accounts lag behind the Bank of England’s base rate, highlighting the profit extraction model that leaves customers worse off. Kroo challenges this model by offering customers a high interest current account ahead of all other traditional and neo banks in the market.
As high street banks continue to do business as usual, withholding interest rates from their current account customers and including catches in the fine print. Kroo wants to give its customers the experience they deserve by providing them with the level of high interest typically reserved for savings accounts on their current account offering.
This summer, customers can also 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 them to continue earning interest when travelling without the need to move money between accounts.
Andrea De Gottardo, CEO of Kroo, says: “High street banks should be held accountable for their profit extraction model that takes advantage of customer inertia. Your money earns interest from the Bank of England, regardless of where it’s kept, so it’s only fair that we pass this on to our customers. Kroo breaks traditional banks’ standard profit extraction logic and is focused on genuinely having its customers’ backs. With our trailblazing high interest current account and zero fees when spending abroad, customers can make their travel money earn for them.”
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