" class="no-js "lang="en-US"> Kroo Bank Launches Pots that Pay you to Save
Sunday, April 21, 2024

Kroo Bank Launches Pots that Pay you to Save

Today, Kroo Bank is launching its brand-new ‘Kroo Pots’ feature, allowing its customers to segment their money rather than keep it all in one place. The new feature, highly requested by Kroo customers, will make it easier for them to feel financially empowered to budget their money in 2024 as they save for specific things or to ensure they can set aside money to pay bills and rent each month.

Kroo is proud to offer its highly competitive 4.35% AER across its entire current account, including all pots, so customers can expect to earn no matter how they choose to split up their hard-earned cash. And overdraft fees? Should an unexpected payment push a customer into their overdraft, Kroo will access the funds from their Pots to avoid them being charged an overdraft fee.

Kroo Pots will give customers greater control over their money, allowing them to split their balance according to individual spending needs and habits while also helping them avoid dipping into their savings or necessary funds for day-to-day spending.

The introduction of this feature comes just months after Kroo’s crowdfunding round, where it achieved over 200% of its initial target by raising £2m from 2,702 investors. As the bank’s most widely requested feature, Kroo has shown its commitment to building a long-term relationship with its new investors and customers by responding to their needs and involving them in decision-making processes regarding the future of the bank.

Since launching its current account in December 2022, Kroo has consistently offered customers a high interest rate, putting more than £21.1m of interest in its customers’ current accounts. In November, Kroo introduced a tracker interest rate set 0.9% below the Bank of England’s base rate. Its new Pots feature bolsters Kroo’s competitive market offering and commitment to promoting the financial wellbeing of its community and its mission to become the first bank people trust and love.

Andrea De Gottardo, CEO of Kroo, says: “We’ve heard loud and clear that the product our customers most desire is Pots, but we also wanted to do it the Kroo way – by continuing to offer our high interest rate across your deposit, no matter how you choose to split it.

Gaining control of your finances is fundamental to feeling confident in managing your money. Who you bank with matters because of how they support you on this journey. We are committed to providing our customers with the products and services they need for their financial wellbeing.

The introduction of Kroo Pots is another way to show how important it is for us to listen to our community. It is the next step on our journey to prioritise our customers over profits.”

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