Kroo bank discussion

Ayr_Rage

Downloaded the app and applied 29 January, following the "account must be opened within a day of installing" rule.
TCB tracked instantly at £0.00
Account finally opened 17 February and deposit of £80 made.
Email from TCB this morning at 0643 advising I had received cashback in my account.
Checked TCB account and it is showing a purchase on 17 Feb and £20 cashback estimated to be payable in 12 weeks.
Despite all the delays in opening the account as long as the rules are followed and initial visit is recorded the system seems to be working.

ircE

Ayr_Rage said:

Downloaded the app and applied 29 January, following the "account must be opened within a day of installing" rule.
TCB tracked instantly at £0.00
Account finally opened 17 February and deposit of £80 made.
Email from TCB this morning at 0643 advising I had received cashback in my account.
Checked TCB account and it is showing a purchase on 17 Feb and £20 cashback estimated to be payable in 12 weeks.
Despite all the delays in opening the account as long as the rules are followed and initial visit is recorded the system seems to be working.

Same here.

Ayr_Rage

A nice surprise today, a £10 gift from Kroo as an apology for taking so long to open my account.

I do like the "pull" method of adding funds, two transactions pulled from my Nationwide current account just now, £10,000 followed by £2410, both authorised and added to Kroo within seconds.

Seems their systems are working well today.

Nick_C

Ayr_Rage said:

A nice surprise today, a £10 gift from Kroo as an apology for taking so long to open my account.

I do like the "pull" method of adding funds, two transactions pulled from my Nationwide current account just now, £10,000 followed by £2410, both authorised and added to Kroo within seconds.

Seems their systems are working well today.

Pulling from Nationwide with Open Banking is very useful.  

I have a Nationwide Current Account that I don't usually use, I only set ut up so I could open a regular savings account.

I've started using the Nationwide account for the 5% cashback on supermarket shopping.  I put in some cash to cover the expected debit card payment, and when I tried to withdraw the excess I found I didn't have any payees set up, and I couldn't set up a new payee because I haven't used a pin sentry card since the stone age.   Luckily, the Emma (Open Banking) app pulled the money from Nationwide and sent it to Lloyds, from where I could move it where I wanted it.

pantaiema

I am aware.
Pro:They pay a decent AER 3.03%, FSCS protected, Using VISA for fee free ATM withdrawal (good in addition to Master), split bill possibility?
Kontra: Apps only no online access.
What about credit search when appying, are they part of CASS?

Is there any other advantages disadvantages I have missed? What make them different with Chase for instance? Any info lead will be very much appreciated.

Ayr_Rage

Kroo made 2 soft searches via Transunion on the date I applied.

SanguineOnSaturn

There is no CoP with kroo currently. If you try add kroo as a nominated account to say zopa or atom they seem to ask for a statement as proof. Also couldn't set up a direct debit to a credit card without a statement sent I guess also due to lack of CoP. It says they are working on CoP this should remedy these issues at some point.

There is no cashback with kroo on debit card spending as with chase, although you get decent interest. I think chase are going to introduce interest at 1% on their current account. To keep qualifying for cashback with chase is going to require £500 per month funding. The chase saver pays 3% and you can have regular payments set up from the saver.  I guess which is best depends on how you intend to use it.

pantaiema

Ayr_Rage said:

Kroo made 2 soft searches via Transunion on the date I applied.

When you said soft search is that search clearly stated, it will not be seen by others? Also are they part of CASS like Monzo so you could switch it later when you need it and will not have an impact on your credit card, current ac applications?

Ayr_Rage

@pantaiema they were listed under soft searches.

They are not part of CASS.

https://www.currentaccountswitch.co.uk/banks-building-societies/

deutsch

Anyone else get rejected after weeks of waiting?