Kroo bank discussion

wiseonesomeofthetime

Now offering 2% AER  interest on their current account, paid monthly.

Sensory

Props to Kroo for immediately differentiating themselves from Monzo and Starling.

2% AER on up to £85,000 for a current account is a unique offering. Not even Chase’s linked Saver has debit card functionality.

Band7

Good first effort but I don't think 2% competes with the best. 

jasonwatkins

Started using Kroo "properly" today and, so far, both transfers I've made in have been held for "checks".   I can kind of get the first one as it was for £500 and I'm still a relatively new customer.    That one was made at 11:30pm last night and released at around 9:30am this morning.

I made a smaller transfer earlier this evening of just £50, at 7:42pm and this has also been held.   It suggests that these checks are currently manual as well as they're certainly not done outside office house.

I'm wondering if this is standard practice for an initial number of transactions until you become "trusted" maybe, but if it's not and every transaction is going to be like this then I'll have to re-think how I use my banks.

k_man

Transfers in our out?
And did you need to do anything (chat call etc) to resolve?

jasonwatkins

Transfers in.  The £50 one I made last night cleared this morning around 12 hours after it was made which suggests it might be automatic, but I didn't have to do anything to resolve it.

I initially did get in touch with them after the £500 one was held and I got what I assume was a pre-typed block of text that they haven't yet updated because it refers to them as a "Prepaid Debit Card provider" which they aren't any more since the banking licence.

It said "We're required to review both inbound and outbound transactions.  We aren't always able to disclose all aspects of the checks and we will always carry out these checks even if you are a 'trusted' customer".

So I don't know if this means that every transfer will be held for 'review' but I'm hoping it's not the case.

Band7

Ask them on Twitter? Companies are trying to look their best when asked in public  https://twitter.com/kroobank

k_man

Transfer in could also be held by the sending bank.
It isn't uncommon for new/large/unusual transfers out to be held.
In my experience this has always been the sending bank, but the message suggests Kroo may be doing this on receiving too.

jasonwatkins

I should have mentioned it but the £500 transfer was done from Starling and the £50 was from Revolut.

I can understand the Revolut transfer being held as I’ve only just gone back to them but I’ve been with Starling for nearly a year.

Band7

Had an email saying they are now offering overdrafts on invitation. 24.9% representative AER. Not the cheapest but cheaper than most. And 4-5 times as expensive as a loan.

https://www.kroo.com/personal-overdrafts