Kroo current account 2% AER on up to £85,000

Band7

happybagger said:

 

And the t&cs state that cash withdrawals from "other banks" (do they have any machines themselves?) could charge a fee

That's just a catch-all CYA that all banks have because none of them can control what ATM you are using, or whether you choose to use an ATM that charges a fee.

ZeroSum

k_man said:

ZeroSum said:

wiseonesomeofthetime said:

What other current accounts, that offer 2% on up to £85,000 deposits, are they "way behind"? 

Why would you need to keep £85k in a current account?

I get 2.75% from santander, then if I need the cash in current account, it can be done at the click of a button 

If you have Internet access.
The Kroo account makes a good second debit card account, funded with an emergency float that is earning a few % interest. Similar to Virgin.

Whilst chase are paying cashback, then interest on a realistic spending float will be less than what you'd get in cashback. And the cashback has no tax implications like interest.

happybagger

Band7 said:

That's just a catch-all CYA that all banks have because none of them can control what ATM you are using, or whether you choose to use an ATM that charges a fee.

I wasn't aware that any bank charged any other bank's customers a fee for debit card cash withdrawals at an ATM

I'm certainly aware that 3rd party providers sometimes do, such as in motorway service stations and pubs, but these are not any bank's machines

But it's an interesting point. I'll check my bank's t&cs tomorrow

wiseonesomeofthetime

Band7 said:

wiseonesomeofthetime said:

What other current accounts, that offer 2% on up to £85,000 deposits, are they "way behind"? 

Seeing you are one of the regulars, I take it this is a rhetorical Q. I could be mistaken though and you might prefer keeping your money in 2% accounts when you can easily get 2.5% or higher in accounts you can access instantly. If you want to pay by debit card as opposed to CC, FP deposits can be made to all current accounts instantly. I do have a Kroo current account but the 2% offer doesn't do enough for me to actually use it.

🤣 Indeed it was. Well spotted

For the record, just as I do not use my Virgin Money current account, likewise I would not use my Kroo account to store significant money, let alone £85k 

My portfolio has savings rates greatly higher than 2%

Turning to your subsequent posts, I too also have a cashback VISA credit card as a back up for emergencies (Barclaycard) as well as a back up cashback Mastercard credit card to that, so we are of similar mind, in some respects, I feel.

As others have pointed out though, not everyone has access to, or likes to use, credit cards, and for those, they have their own emergency plans, I am sure.

ZeroSum said:

wiseonesomeofthetime said:

What other current accounts, that offer 2% on up to £85,000 deposits, are they "way behind"? 

Why would you need to keep £85k in a current account?

I get 2.75% from santander, then if I need the cash in current account, it can be done at the click of a button 

That is where the bulk of my instant access savings are stored. I deliberately state instant access, as I do not have to wait minutes, hours, or a day, for it to move to my spending account.

happybagger said:

Each to their own. I would never have any account (never mind a current account, main or otherwise) that only has an app as an option. What if you drop the phone? No access to laptop or pc.

I guess we differ here. I have accounts with several app only providers and no issues really (bar Chase a while back, of course).

Band7

happybagger said:

Band7 said:

That's just a catch-all CYA that all banks have because none of them can control what ATM you are using, or whether you choose to use an ATM that charges a fee.

I wasn't aware that any bank charged any other bank's customers a fee for debit card cash withdrawals at an ATM

I'm certainly aware that 3rd party providers sometimes do, such as in motorway service stations and pubs, but these are not any bank's machines

But it's an interesting point. I'll check my bank's t&cs tomorrow

I didn’t say  banks charge for the use of debit cards from other banks - not in the UK, anyway. You can of course get charged at foreign bank and at 3rd party ATMs.

happybagger

Band7 said:

I didn’t say  banks charge for the use of debit cards from other banks - not in the UK, anyway. You can of course get charged at foreign bank and at 3rd party ATMs.

But the Kroo terms allow it
"If the card is used to withdraw cash from an ATM operated by another bank, there may be a handling charge."
This obviously covers every bank, sinbce they do not operate their own.

Band7

happybagger said:

Band7 said:

I didn’t say  banks charge for the use of debit cards from other banks - not in the UK, anyway. You can of course get charged at foreign bank and at 3rd party ATMs.

But the Kroo terms allow it
"If the card is used to withdraw cash from an ATM operated by another bank, there may be a handling charge."
This obviously covers every bank, sinbce they do not operate their own.

Well yes, Kroo, like any other bank, will not guarantee that other banks won't charge you. Nothing new. 

happybagger

My current account provider doesn't include such a term. Anyways, each to their own.

Band7

happybagger said:

My current account provider doesn't include such a term. Anyways, each to their own.

Whoever they are, I bet they will absolutely not reimburse you if an ATM charges you a fee, nor will they guarantee that no ATM will charge you a fee.

happybagger

Kroo's t&cs relate to a charge "other banks" might make, not what "an ATM" makes. They are different, as we all know.
By definition, EVERY machine where a kroo debit card is used is "another bank's" machine as they don't operate any.

We're going round in circles here, so this is the last comment I'll make on it, as the account is of zero interest to me anyway. If anyone finds the account of use having read the t%cs and its limitations, go for it.