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

Band7

happybagger said:

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.

It's hardly a limitation that you might get charged for ATM use. Unless you consider all banks to have this limitation since you might get charged for ATM use regardless of which bank issued your card.

happybagger

You've dragged me back in when I shouldn't
Being app-only is a severe limitation

AmityNeon

The 2% AER interest is obviously just a stab at Monzo and Starling, aimed at customers who like snappy app interfaces, payments with friends, bill splitting etc.

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

The UK is excellent that way. In countries like the US though, banks charge 'non-network' fees for ATM withdrawals, and wire transfers are littered with expensive fees (e.g. $15 for incoming domestic, $30 for outgoing domestic); cheques have persisted as much as they have over there because of their comparative cost to customers (nothing).

Kroo's fee information document is explicit:

• Cash withdrawal in pounds in the UK: £0
• Cash withdrawal in foreign currency outside the UK:
  • Up to £200 in any calendar month: £0
  • We charge 3% on any withdrawals over this limit

They have no control over the fees imposed by ATM operators (including foreign banks).

Band7

happybagger said:

You've dragged me back in when I shouldn't
Being app-only is a severe limitation

This might be the case for some people, and that's fine, as they have plenty of alternatives.

I actually much prefer app-based banking and only use online banking if I absolutely have to (and run when it's Branch or Telephone only). The argument that you can't access your bank account if your phone gets lost or stolen doesn't faze me since I have a tablet as a backup. 

Still, Kroo doesn't offer me anything over and beyond what I already get at other banks, so unless they come up with some further USPs, I won't be using them.