KROO

dealyboy

Kroo ... is it worth it? in my opinion no.

Who are they? ... I don't know and never heard of them until recently.

Stick with mainstream/large banks/building societies who offer both good customer service and good savings interest rates. It's not worth it for 3 or 4 tenths of a percent, after all it's only for a few k at max isn't it? if not invest the money.

boingy

dealyboy said:

Kroo ... is it worth it? in my opinion no.

Who are they? ... I don't know and never heard of them until recently.

Stick with mainstream/large banks/building societies who offer both good customer service and good savings interest rates. It's not worth it for 3 or 4 tenths of a percent, after all it's only for a few k at max isn't it? if not invest the money.

You are entitled to your opinion but Kroo offer 3.6% on up to 85K on a current acount. (3.85% from 1st July).
You haven't heard of them and you haven't checked their offering but they are a real bank, regulated and covered by the usual guarantees.

You are very lucky if you are getting both good customer service and good savings rates from any bank!

SickGroove

Kroo deposits take forever!!!

pepsi_max2k

pepsi_max2k said:

boingy said:

I am puzzled about you folks who are having issues with Kroo themselves holding up deposits into Kroo because I've had no issues like that (I've had the sending banks hold payments until prodded). Are you sending very large amounts?

nope. £50. they're looking in to it. 

support said they "passed the message to the right team", and amount magically appears today, ~48 hours after clearing the transfer with HSBC. don't know if support did that or it just worked.

"and I cannot continue with my application until they accept my password!"

Try a mixture of lower case, upper case, numbers, and a special character or two. !123AMIbovvered£ might work?

MikeMu

TheBanker said:

Any bank might ask for proof of the source of funds being deposited, especially if it's a large amount and/or going into a new account. It is not unusual and there are threads here about well established banks making similar requests, and subsequently freezing accounts because the information is not supplied or sufficient. So the fact they have asked for information is not a red flag, it is simply their way of complying with certain regulations to prevent money laundering and fraud. 

There is no FSCS number as such (and even if there was, why would you trust a Kroo advisor to give you the correct one, as you appear not to trust them?). Kroo's website shows their FRN to be 953772, and the FSCS website shows them to be protected. 

They are a fully licensed bank - the hurdles to achieve this status are high (as Revolut are finding). If the regulators didn't believe they had a viable business model they would not be allowed to provide banking services in the UK. And as a fully regulated bank, if they treat you badly you have access to the Financial Ombudsman Service, and if they go bust the FSCS will make sure you don't lose money (subject to their rules and the £85k cap). So really nothing to worry about. 

The sort code and account number of the sending bank was shown on the instant bank transfer. From that, they could see the funds were from my account. Why then would they ask for a statement from that account? When questioned, they reduced that to just the header of the statement. All when they could see where the transfer was coming from. This is phishing for information ... pure and simple. You are quite correct that their FRN number is on their website. Asking them for it was simply to see their reaction, after all preceding.

Can you imagine the chaos this is going to be, not only to Kroo, but to their customers if they persist in this policy? From other posts, transactions as low as £50 have met the same process.

You say nothing to worry about but, frankly, Kroo's bumbling raises serious red flags even though the FSCS protects up to £85k! An account has to be efficient and workable.

wmb194

SickGroove said:

Kroo deposits take forever!!!

At the risk of tempting fate, so far all of mine have been next to instant and the same for withdrawals. To date, I haven't had any issues at all.

boingy

wmb194 said:

SickGroove said:

Kroo deposits take forever!!!

At the risk of tempting fate, so far all of mine have been next to instant and the same for withdrawals. To date, I haven't had any issues at all.

I'm really tempted to transfer in a few fifty quids from various accounts to see if anything has changed at Kroo in the last few days. But then I thought about how annoyed I'd be if they all got blocked and I had to spend hours on the phone...

quids_in

I've been with Kroo bank a few months now and have had none of the problems mentioned on this thread.  My transfers in from 2 other bank accounts were instant. (<£500).  I've scheduled standing orders and direct debits and all has been working fine.  

13zero8

Why does it say 4.1% from July on the MSE main site's best easy access table, but 3.85% on here and Kroo's website?

Is the rate on MSE a mistake, or is there a bonus rate to add or something?

flaneurs_lobster

13zero8 said:

Why does it say 4.1% from July on the MSE main site's best easy access table, but 3.85% on here and Kroo's website?

Is the rate on MSE a mistake, or is there a bonus rate to add or something?

The website shows the current rate and the rate from 1 July. Scroll down....

https://www.kroo.com/current-account