KROO

13zero8

flaneurs_lobster said:

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

That's weird... it shows 3.85% in big bold writing, and then yes, scrolling reveals a paragraph saying 4.1% from 1st July, and current rate 3.6%.

What's the 3.85% about then? Not sure I'll trust them with my dough when they can't even make their rates clear on their website. 

boingy

Current rate is 3.6%. The 1st July increase was originally going to take it to 3.85%. They have now announced that rate will be 4.1%.

arkhamknight02

I joined KROO back in January or February and so far so good, Signing up for the account was very easy and simple. Once uploading my ID, it was successfully opened within 20 minutes. Haven’t had a problem! 

ryan92

My experience with Kroo was linked in the first reply ; I've had nothing but bother with them.

• Direct Debits failing and Kroo admitting it was due to a technical error
• Deposits IN to Kroo being held by sending bank due to Fraud concerns (nothing a phone call can't solve)
• Every single month since January they held my salary pending review meaning direct debits failed (on some instances my salary didn't get paid into my account until 2pm after I had to phone them to chase this up)
• Last month, they held my salary again, however initially wouldn't release it until I confirmed the name and date of birth of the sender.......

Based on my experience, I'd stay well clear but I am sure there are those out there who haven't had a problem with them.

TheBanker

I opened one of these yesterday to see what all the fuss is about.

Took a few hours for my application to be approved. My initial deposit of £50 (from Nationwide) credited straight away. So no problems for me, so far.

I noticed on their website, they have lots of Financial Crime jobs avilable: https://www.kroo.com/careers . Maybe they under-estimated the number of people they'd need, and this is why some transactions are taking too long/being subject to 'odd' requests?

Zaul22

Also if it hasn't been mentioned somewhere of the 3 threads about Kroo already, another huge problem with them is they have no security. It is way too easy to reset your password, same as Zopa. Borderline acceptable for a savings account with a nominated account but not acceptable for a current account. 

oldagetraveller1

I opened an account which was very easy and received confirmation of acceptance very quickly.

However, like Zaul22, I have a security concern for which I did contact them.

Biometric log in wasn't working and I had to use username and password to log in each time.

I was told that this was correct if logging out. The only way for fingerprint log in to work is not log out but just close the app. and access could then only succeed using fingerprint. I tried this, exited the app., and soon after re-opened it to be greeted with my account, no request for fingerprint or any other security to access.

Mislay/lose/or stolen phone, open app. access granted! I do concede that if the phone/screen is locked that would be difficult, but it still seems a bit dodgy to me.

MikeWhite

oldagetraveller1 said:

I was told that this was correct if logging out. The only way for fingerprint log in to work is not log out but just close the app. and access could then only succeed using fingerprint. I tried this, exited the app., and soon after re-opened it to be greeted with my account, no request for fingerprint or any other security to access.

Strange, it works exactly as described for me, I just tried it.

That's on Android, BTW

mrsplinter

MikeWhite said:

oldagetraveller1 said:

I was told that this was correct if logging out. The only way for fingerprint log in to work is not log out but just close the app. and access could then only succeed using fingerprint. I tried this, exited the app., and soon after re-opened it to be greeted with my account, no request for fingerprint or any other security to access.

Strange, it works exactly as described for me, I just tried it.

That's on Android, BTW

I use my fingerprint to access the Kroo app and also find that if go to reopen it shortly after I don't need to use my fingerprint. If I wait more than a few minutes and go back to it, I do need to use my fingerprint again. I checked other apps (Natwest and Chase) they operate in the same way in that they time out after a period of inactivity rather than as soon as you stop viewing the app.

I don't regard it as a major issue and think it balances security and convenience, as the only way someone could take advantage would be if I used the app and left my phone unattended. They would have a minute before the phone locked and if they stopped my phone locking only a minute or two extra before the Kroo app locked due to inactivity.

lohr500

Fingerprint sorks the same as @mrsplinter describes on my Android phone.

I have to say I am impressed with Kroo's efficiency so far. It was very easy to opened the a/c on Tuesday and to transfer in some funds. Debit card arrived in the post this morning. 

I don't intend to use Kroo for everyday banking. With their 4.1% rate and £15.75 cash back through Topcashbank, it makes sense for me to put £5k in there short term and keep an eye on other instant access rates over the next few weeks.