Kroo bank seeking investment via Crowdcube platform

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  • I considered it but decided against it. I'm not sure it'll really take off as the market is flooded with fintech banks and it appears that despite poor service satisfactory scores, people are still heavily reliant on mainstream banks for their salary input and everyday banking arrangements.

    I'm with NatWest and have been for 17+ years, my salary gets paid in and I transfer majority out to savings and some to Kroo - the benefit of Kroo being the interest on balance and fx free fee's abroad, but I wouldn't close down my NatWest account and make the full switch, despite Kroo being FSCS protected.  
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  • Lions_89
    Lions_89 Posts: 150
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    edited 15 November 2023 at 9:36PM
    Seeing as they refused me an account, certainly not. Seems odd they should seek cash in this way….
  • wmb194
    wmb194 Posts: 3,092
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    edited 15 November 2023 at 9:49PM
    Lions_89 said:
    Seeing as they refused me an account, certainly not. Seems odd they should seek cash in this way….
    Presumably because it's desperate.

    If I were to invest in a bank I'd at least choose one that's profitable and listed on a stock exchange. There are plenty to choose from.
  • boingy
    boingy Posts: 1,137
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    Kroo is almost unique in that they have a current account that pays better interest than most savings accounts.
    I use it as a "hub" for shuffling savings around and also as a buffer to my main current account. Each month I cycle a couple of thousand through several accounts to maintain benefits and/or avoid monthly fees and Kroo is perfect for that.
  • wmb194
    wmb194 Posts: 3,092
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    boingy said:
    Kroo is almost unique in that they have a current account that pays better interest than most savings accounts.
    I use it as a "hub" for shuffling savings around and also as a buffer to my main current account. Each month I cycle a couple of thousand through several accounts to maintain benefits and/or avoid monthly fees and Kroo is perfect for that.
    I find I can do the same with my Barclays Rainy Day saver at 5% on up to £5k so I haven't been using Kroo.
  • boingy
    boingy Posts: 1,137
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    wmb194 said:
    boingy said:
    Kroo is almost unique in that they have a current account that pays better interest than most savings accounts.
    I use it as a "hub" for shuffling savings around and also as a buffer to my main current account. Each month I cycle a couple of thousand through several accounts to maintain benefits and/or avoid monthly fees and Kroo is perfect for that.
    I find I can do the same with my Barclays Rainy Day saver at 5% on up to £5k so I haven't been using Kroo.
    Yeah, we can all shift money in and out of savings accounts but Kroo is a current account. You can set-up standing orders on it to automate the monthly money-go-round.
  • It's oversubscribed by 46% already, they were only asking for £1million.
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