Current Account Interest Hiked By Kroo Ahead Of BOE Rate Hike

Kroo’s CEO advises customers to read their financial products’ fine print.

Kroo, a digital bank, announced its current account will pay 3.6 percent starting June 1 after achieving 3.33 percent in March.

Kroo’s rate, which applies to balances up to £85,000, isn’t reserved for savings accounts.

Kroo CEO Andrea de Gottardo said the move aligns with the Bank of England, which is anticipated to hike rates again on Thursday from 4.25% to 4.5%.

“To change the banking industry for the better, we provide customers with a fair rate on their current account with a straightforward, no strings attached experience that they deserve from their bank,” said Gottardo.

Kroo received its full banking license without limits in June 2022 with an aim to become a socially responsible bank, paying five percent of its “sustainable profits” to social causes its clients care about and planting a million trees.

Customers are encouraged to examine the fine print of their financial products to promote banking transparency.

“It’s important for customers to be reading the fine print to understand what they’re really buying into and make an informed decision on who they’re banking with,” said Gottardo.

“Increasing trust from both an educational and regulatory standpoint improves consumers’ access to more competitive products, allowing them to feel more confident in the deal they’re getting long-term.”

Kroo hopes to add half a million consumers in 2023 with its low interest rates and transparency.