The Daily Observer London Desk: Reporter- Kathryn Williams
Kroo is a fully licensed digital bank founded in 2016. It secured its full UK banking licence in 2022
New digital bank Kroo is once again ramping up its bank account offering in a bid to attract new customers.
The app-only bank, which launched its first ever current account in December last year is upping its in-credit interest rate from 3.03 per cent to 3.33 per cent, on balances up to £85,000.
The change will take effect from 1 April.
It will be one of the most competitive in-credit interest offers available, and puts the current account in line with the best-buy easy access savings rates.
Kroo has attracted 42,000 bank account customers to date and will be hoping its new and improved interest rate will entice increasing numbers of joiners to follow suit.
It has also said that sign-up delays are now fixed and that customers should not have to wait long to set up an account.
Last month, Kroo came under fire on Twitter from a swathe of angry customers who had been kept waiting for their bank account applications to be approved.
In some cases, customers had been kept waiting weeks due to a surge in sign-ups resulting in a customer backlog. The bank says that the backlog says has now cleared and that normal service has resumed.
A spokesperson for Kroo said: ‘Following high demand for Kroo’s current account, we can now confirm our application backlog has been cleared.
‘Approved applications for a Kroo current account have been notified their account is now open, and customers whose applications have been declined have also been informed.
‘We have automated the onboarding process so a greater number of applications now go through systematically and, whilst the majority of applications do so, large deposits and some applications require further checks.
