Kroo ups interest rate again to 3.33%

After increasing its interest rate to 2 per cent at the end of last year, digital bank Kroo is upping its current account interest again to 3.33 per cent.

Starting in April, the socially conscious bank is increasing its rates from its current offering of 3.03 per cent on balances up to £85,000.

With the Bank of England's interest rates at their highest level since 2008, Kroo says it is committed to disrupting the legacy banking system by passing on fair interest rates to its customers.

“We truly believe in changing the banking industry for the better by providing customers with a fair deal and a straightforward, no strings attached experience they deserve from their bank,” Kroo CEO Andrea De Gottardo said.

“That's why we've decided to further increase our current account interest rate in line with the Bank of England.”

Rather than switching money between current and savings accounts, Kroo customers can access the high interest rate directly from their current account.

“We provide customers with an account to keep all their money in one place and take advantage of the levels of high interest usually associated with a savings account. Now more than ever, who you bank with really does matter,”  De Gottardo added.

With its attractive interest rates, Kroo is hoping to gain half a million new customers over the course of 2023.