Kroo Bank Savings & Cash ISA
Explore Kroo Bank’s Flexible Cash ISA, an app-managed savings account offering tax-free interest and access to your money without a fixed term. Understand how ISA flexibility works, why a Kroo current account is required, and how your eligible deposits are protected.
Explore Kroo Bank's Flexible Cash ISA
Learn about Kroo's app-managed Flexible Cash ISA, including its variable interest rate, monthly interest payments, withdrawals and ISA transfer arrangements.
Calfiny does not have a commercial relationship with this provider. We do not receive a commission from them and you will need to contact the provider directly if you are interested in one of these products.
Kroo Bank Flexible Cash ISA
Kroo Bank's Flexible Cash ISA is an app-managed savings account offering tax-free interest with the flexibility to access your money without committing to a fixed term. Customers need a Kroo Personal Current Account to open the ISA, and eligible withdrawals can be replaced within the same tax year without reducing their remaining ISA allowance. Explore the variable interest rate, deposit requirements, monthly interest payments and ISA transfer arrangements.
Easy Access Cash ISAs
Kroo Flexible Cash ISA
✓FSCSPROTECTED
Interest
- AER
- 3.0%
- Gross rate
- 2.96%
- Rate type
- Variable
- Interest paid
- Monthly
Term & deposits
- Term
- Easy Access
- Minimum deposit
- £0
- One-off contributions
- Yes
- Regular contributions
- Yes
Access
- Withdrawals
- Permitted
- Early closure / transfer out
- Permitted
- Conditions
- Cannot accept transfers in from a stocks and shares ISA unless the provider converts them to cash.
ISA features
- Transfers in
- Yes
- Partial transfers in
- No
- Flexible ISA
- Yes
Eligibility
- Minimum age
- 18
- UK resident
- Required
- Notes
- You must hold a Kroo Personal Current Account.
Open & manage
- Open
- Mobile App
- Manage
- Mobile App
About Kroo Bank
Kroo Bank is a UK digital bank offering personal current accounts with interest on eligible balances. Its mobile-first approach brings together everyday spending, payments and saving, allowing customers to manage their money through a single banking app.
When was Kroo Bank established?
Kroo was founded in 2016 as a financial technology business focused on developing a different approach to personal banking. It initially offered payment and money management services before receiving its UK banking licence in 2022 and developing into a fully authorised digital bank.
Rather than establishing a traditional high-street branch network, Kroo has concentrated on providing banking services through its mobile app.
Who owns Kroo Bank?
Kroo operates through Kroo Bank Ltd, an independent UK banking company backed by private investors. It is not part of one of the major established high-street banking groups.
The bank operates under its own UK banking authorisation and provides services directly to eligible personal banking customers.
What does Kroo Bank specialise in?
Kroo specialises in digital personal banking, combining everyday account services with features designed to help customers manage their money. Its approach centres on straightforward mobile banking, including payments, spending information and the ability to earn interest on eligible current account balances.
This differs from banks that operate separate ranges of easy access, notice and fixed rate savings accounts. Kroo’s interest-paying current account allows customers to hold money for everyday use while potentially earning interest on their balance.
How does Kroo approach personal saving?
Kroo’s banking model allows customers to manage spending and savings within the same current account rather than necessarily moving money into a separate savings product. This can appeal to customers who prefer to keep their finances together and retain access to their funds.
Interest arrangements and account features can change, so customers should check the bank’s current terms when comparing Kroo with dedicated savings account providers.
Where can I learn more about Kroo?
Further information about the bank, its background and approach to banking is available through Kroo’s official website.
Opening and Managing Kroo Bank Accounts
Kroo provides personal banking through its mobile app, allowing customers to apply for an account, view balances, make payments and manage their money digitally. Its interest-paying current account combines everyday banking with the ability to earn interest on eligible funds.
How do you open a Kroo Bank account?
Customers can apply for a Kroo current account through the bank’s mobile app. The application process involves providing personal information, completing identity checks and meeting the bank’s eligibility requirements.
As an app-based bank, Kroo does not rely on a traditional high-street branch network for opening and managing personal accounts.
How are Kroo accounts managed?
Kroo customers manage their accounts through the mobile banking app, where they can check balances, review transactions and access everyday banking services.
The app brings together spending and account information, helping customers monitor their finances without needing a separate platform for routine banking activities.
How do deposits and withdrawals work?
Customers can generally add money to their Kroo account through supported bank payment methods and use their available balance for everyday transactions and transfers.
Unlike fixed term or notice savings accounts, Kroo’s interest-paying current account is designed for ongoing access to money. Payments, transfers and withdrawals remain subject to the bank’s account terms, security procedures and applicable transaction limits.
How is interest managed?
Kroo pays interest on eligible current account balances in accordance with its published terms. Customers can monitor their balance and account information through the app.
The interest rate is variable and may change over time. Customers should therefore check the current rate and any applicable conditions when comparing Kroo with other savings providers.
How can customers contact Kroo?
Kroo provides customer support through its digital banking services and published contact channels. Information about account management, payments and general banking enquiries is available through Kroo’s official website.
How Are Kroo Bank Deposits Protected?
Kroo Bank is a UK-authorised bank, and eligible customer deposits are protected by the Financial Services Compensation Scheme (FSCS). Protection applies to qualifying money held with the bank, including eligible current account balances, subject to the scheme's compensation limits and eligibility rules.
Is Kroo Bank regulated in the UK?
Yes. Kroo Bank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Customers can check the bank’s regulatory status through the Financial Services Register.
Are deposits with Kroo protected by the FSCS?
Eligible deposits held with Kroo Bank Ltd are covered by the Financial Services Compensation Scheme. The standard deposit protection limit is £120,000 per eligible person, per authorised firm.
FSCS deposit protection is not limited to accounts described as savings accounts. Qualifying balances held in a current account with an authorised UK bank can also be protected, including money on which the bank pays interest.
How is protection calculated?
The FSCS generally combines an eligible customer’s deposits held under the same banking authorisation when calculating compensation. Holding more than one eligible account with the same authorised bank does not create separate protection allowances for each account.
Certain qualifying joint deposits and temporary high balances may receive different treatment under the scheme’s rules. Customers should consider their combined eligible deposits when assessing the amount protected.
Where can customers check their protection?
Further information about eligibility, compensation limits and how deposit protection works is available through the Financial Services Compensation Scheme. Customers can also consult Kroo Bank’s official website for information about its banking services and regulatory status.