Kroo vs Monzo
Side-by-side comparison — pricing, features, ratings, use cases. Find which Neobanks fits you best.
🔍 Independently researched ·
📊 Data-driven
27/100
Free tier
Socially-minded UK users who want a free, FSCS-protected current account with built-in tools for splitting group expense
💰 Pricing
🆓 Free tier available
All features are included in the single free tier; no paid premium tiers exist.
Fee notes:
- Monthly account fee: £0
- Card payments abroad: no Kroo fee; exchange rate set by Mastercard
- ATM withdrawals: free at all ATMs in the UK and abroad, though the ATM operator may charge a fee
- International transfers: not currently offered; only UK Faster Payments available
- Card replacement: typically free, but expedited delivery may incur a fee
⚠ Watch for:
- Third-party ATM surcharges can apply when using non-branch ATMs, especially abroad
- Mastercard's exchange rate includes a small spread above the interbank rate, even though Kroo does not add a markup
- Expedited card delivery may cost a fee
- No foreign currency account, so payments in non-GBP are converted at Mastercard's rate
🔧 Features
✓ Free Tier✓ Social Banking✓ Joint Accounts✓ Group Expenses✓ Fscs Protected
📋 Assessment
💪 Strengths
- Kroo offers a completely free UK current account with no monthly fees, no transaction charges, and zero foreign transaction fees. This is rare among UK banks, and cutting the usual 'average market rate' markup on foreign card payments means you save money every time you use your card abroad. For frequent travelers or online shoppers who buy in foreign currencies, this benefit is substantial.
- FSCS protection up to £85,000 per person and a full UK banking license provide peace of mind that your money is safe, unlike some fintech startups that fail to offer such safety nets. Knowing your deposits are government-backed adds credibility and makes Kroo a safer choice for larger balances.
- The interest on your entire current account balance is a standout feature. Unlike traditional current accounts that pay almost nothing, Kroo pays a competitive variable rate that is calculated daily and credited monthly. This means your everyday spending money works for you, earning interest passively without needing to move funds into a separate savings account.
- The joint account and shared tabs feature is tailor-made for group spending. You can create a shared tab for rent, utilities, or a holiday kitty; add members; and seamlessly split expenses. Each transaction is tracked, and the app shows who has paid and who owes what, eliminating awkward money conversations and simplifying group finances.
- The app's user experience is polished and intuitive, with a clean design and instant notifications. Budgeting insights and spending categories help you track where your money goes, and the ability to freeze your card instantly via the app adds a layer of security. The onboarding process is purely digital, and you can apply for a joint account directly within the app.
⚠ Watch out for
- The lack of cash and cheque deposit facilities is a significant drawback. If you receive cash or cheques regularly, you cannot pay them into your Kroo account. You'll need another bank to deposit physical money, then transfer funds. This is a common neobank limitation, but it still makes Kroo inconvenient for those who rely on cash transactions.
- There is no overdraft facility or any credit products, such as loans or credit cards. For users who occasionally need a short-term buffer or want to build credit history, Kroo is not sufficient. It must be complemented with a traditional bank or credit union that offers credit facilities, making it less suitable as your sole financial provider.
- Kroo is UK-only, so you cannot hold balances in other currencies or access international banking features beyond the fee-free card payments. If you need a multi-currency account or want to manage funds in different denominations, you'll have to look at competitors like Revolut or Wise.
- The customer support options are limited to in-app chat and email, with no phone support. While the in-app chat is responsive during business hours, some users may find the lack of immediate human contact frustrating, especially for urgent issues like a lost card or suspected fraud.
- Kroo does not offer all the fintech extras that competitors have, such as savings pots, crypto trading, or insurance products. The feature set is intentionally focused, but if you are looking for an all-in-one financial hub, you might find it lacking.
🎯 Best for
Socially-minded UK users who want a free, FSCS-protected current account with built-in tools for splitting group expenses and earning interest on their balance.
🚫 Who should skip
Anyone who needs business banking, frequent cash deposits, an overdraft, or in-person branch support should look elsewhere.
📚 Learning curve
Minimal — the app is intuitive and built around a mobile-first, social banking experience.
🧑⚖️ Verdict
Kroo is a solid choice for UK users who value no fees, international spending, and social banking features like joint accounts and shared tabs for group expenses. It's perfect as a secondary bank or for sharing finances with others. However, if you need cash deposits, overdrafts, or multi-currency a
68/100
Free tier
UK residents who are comfortable with mobile-only banking and want a free, feature-rich current account with smart budge
★ Best
💰 Pricing
🆓 Free tier available
Free tier includes unlimited UK transactions, fee-free spending abroad, and limited free cash withdrawals: £250/day in UK and Europe (then 3% fee), £200/month outside Europe (then 3% fee).
Fee notes:
- FX markup: 0% – Monzo uses the interbank exchange rate with no markup (for all personal accounts).
- ATM fee outside free limits: 3% of the withdrawal amount.
- ATM fee in over 40 countries: 0% if within the free limit.
- International transfer fee: from £5 (free for Plus and Premium, £5 for Standard, Ultra includes 0.35% fee for transfers over £500)
- Card replacement fee: Standard – £5 for standard delivery, £25 for express; Plus/Premium – free; Ultra – free (even via express).
⚠ Watch for:
- ATM fee after free limit: 3% of withdrawal amount, applies for all plans.
- Cash deposit fee: 1% is free each month on Standard, then 0.45% fee for deposits over £100; for Plus/Premium/Ultra, 0.45% fee after £1000 free.
- International transfer: Standard users pay a fee of 0.4% (min £5) on top of the interbank rate; Plus and Premium have no fee but may include a spread.
- Premium and Ultra benefits include insurance, but check age and eligibility criteria to avoid claiming issues.
🔧 Features
✓ Free Tier✓ Mobile App✓ Savings Pots✓ Overdraft✓ Joint Accounts✓ Business Accounts
📋 Assessment
💪 Strengths
- Instant spending notifications are a standout. Every transaction triggers a real-time push notification with merchant name and amount, helping you catch fraud or accidental spending immediately. This feature has saved many users from unauthorised transactions and helps maintain tight spending discipline.
- Pots are a simple but powerful tool for organising savings. You can create multiple pots for different goals (e.g., holiday, car repairs) and allocate money to them in seconds. Automated monthly transfers and round-ups make saving effortless. For example, you can set a rule to save 50 per month into a 'Christmas' pot without thinking about it.
- The mobile app's interface is consistently clean, intuitive, and reliable. Navigating between your home screen, transactions, and pots feels fluid, with no confusing menus. The app loads quickly, and the design is minimal yet effective, making daily banking feel pleasant rather than a chore.
- Salary Sorter is a gem. Once your salary lands, Monzo automatically splits it into predefined spending, bills, and savings amounts. This ensures that rent, utilities, and subscriptions are covered before you get a chance to overspend. It's a practical, no-nonsense approach to budgeting.
⚠ Watch out for
- No physical branches or video banking means you must handle everything through the app. For complex issues like disputed transactions, probate, or fraud that requires human intervention, the in-app chat can feel inadequate. It might be frustrating for less tech-savvy users who prefer face-to-face support.
- The free account has hidden fees for 'non-standard' activities. Depositing more than £1,000 in cash within a year incurs a 3% fee, and using your card outside the EEA costs 3% plus a fixed fee. These charges make Monzo less cost-effective for frequent international travellers or those who handle cash regularly.
- Useful features are locked behind paid subscriptions. For instance, interest on Pots (up to 4.6% AER on balances up to £2,000) is only available with Plus or Premium. Travel and phone insurance, as well as a premium metal card, are also exclusive to paying tiers. If you want these extras, the monthly cost adds up.
🎯 Best for
UK residents who are comfortable with mobile-only banking and want a free, feature-rich current account with smart budgeting, savings Pots, and real-time notifications.
🚫 Who should skip
If you frequently deposit cash in large amounts, travel extensively outside the EEA, or prefer in-person branch support, Monzo's free tier may be less convenient than a traditional bank.
📚 Learning curve
Minimal – the app is designed for first-time digital bankers with straightforward navigation, and all setup and day-to-day management is guided by clear on-screen steps.
🧑⚖️ Verdict
Monzo is an excellent choice for UK-based individuals who are comfortable managing their finances entirely from a smartphone and value real-time control, automated savings, and a sleek, reliable app. It's especially strong for everyday budgeting and goal-based saving. However, if you heavily use cas
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseKrooMonzo
Group Expense Splitting95—
Shared tabs let groups split bills and track who owes who in real time, making i
Joint Account Banking90—
Kroo's joint accounts give couples or housemates a transparent shared balance an
Everyday Spending with Interest85—
You earn a competitive variable interest rate on your entire current account bal
Mobile-First Daily Banking80—
The app is clean, fast, and designed for digital-only users, with instant notifi
Business Banking10—
Kroo doesn't offer business accounts, invoicing tools, or tax features, so it's
Personal Daily Banking and Spending Tracking—95
Monzo's app gives instant spending notifications, category breakdowns, and an in
Saving for Multiple Financial Goals—90
Pots allow you to set aside money into separate virtual buckets with custom savi
Joint Account for Shared Household Expenses—85
Monzo joint accounts give both partners full visibility and control, plus shared
🧭 Which One Should You Pick?
Choose Kroo if...
- You are: Socially-minded UK users who want a free, FSCS-protected current account with built-in tools for splitting group expense
- 👍 Free UK current account with no monthly fees and no foreign transaction fees, even when used abroad.
- 👍 FSCS protection up to £85,000 per person, backed by a full UK banking license.
- 👍 Competitive variable interest on your entire account balance, paid monthly on a daily-calculated bas
- 💰 Free tier available
- ⚠ Trade-off: No cash or cheque deposits—you can't pay in physical money, which is limiting fo
Choose Monzo if...
- You are: UK residents who are comfortable with mobile-only banking and want a free, feature-rich current account with smart budge
- 👍 Instant push notifications for every transaction help you catch fraud or accidental spending immedia
- 👍 Pots are a simple but powerful way to organise savings for different goals, with easy automated tran
- 👍 The mobile app is consistently clean, intuitive, and reliable, making everyday banking feel quick an
- 💰 Free tier available
- ⚠ Trade-off: No physical branches or video banking – you must handle nearly everything throug
❓ Frequently Asked Questions
Is Kroo really free to use?
Yes, Kroo's standard UK current account has no monthly fees, no card fees, and no foreign transaction fees. You only need to cover any third-party charges, like an ATM operator's fee.
How does interest on my current account balance work?
Kroo pays a variable interest rate on your entire balance (up to the FSCS protected amount), typically credited monthly. This makes it a rare current account that also works like a savings account.
Are my deposits protected if Kroo fails?
Yes, Kroo is a fully licensed UK bank and is covered by the Financial Services Compensation Scheme. Your deposits are protected up to £85,000 per person.
Can I open a joint account with Kroo?
Yes, you can open a joint account with another person directly in the app. Both of you get a shared view of money and spending, and you can still use shared tabs for group expenses.
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