Kroo vs SoFi
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
69/100
Free tier
US consumers who want to replace multiple banking, lending, and investing apps with a single free financial ecosystem, e
★ Best
💰 Pricing
🆓 Free tier available
Free tier includes standard banking, investing, and loan access. Some perks like unlimited ATM fee reimbursement require direct deposit or a qualifying balance.
Fee notes:
- No monthly service fee, no overdraft fee, no insufficient funds fee, no minimum balance fee.
- Out-of-network ATM fees: SoFi does not charge its own fee, but the ATM operator may charge a fee. With direct deposit, SoFi reimburses all domestic ATM fees; without direct deposit, up to $25/month in ATM fee rebates.
- International ATM fees: SoFi does not charge a foreign transaction fee on debit card purchases, but ATM operators may charge a fee. Reimbursement for international ATM fees is only $12/month (with direct deposit) or $0 without direct deposit.
- Foreign transaction fee: 0% on debit card purchases (no currency conversion markup) – but only if using SoFi's debit card; the exchange rate used may have a small markup.
- Wire transfers: $0 for incoming and outgoing domestic wires for SoFi checking accounts (may be free), but international wire fees may apply – need to verify (SoFi does not offer international wires on checking accounts).
⚠ Watch for:
- ATM operator fees: if you use an out-of-network ATM, the operator may charge fees, but SoFi reimburses only if direct deposit is set; otherwise you may incur up to $25/month in reimbursement.
- International ATM fees: reimbursement is capped at $12/month, and you may incur operator fees beyond that.
- Foreign transactions: no fee, but the exchange rate may include a 1% markup despite no explicit fee.
- Wire transfers: international wires are not available on SoFi checking; for domestic wires, there may be fees if you use a different method (e.g., sending via ACH is free).
🔧 Features
✓ Free Tier✓ Mobile App✓ Investing✓ Loans✓ Mortgage✓ Insurance✓ Us Only
📋 Assessment
💪 Strengths
- All-in-one platform: SoFi combines banking, investing, credit card, loans, mortgage, and insurance in one app. This means you can manage virtually all your finances without juggling multiple institutions, and the integration allows for features like viewing your entire net worth in a dashboard, seamless money movement between accounts, and automatic round-ups, which invest or save your spare change.
- Fee-free banking: Checking and savings accounts have no monthly maintenance fees, no minimum balance requirements, and no overdraft fees. This is a significant advantage over traditional banks that commonly charge $10-15 per month or hit you with $35 NSF fees. SoFi also reimburses ATM fees up to a certain limit when you have direct deposit, making it truly fee-friendly.
- Competitive savings rate with direct deposit: When you set up direct deposit, you can earn a high-yield savings APY that is often among the best from neobanks (e.g., around 4.6% APY, though variable). Additionally, you can boost your rate by 0.50% if you maintain a certain monthly direct deposit amount or use the SoFi Plus subscription, but even the standard direct deposit rate is strong. This helps your emergency fund grow faster.
- Early paycheck access: SoFi offers early direct deposit, which lets you receive your paycheck up to two days before your scheduled payday. This can help you avoid living paycheck to paycheck and cover unexpected expenses sooner, a feature that many users appreciate.
- Innovative investing options: SoFi Invest allows you to buy fractional shares of stocks and ETFs, making it easy to start investing with small amounts. You can also set up recurring investments and invest round-up change from your debit card. The platform offers no commission fees on trades, and you can open an IRA with low minimums, which is great for beginners.
⚠ Watch out for
- Direct deposit requirement for high APY: Without setting up direct deposit, the savings APY drops to a much lower rate (currently around 1.2% APY), which is significantly less competitive. You can avoid this with a SoFi Plus subscription (which costs $10/month) but that also requires a qualifying deposit to waive the fee. This could be a downside for users who can't or don't want to use direct deposit.
- No crypto trading: SoFi Invest discontinued crypto trading in 2023, meaning users can no longer buy or sell Bitcoin or other digital assets in the app. This is a drawback for those who want a one-stop shop for all investments, as they'd need a separate exchange.
- No physical branches: SoFi is online-only, so there are no brick-and-mortar branches. This means you can't walk in to speak with a representative, and cash deposits are awkward—you must use Green Dot locations (fees may apply) or link an external bank to transfer cash electronically. This can be a disadvantage for those who frequently handle cash or prefer face-to-face service.
- Cross-selling and product pushes: The app is heavily designed to promote other SoFi products, such as loans, credit cards, and insurance. This can feel intrusive, especially when you're trying to do simple banking tasks. Not all users appreciate the constant upsell.
- Customer support not 24/7: While SoFi offers chat and email support, phone support is available only during specific hours (e.g., 7am-midnight ET). Response times vary, and some users report delays during peak periods. For a platform that handles critical banking and investment needs, some users may find this limitation frustrating.
🎯 Best for
US consumers who want to replace multiple banking, lending, and investing apps with a single free financial ecosystem, especially if they receive regular direct deposits.
🚫 Who should skip
People who want physical branch banking, crypto trading, or a stock broker with complex trading tools should skip SoFi and go with a traditional bank and a dedicated broker.
📚 Learning curve
Minimal — consumer-friendly mobile UI with separate tabs for Banking, Invest, Loans, and Insurance, though you'll need to spend a few minutes setting up direct deposit and exploring the product bundles.
🧑⚖️ Verdict
SoFi is ideal for digitally-savvy users who want to consolidate their banking, investing, and lending in one fee-free app, and are willing to set up direct deposit to unlock the best rates. It's not for those who need physical branches, cash handling, or crypto trading. Bottom line: If you're lookin
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseKrooSoFi
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
Consolidating personal finances into one app—95
SoFi deliberately spans bank accounts, investing, loans, credit cards, and insur
Building an emergency fund with a high-yield savings account—88
With direct deposit, the checking and savings accounts pay a competitive APY tha
Refinancing student loans or taking a personal loan—92
SoFi is one of the best-known student loan refinancers and personal loan provide
🧭 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 SoFi if...
- You are: US consumers who want to replace multiple banking, lending, and investing apps with a single free financial ecosystem, e
- 👍 Truly all-in-one platform: checking/savings, investing, credit card, loan refinancing, mortgage, and
- 👍 No monthly maintenance fees, no minimum balance, and no overdraft fees on banking accounts, which is
- 👍 When you set up direct deposit, SoFi's savings APY is often among the highest from neobanks, plus yo
- 💰 Free tier available
- ⚠ Trade-off: You need to set up direct deposit to get the best savings APY; otherwise the rat
❓ 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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