An interest rate you can rely on
19 October 2023 | by Alex Cuff
This blog post was accurate when we published it - visit kroo.com or your Kroo app for the most up to date information
What springs to mind when you think of the word ‘tracker’? Mortgages, right? Well, tracker interest rates have historically been associated with mortgages, yes. And that’s because the interest rate ‘tracks’ (i.e. moves in relation to) the Bank of England Base Rate.
Now, consider how a tracker interest rate could be applied to your current account. Where the interest you earn tracks the Bank of England Base Rate. Sounds pretty innovative, right?
That’s where Kroo’s trailblazing new tracker rate comes in. From 15 October 2023 onwards, we’ll pay you a ‘tracker’ rate set at 0.90% below the Bank of England’s base rate, so you always know what to expect. This process will make it easier for you to know you’re getting a good, fair deal and fits with Kroo’s mission to make the banking industry simpler and more transparent.
“The discussion around interest rates has reached a saturation point, and we’ve recently seen banks raising their rates by tiny percentages for a limited period. This is simply a way to entice consumers looking to do the best thing for their money, but they could end up worse off in the long term.
At Kroo, we want to take the guesswork out of the interest rate dilemma and provide a set rate to ensure customers know what they are getting each month. This means a fair deal – always.”
Andrea de Gottardo, CEO Kroo
How will it work?
With a tracker interest rate, the interest you’ll earn on your Kroo current account will stay 0.90% below the Bank of England base rate, whether it goes up or down.
We’ve provided a table illustrating how the tracker interest rate will work.
So, whether the Bank of England raises or lowers its rate, we’ll change the interest rate we pay you within two Business days. We’ll let you know shortly after the rate changes by an in app message and by email.
No limited-time offers or introductory deals – just a high rate up to £85k and a bank that has your back.
Join Kroo today and start earning interest with a current account like no other.