New Current Account Offers 3.00% AER Interest on Balances
UKPulse Money Desk
A new offer from digital bank Kroo allows eligible new customers to earn 3.00% AER / 2.96% gross (variable) interest on current account balances, including a 2.00% AER promotional bonus for the first 12 months.
- Kroo offers 3.00% AER / 2.96% gross (variable) interest on current account balances for eligible new customers.
- The interest includes a fixed 2.00% AER promotional bonus for the first 12 months.
- Customers do not need to switch their existing current account to open a Kroo account.
Digital bank Kroo has introduced a new offer for eligible new customers, allowing them to earn 3.00% AER / 2.96% gross (variable) interest on their current account balance. This rate includes a fixed 2.00% AER promotional bonus for the first 12 months, with interest calculated daily and paid monthly.
A notable aspect of this offer is that customers are not required to switch their existing current account to open a Kroo account. This means the new account could be used alongside an existing bank, rather than necessitating a full transfer of salary and direct debits.
The offer highlights the potential for individuals to earn interest on money routinely kept in current accounts, which may otherwise pay little or no interest. For example, keeping £5,000 in such an account could potentially yield interest, although rates can change and individual tax circumstances may affect the final amount.
Why this matters: Many people keep several thousand pounds in current accounts that may not earn interest, and this offer provides an option to earn a return on accessible funds.
What this means for you: If you routinely keep a financial cushion in your current account, you could consider opening an additional account like Kroo's to potentially earn interest on those funds without needing to switch your main bank.