Chase is a relatively new bank in the UK, having launched in 2021. The digital banking brand is owned by global finance giant JPMorgan. By contrast, Kroo has been around since 2016.
Both banks offer a free personal current account that you can manage via a mobile banking app. Chase’s account gained huge popularity through its 1% cashback offer, while Kroo has stood out for paying decent interest on current account balances. We pitted them against each other.
Chase’s current account comes with a blue numberless debit card, with your details stored in the app so only you can see them. Kroo, on the other hand, has a black, contactless card.
Neither bank has branches (Chase only has branches in the US), so you must manage all of your transactions via the app.
Unlike Chase, Kroo offers an overdraft and pays interest of 4.1% on credit balances. However, Chase customers can earn 1% cashback on their spending (up to £15 a month) for the first year, and have access to a saver account paying 3.75% AER.
Both accounts are protected under the Financial Services Compensation Scheme, which means deposits of up to £85,000 per person are covered in the event your bank goes bust. You can also enjoy fee-free spending abroad with either account.
The Kroo and Chase mobile banking apps come with a range of similar features, although there are some important differences. You can easily view transactions with both apps, but Kroo also splits transactions into different spending categories, such as eating out and groceries.
Neither app lets you send money abroad, but you can freeze and unfreeze your card and speak to the customer services teams through the in-app chat feature. Chase also offers a round-ups feature, where your spending is rounded up to the nearest £1 and the spare change is transferred into your round-up account paying 5% AER.
Winner: Tie. The apps have similar features, but while Kroo lets you split transactions into different categories, Chase rounds up your transactions and deposits the difference into a savings account.
Spending abroad on your card is free with both the Kroo and Chase accounts – and there are no limits to this.
You can also withdraw money from an ATM overseas without being charged. However, this is limited to £1,500 a month with Chase, and from 1 November, Kroo customers will only be able to withdraw £200 a month before being charged a 3% fee.
Both Kroo and Chase have a very simple offering of one free current account. There are no joint accounts, no kids’ or teen accounts and no business accounts.
Winner: Tie. There’s nothing to choose between them in this category.
You can apply for both the Kroo and Chase account through their respective apps and your account should be up and running the same day. No credit checks are needed, though you will need to provide a photo of your ID and a selfie.
Your card will be sent out free of charge for both accounts. Both cards will arrive within a few days though Kroo has been known to arrive quicker.
Winner: Tie. The sign up process is similarly quick and easy for both Chase and Kroo.
Overall winner: Kroo
There are many similarities between the Chase and Kroo accounts. Their banking apps offer a similar array of features and both accounts offer fee-free spending abroad. But if we had to pick just one account, we’d hand it to Kroo. As well as having the option of an overdraft, you’ll also earn interest whenever you’re in the black.
Having said that, if you’re after a higher cash withdrawal limit, or you’re looking for a savings account to sit alongside your current account, Chase is still a very worthy contender – especially with the cashback deal in the first year. It really boils down to personal choice.
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To make sure you get accurate and helpful information, this guide has been edited by Liz Edwards as part of our fact-checking process.
Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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