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Kroo vs Monzo: Which is the best?
Learn more about the key differences between Kroo and Monzo and which is likely to suit you better.
Monzo was founded in 2015, while Kroo followed a year later, having been established in 2016. Monzo offers a number of personal current accounts and business accounts, while Kroo only offers one personal current account. Let’s take a closer look at how their personal accounts compare.
Kroo vs Monzo: Vital statistics
 |  | |
| Finder score | 4.0 ★★★★★ | 4.6 ★★★★★ |
| Customer satisfaction survey | Not yet rated | 4.9 ★★★★★ |
| Free spending abroad | ||
| Overdraft rate | 24.9% APR | 19%, 29% or 39% EAR |
| Interest when you're in credit | 4.35% | 0% |
| Branch access | ||
| FSCS protected | ||
| Sign-up bonus | ||
| Amount | N/A | N/A |
| Product image |  |  |
| Go to site More Info | Go to site More Info |
Neither Kroo nor Monzo have bank branches, so you’ll need to manage your current account via their respective apps. Kroo offers a black, contactless card, while Monzo’s free account comes with a distinctive coral-coloured card.
Both Kroo and Monzo have a UK banking licence, which means customer funds are protected up to £85,000 per person under the Financial Services Compensation Scheme (FSCS) if the bank goes bust.
Both banks offer an overdraft, but while Kroo charges 24.9% EAR, the rate you’ll get with Monzo depends on your credit score and personal circumstances and ranges from 19% to 39% EAR.
Kroo also pays interest on in-credit balances, while Monzo doesn’t.
Round 1: App features
| | |
| Visual breakdown of spending | ||
| Spending categories | 12 | 17 |
| Set spending budgets | ||
| Set up direct debits in the app | ||
| Top up via bank transfer | ||
| Have salary paid in | ||
| Savings goals or pots | ||
| Round-ups | ||
| Customer service via the app | ||
| Customer service via a telephone line | ||
| Cheque scanning | ||
| Freeze/unfreeze card in app | ||
| Send money abroad | ||
| Fee for sending money abroad | N/A | Fee set by Wise (Monzo's money transfer partner) |
| Go to site More Info | Go to site More Info |
Although the Kroo and Monzo mobile banking apps offer a number of similar features, Monzo’s app is a little more comprehensive. Both apps let you view a breakdown of your spending, set up direct debits and establish savings goals or savings pots to help you save towards something in particular.
However, unlike Kroo, Monzo’s app also enables you to set spending budgets for things like groceries and going out, and you’ll get warnings if you’re spending too fast. It also offers a round-ups feature where spare change from your transactions can be “rounded up” and moved to your savings pot, and you can send money abroad if you need to.
You can pay your salary into either your Kroo or Monzo account through the app, freeze or unfreeze your card and contact customer service teams through the in-app chats.
- Winner: Monzo. Although there are similar features, Monzo offers slightly more through its budgeting options and round-ups feature.
Round 2: Spending in the UK
| | |
| Free card transactions in the UK | ||
| Contactless card limit | £100 | £100 |
| Apple Pay | ||
| Google Pay | ||
| Samsung Pay | ||
| Free ATM withdrawals | Limited to £300 at a time | Up to £400 per month |
| Go to site More Info | Go to site More Info |
You can use your Kroo or Monzo card to spend fee-free in the UK, with each card offering a contactless limit of £100.
In addition, you can add your Kroo or Monzo card to Apple Pay and Google Pay, but only Monzo supports Samsung Pay.
ATM withdrawals are also free in the UK, with Kroo limiting withdrawals to £300 a time and Monzo limiting them to £400 per month (a 3% fee applies after this). However, if you use your Monzo account as a main bank account, fee-free withdrawals are unlimited.
- Winner: Monzo – it’s very close, but Monzo wins by offering Samsung Pay.
Round 3: Using the card abroad
| | |
| Free foreign transactions | Unlimited | Unlimited |
| Free foreign ATM withdrawals | Unlimited (until 31 October 2024) | Up to £400 in EEA and £200 elsewhere every 30 days |
| Go to site More Info | Go to site More Info |
You can spend on both the Kroo and Monzo cards overseas without incurring fees. Kroo also offers fee-free cash withdrawals abroad until 31 October 2024. After this date, you can withdraw up to £200 fee-free in any calendar month, and a fee of 3% applies to any withdrawals over this limit.
Monzo offers fee-free overseas withdrawals up to a set limit, which will depend on certain factors. If you use Monzo as your main bank, fee-free withdrawals are unlimited in the UK and EEA but are limited to £200 every 30 days outside the EEA (or a 3% fee applies). If you don’t use Monzo as your main bank, you can withdraw up to £400 fee-free every 30 days in the UK and EEA or up to £200 outside the EEA.
- Winner: Currently Kroo, as it offers fee-free spending and withdrawals abroad. However, this will change in November 2024.
Round 4: Account types
| | |
| Free account | ||
| Premium account | ||
| Joint account | ||
| Teen account (for 16- and 17-year olds) | ||
| Kids' account or card | ||
| Business account | ||
| Go to site More Info | Go to site More Info |
Both Kroo and Monzo offer free current accounts. However, while that’s all Kroo currently offers, Monzo provides a broader range of accounts.
- Winner: Monzo, simply because it provides a wider range of accounts.
Round 5: Signing up
| | |
| Apply through the app | ||
| Quick application | ||
| Credit check | ||
| Card delivery fee | Free | Free |
| Card delivery timescale | 3-5 working days | 2-7 working days |
| Go to site More Info | Go to site More Info |
It’s quick and easy to sign up for a Kroo or Monzo account through their respective mobile apps. Neither bank runs a hard credit check, but you’ll need to provide proof of identity and take a selfie video. Your account will usually be up and running the same day, and your card should arrive within a few days.
- Winner: Tie. The account opening process is similarly easy for both Kroo and Monzo.
Overall winner: Monzo
If you’re after a digital current account, there’s a lot to like with both Kroo and Monzo. Both offer fee-free spending abroad, have an overdraft available and offer a range of useful features via their apps to help you track your spending.
However, if we had to choose just one, it would probably be Monzo. That’s because its app offers a greater range of features, and there’s a larger number of accounts for customers to choose from. What’s more, if you’re interested in investing, Monzo offers the option to explore this, while Kroo doesn’t.
That said, Kroo does offer its own perks. For a start, you’ll earn a competitive rate of interest on your balance. Plus, until November 2024, all withdrawals overseas are fee-free, which could come in handy if you’re off on holiday in the near future.
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