Chase is a relatively new player in the UK market, having only launched in 2021. The digital banking brand is owned by global finance giant JPMorgan. By contrast, Kroo has been around since 2016.
Both providers offer a free personal current account that can be managed via their respective mobile banking apps. So, let’s dig a little deeper into how they compare.
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 4.35% 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 3.85% 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 will be able to 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. It’s too close to call. Both 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.
Winner: Currently Kroo but this will change in November.
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 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 and this will arrive within 5-7 days with Chase and 3-5 days with Kroo.
Winner: Tie. The sign up process is similarly quick and easy for both Chase and Kroo.
Overall winner: Tie
This is a really tough one to call as there are so 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 giving you the option of an overdraft, you’ll also earn interest whenever you get back into 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. It really boils down to personal choice.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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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