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
Arranged overdraft
N/A
19%, 29% or 39% EAR
Representative example
N/A
If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable. Account fee of £0
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.
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.
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 day and £5,500 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
Up to £200 per month
Up to £400 in EEA and £200 elsewhere every 30 days
You can spend on both the Kroo and Monzo cards overseas without incurring fees. Kroo also offers fee-free cash withdrawals abroad until 30 April 2025. 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 April 2025.
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.
Round 6: Customer reviews
On Trustpilot, Kroo has a score of 4.4 out of 5 from 10,500 reviews. Monzo has a score of 4.3 out of 5 from just under 39,000 reviews. We checked these scores in October 2024.
Many reviews praised the interest Kroo pays on current account balances, but some complained their accounts had been restricted.
Reviewers said Monzo it easy to use, though some people had frustration with its customer service.
Winner: Kroo shades it.
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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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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Matthew has written 284 Finder guides across topics including:
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Comparing bank accounts and highlighting useful features
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