Conditions for the Kroo Bank Flexible Cash ISA

1. Introduction

These Terms and Conditions govern your Cash Individual Savings Account (ISA) with Kroo Bank Ltd (“Kroo” or “we/our/us”). By opening a Cash ISA with us, you agree to comply with these Conditions in addition to the Terms and Conditions for the Personal Current Account. You also acknowledge that you have seen our Customer Privacy Notice.

2. Eligibility

• Be at least 18 years old
• Be a UK resident, or
  1. a person who has general earnings from overseas Crown employment subject to United Kingdom tax within the meaning of section 28 of Income Tax (Earnings and Pensions) Act 2003, or
  2. married or in a civil partnership with a person mentioned in 2(a),
  and will notify Kroo Bank Ltd (“Kroo”) if you cease to be so resident or to perform such duties or to be married to or in a civil partnership with a person who performs such duties as the case may be.
• Hold a Kroo Current Account

3. Account Opening

• Complete the application form accurately and truthfully.
• Sign the ISA Declaration form as part of your application (you will sign by ticking the box in the Kroo banking app that confirms you are making the ISA Declaration).
• Be approved by Kroo

4. Contributions

• You can contribute up to £20,000 per tax year, this is the current annual ISA allowance set by HM Revenue & Customs (HMRC). This is a total limit that applies across all ISAs you open in each tax year.
• Contributions can only be made from your Kroo Current Account.
• The Kroo Cash ISA is a flexible ISA so contributions can be withdrawn and replaced into the same account.
• You can only hold one Cash ISA with Kroo at any one time.

5. Interest Rates

• Interest rates applicable to your Cash ISA will be displayed in the Kroo app and on our website and are subject to change.
• Interest on the balance in your Kroo Cash ISA is calculated daily and paid monthly.
• Interest paid on the Kroo Flexible Cash ISA will be variable. This means the interest rate paid can go up or down during the life of the ISA.
• If the rate increases Kroo will inform you on the same day, if it decreases Kroo will give you 14 days’ notice before reducing the interest rate.

6. Withdrawals & Transfers

• You can move funds between your Cash ISA and your Kroo Current Account at any time as long as you do not put more into your Cash ISA than your annual allowance.
• The Kroo Flexible Cash ISA is an easy access product, meaning most withdrawals are instant but can take one business day.
• If you wish to transfer money from your Kroo Cash ISA to another ISA provider you must transfer the full amount in your Kroo Cash ISA and agree to close it upon successful transfer.
• To transfer from Kroo Bank to another ISA Provider you must first get in touch with the new provider, who will initiate the transfer.

7. ISA Management

• You can manage your Cash ISA in the Kroo app.
• You must notify us of any changes to your personal details or circumstances that may affect your eligibility for an ISA.
• When the Kroo app shows the amount of your annual ISA allowance that you have not yet used up, this only reflects how much money you have already put into your Kroo ISA. If you have other ISAs you must make sure that the total balances in all your ISAs for that tax year do not exceed the annual limit (currently £20,000). If you withdraw money from your Kroo ISA and pay it into an ISA with another ISA provider, that amount will no longer be available for you to add to your Kroo flexible ISA.

8. Charges and Fees

• No charges will apply for standard account maintenance.

9. Closure of Account

• You may close your Cash ISA at any time, subject to our closure procedures.
• We reserve the right to close your account if you breach these terms or if you are no longer eligible for a cash ISA or if required by law.
• We will also close your Cash ISA if you or we decide to close your Kroo Current Account.
• If Kroo Bank decides to close your Kroo Personal Current Account, we have the right to close your ISA at the same time. This may impact your yearly ISA allowance.
• If we are no longer able to satisfy the ISA Regulations and this means interest on your ISA account will no longer be exempt from income tax we will notify you and then close your Cash ISA.
• You have the right to close your Cash ISA at any time. If you do so within 30 days we will return your funds to you and your ISA allowance will not be impacted. If you close your Cash ISA at any time you will not be able to open another ISA with Kroo.
• If you close your Cash ISA after 30 days and remove your money your ISA allowance will be impacted unless you transfer your ISA to another ISA provider.

10. Data Protection

• We will process your personal data in accordance with our Customer Privacy Notice and applicable data protection laws.

11. Governing Law

These Terms and Conditions are governed by the laws of England and Wales. Any disputes will be subject to the jurisdiction of the courts of England and Wales.

12. Amendments

We reserve the right to amend these Conditions at any time. You will be notified of any changes in writing or via email.

13. Contact Information

For any queries regarding your Cash ISA or these terms, please contact our customer service team through the in app chat feature or help@kroo.com

Acceptance of Terms

By making the ISA declaration and completing your application, you confirm that you have read, understood, and agree to these Conditions.

To see more details on the key features click here.