Krak is offering a UK current account that uses Faster Payments rails and native SEPA transfers, the company said in an announcement, positioning the product as a direct replacement for non-UK workarounds.
The account provides a dedicated sort code and account number that employers, payroll systems and HMRC can recognise, aiming to eliminate rejected mandates and manual payroll friction.
Krak’s Salary Match returns 1% of salary payments automatically, capped at £250 per month and £3,000 per year, credited at the start of the following month; the company says the match recurs while salary continues to land in the account. GBP transfers move on Faster Payments, typically arriving in seconds, and EUR payments are handled natively via SEPA.
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The Krak card offers 2% cashback on all GBP purchases with no category caps or annual fee. Krak AutoEarn pays up to 4% rewards on tGBP balances inside the app. Qualification requires a minimum cumulative payroll transfer of £2,500 (maximum 4 payments) from employer payroll, and rewards and rates may change under the terms.
Eligible users in the UK can open an account in the app and find IBAN and account details under Receive → Bank. Krak noted that e-money services are not protected under the Financial Services Compensation Scheme and that reward rates depend on average assets and other terms. Krak Card is issued by Monavate Limited (FRN: 901097); Payward Services Limited is also authorised under the Electronic Money Regulations 2011 (FRN: 1010381).
The recap
- Krak launches UK current accounts on Faster Payments and SEPA
- Salary Match pays up to 1%—max £250 monthly, £3,000 yearly
- Promotion rate is limited; terms, minimum payroll transfers and exclusions apply
