Wise rolls out new interest feature for US customers

This new feature of the Wise Account will allow customers to earn interest on USD balances while keeping the flexibility to send, spend, and receive money internationally with instant access to their funds.

Business and personal customers that hold USD will be able to utilise this feature while managing global business growth and operations or personal international financial needs. Plus, those who opt-in to receive interest are eligible for FDIC pass-through insurance up to USD 250,000 through Wise’s programme bank JPMorgan Chase Bank, NA.

How to benefit from the interest on USD balances

All Wise US customers — new and existing — are able to access the interest option in their accounts. Customers must verify their SSN/EIN in order to be eligible, and new customers can easily sign-up for Wise through the website or app and opt-in to the interest feature immediately.

Wise’s interest feature isn’t a checking or savings account — there are no additional limits to the amount customers can hold in the account and no balance minimums or fees involved. Opting in is as easy as opening the Wise app or website, going to the user’s existing USD balance, and adding on the interest feature. Customers are then free to continue to send, spend or hold money from there, all while earning interest on their USD balance.

In addition to this feature in the US, Wise is offering options similar to interest globally, having recently launched ‘Balance Cashback’ in Europe and ‘Interest’ Assets in some European countries.

The interest rate being offered for USD balances may fluctuate and any changes will be communicated to customers directly.

Transparency is at the core of the feature

Wise stores customer funds with programme banks, which generates interest. As rates have improved, Wise is continuing to honour its core value of transparency by providing an option for its US customers to benefit by earning interest on their USD balances.

Company officials said that as a champion for transparency in finance, they believe that the interest their customers' money is making should be passed back to them whenever possible and they’re happy to be able to do so now. The Wise account is the universal way to manage money internationally and was built to save their customers time and money. They're now augmenting that offering with the launch of our new interest rate feature.