- 3.92% APY is the current rate for USD balances
- Available only to US based business and personal customers who opt-in
- Wise is honoring its core value of transparency by sharing interest earned with customers
Wise, the global technology company building the best way to move money around the world, is now offering its US based business and personal customers1 the opportunity to opt-in to receiving 3.92% APY on their USD balances. 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.
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Wise is honoring its core value of transparency by sharing interest earned with customers. (Photo: Business Wire)
Business and personal customers that hold USD will be able to utilize 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 $250,0002 through Wise's program bank JPMorgan Chase Bank, N.A.
How to receive 3.92% APY interest on USD balances
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.
Transparency is at the heart of this new feature
Wise stores customer funds with program banks, which generates interest. As rates have improved, Wise is continuing to honor its core value of transparency by providing an option for its US customers to benefit by earning interest on their USD balances.
"As a champion for transparency in finance, we believe that the interest our customers' money is making should be passed back to them whenever possible and we're excited to be able to do so now," said Sharon Kean, director of global expansion at Wise. "The Wise account is the universal way to manage money internationally and was built to save our customers time and money. We're now enhancing that offering with the launch of our new interest rate feature."
All Wise US customers new and existing are now 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.
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. Find out more about this feature here: https://wise.com/us/business/interest
About Wise
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold over 50 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world's fastest growing, profitable technology companies and is listed on the London Stock Exchange under the ticker, WISE.
16 million people and businesses use Wise globally, which processes around £9 billion in cross-border transactions every month, saving customers over £1.5 billion a year.
1 Wise customers in New York and Alaska are not currently eligible to enroll in the interest feature. As soon as this feature is available to customers in these states it will be communicated to them to opt-in. This feature will not be available to customers in Nevada.
2 (Certain Limitations Apply see Program Agreement for more details).
View source version on businesswire.com: https://www.businesswire.com/news/home/20230425005163/en/
Contacts:
Press
Jessica Canter
press@wise.com
