Wise launches new interest feature for US customers

By Delisha Fernandes

Wise, the global technology company, is offering its US-based business and personal customers the opportunity to opt-in to receive 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, send and receive money internationally with instant access to their funds.

Customers who hold USD can utilize this feature while managing global business growth and operations or personal international financial needs. Also, those who opt-in to receive interest are eligible for FDIC pass-through insurance up to $250,000 through the company’s program bank JPMorgan Chase Bank, NA.

The company stores customer funds with program banks, which generates interest and continues to honour its core value of transparency as rates have improved by allowing 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 new and existing customers can access the interest option in their accounts. Customers must verify their SSN/EIN to be eligible. New customers can easily sign up for Wise through the website or app and immediately opt-in to the interest feature.