Note, the name for your 'main account' in Wise can vary based on your location. To find the exact terminology used in your region, please check the product directly.
If you're a Canadian resident or registered Canadian business, and you have a valid Social Insurance Number (SIN) or Business Number (BN) — you may be eligible to opt in to earn interest on the CAD, USD, GBP, or EUR that you hold in your Wise account.
It’s available for Canadian customers only (currently unavailable for profiles registered in Quebec).
Am I eligible?
In order to opt in to our Canada interest program, you’ll need to meet the following requirements:
Personal profile
Have a Canada Profile Address (currently unavailable if your registered address is in Quebec)
Be a Canadian tax resident
Have a valid SIN
Business profile
Have a Canada Profile Address (currently unavailable if your registered address is in Quebec)
Be a registered Canadian business
Have a valid BN
Am I eligible if I live in Canada, but my business is located abroad?
Your business won’t be eligible, but your personal account may be as long as you meet eligibility requirements.
Why do you need my SIN?
We need to verify your SIN so that we can report your interest income for tax purposes to the CRA. This is why we must verify it before you start earning interest.
How do I opt in?
Eligible customers can opt in and opt out on their Wise account. Personal and business accounts can both opt in if the account is eligible, including multiple businesses:
Go to your CAD/USD/GBP/EUR
Click on Interest
Click on Opt in to interest
What are the benefits of opting in?
You’ll receive monthly interest payouts directly to your account
You can send, spend, receive and convert your money any time — your money isn’t time-locked or restricted
What interest rate will I earn?
The current annualised interest rates can be found here.
Interest is accrued daily and we’ll add it directly to your CAD, USD, EUR, and GBP at the beginning of the following month. The rates we show you are exactly what you get.
Interest rates are variable and determined by our program banks, so interest rates are subject to change. You can learn more in the Program Agreement.
Eligible currencies
Only money held in CAD, USD, GBP, and EUR is currently eligible to earn interest
Money held in these currencies in your main account and Jars is eligible to earn interest
How does it work?
Since Wise isn't a bank, we keep our customers' money safe by storing funds with reputable banks. Wise is able to offer interest on those funds to our customers.
Is my money safe?
Yes, your funds and the earned interest on them are held in a dedicated interest-bearing account. Wise keeps your money separate from our own business finances, ensuring it's always available to you.
Note that Wise is a Money Services Business, not a bank. At this time, CDIC insurance isn't offered as pass-through insurance for this product.
How does Wise calculate interest?
Interest is calculated daily based on your minimum daily balance.
This means any money added to your CAD, USD, EUR, or GBP will start earning interest on the next working day.
What does this mean for my taxes?
Wise isn't a tax advisor, so make sure you always consult with a professional first.
We're required to issue tax slips starting in 2027 for the 2026 fiscal year for any customer earning more than 50 CAD or its equivalent in interest annually.
Reporting Currency: All values for tax slips must be reported in CAD, regardless of the currency the interest was earned in.
What happens if I move outside of Canada after I opted in to earn interest?
If you move outside Canada, you’ll need to update the address on your account, and you’ll no longer be eligible to receive interest through this feature.
You’ll receive any interest accrued up until the date of your address change, which we’ll pay out at the beginning of the following month.
You may be eligible for similar features we offer in other countries:
Australia – Yield
EEA – Interest and Stocks or cashback
Singapore – Interest and Stocks
UK – Interest and Stocks or fee refunds
US - Interest
What happens if I close my Wise account, or opt out?
If you close your Wise account or opt out of earning interest, you’ll earn interest up until the day you close your account or opt out.
You can only receive interest payments to your account while your Wise account is still open. You won’t be able to receive interest once you close your Wise account.
How do I opt out?
To opt out of earning interest, follow the same steps as above, but select Opt out.
If you opt out, you’ll still earn interest for the month up until the day you cancel. Any interest owed prior to you opting out will be paid to your corresponding currency.
Your account needs to remain open at the time of the final interest payout.
Disclaimer
The interest feature is only available to Canadian residents at this time. Please refer to the Government of Canada’s guidelines to determine your residency status.
Feature not available to residents of Quebec at this time.
Eligible customers must opt in to the interest feature. The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security.
Customer funds are held in an account at Wise's partner banks. Wise is not a bank or a CDIC member, and CDIC deposit insurance does not apply to individual customer balances at this time. For more information, please see our program details.