Personal Finance

Is interest available for the Wise Account in the US?

Gabriela Peratello

08.11.24 (last updated)

Read time 3 minutes

Eligible US based personal and business customers can earn interest on their USD balances, while still enjoying the flexible multi-currency features of the Wise account.

So — what’s the Wise interest feature for US Customers, and how can eligible customers opt in to start earning on their USD balances? Read on for all you need to know.

Does Wise offer interest in the US?

Yes. Eligible Wise US personal and business customers can earn interest on the USD balance held in their Wise accounts.

This feature is part of Wise’s commitment to create versatile and convenient ways for US customers to manage their money across borders.

Eligible customers can simply opt in to receive annual percentage yield (APY) on your USD balance with Wise's interest feature and enjoy up to $250,000 in passthrough FDIC insurance via our Program Bank** - subject to change, certain limitations apply, see Program Agreement to learn more)

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What's the interest rate feature offered by Wise?

If you’re a US based customer with an eligible personal or business account you can opt into the Wise interest feature to start earning 4.18% annual percentage yield — APY — (as of November 8, 2024, subject to change) on the USD balance in your Wise Account.

Interest you earn this month will be added right to your Wise USD balance next month. Rates are subject to change, as they are determined by Wise's program bank(s) (we’ll look at how that works next) — but, while that means the interest you earn may go up or down based on market conditions, you’ll be informed of any changes.

How does the interest feature work in the US?

Since Wise isn’t a bank, they keep their customers’ money safe by storing funds with reputable banks. These banks then pay Wise interest on those funds for keeping the money with them.

For eligible customers that opt in, Wise will take the interest earned from their program bank(s) on your USD funds, use a small portion to cover their operating expenses, and pass the rest along to you.

With the current positive rate market, Wise has the opportunity to offer US customers the option to benefit from these rates on their USD balances. This is in line with Wise’s core value of transparency, and mission to bring down the costs of managing your money.

Wise US customers that opt in to earn interest while keeping the flexible international features Wise is known for.

What’s passthrough FDIC insurance?

We mentioned earlier that another benefit of opting into the Wise account’s interest feature for US customers is that your funds will have passthrough FDIC insurance up to $250,000 on your USD balance from our Program Bank.

What that means is that when you opt into interest, your Wise USD balance will benefit from FDIC insurance passed-through from Wise’s Program Bank** — so you get extra peace of mind, as well as earning on your USD balance.

Who's eligible for the interest?

Wise US customers with a US profile address and a verified SSN/EIN are eligible. Your SSN/EIN must be verified during opt in (if that hasn't been done already) so Wise can report your taxes correctly. Unfortunately this feature is not available to residents of New York and Alaska at this time.

This feature is offered for US based customers only. However, it’s also helpful to know that if you relocate to the UK, EEA, or Singapore, you may be eligible for similar features of the Wise account.

How can you opt into Wise interest?

If eligible, getting started is as easy as logging into your Wise account online or in the Wise app, and opting in.

Here’s how to opt into Wise interest:
Log into your Wise account online or in-app Tap your USD currency balance and select Balance information Tap the option to earn interest Follow the prompts to add any additional tax information required

You’ll start to earn interest on your USD balance the next working day after opting in, with interest earned being paid into your Wise USD balance at the start of the following month.

Get started

So there you have it. Wise is committed to investing in ways that allow US customers to do more with their money, at home and abroad.

Enabling Wise’s US interest feature means US-based customers can continue to enjoy all the great multi-currency and international features you get with a Wise Account — and also earn interest on any balance you hold in USD.

\*\*The current Program Bank is JPMorgan Chase Bank, N.A., see Appendix 1 of the Program Agreement for the most updated list of Program Bank(s). Eligible customers must opt in to the interest feature. Participants will have the balance of their USD funds held in their Wise Account “swept” into a Federal Deposit Insurance Corporation (“FDIC”) insured interest-bearing account at one or more participating banks (each, a “Program Bank”) that will hold and pay interest on the deposit funds. For more information on FDIC insurance coverage, please visit [www.fdic.gov](www.fdic.gov). Customers are responsible for monitoring their total assets at each of the Program Bank(s) to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security..

Source:

Wise US interest agreement

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.