Skip to main content

Wise Balance+ Program Agreement (Interest Feature)

Effective Date: November 20, 2023

This agreement (the “Program Agreement”) provides users with important information regarding Wise’s Balance+ Program (“Balance+” or “Program”) offered to Wise Account users based in the United States, defined as individuals and businesses who have provided a profile address located in the United States upon account opening (“US Customers”). The Program is available to new and existing US Customers who elect to participate (“Participants”). Participants will be eligible to receive interest on U.S. Dollars (“USD”), Euros (“EUR”), and Great British Pounds (“GBP”) (collectively, the “Eligible Balances”) held in their Wise Account.

Please read this Program Agreement carefully. This agreement should be read and understood in connection with all other applicable Wise Terms and Conditions for users based in the United States that govern your use of your Wise Account. If there is any inconsistency between this Program Agreement and your Customer Agreement or any of the documents applicable to your Wise Account, this Program Agreement will apply in relation to the Program.

By enrolling in the Balance+ Program, you acknowledge that you have carefully read, understood, and agree to be bound by this Program Agreement.

1. The Program

a. Program Overview

The Program offers Participants the opportunity to have Eligible Balances held in their Wise Account “swept” into a Federal Deposit Insurance Corporation (“FDIC”) insured interest-bearing account (a “Deposit Account”) at one or more participating banks (each, a “Program Bank”) that will hold and pay interest on the deposit funds. To be eligible for the Program, you must allow deposits to the Program Bank(s). For a complete list of Program Banks, please see Appendix 1 of this Program Agreement. The stored value funds are held by Wise US Inc. (“Wise”, “we”) primarily to facilitate transactions. The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security.

Each Deposit Account that Wise holds with a Program Bank will be eligible for FDIC insurance up to $250,000 for each insurable capacity (e.g., individual account, joint account, IRA, etc.), including principal and accrued interest, when aggregated with all other deposits held in the same insurable capacity at the Program Bank. Wise will serve as the facilitator between you and the Program Bank. You will be able to access, deposit funds, and withdraw funds held within your Wise Account. Any requests for information regarding the Program shall be directed to Wise, and not to the Program Bank. Please see Section 3 of this Program Agreement for Wise’s contact information. You may also obtain information about your Wise Account on our Website and through the Wise mobile application (“App”).

Wise does not require that customers maintain or establish a certain minimum with their Eligible Balances in their Wise Account in order to be eligible for participation in the Program.

b. Program Description

The USD balance in your Wise Account will be swept typically within one (1) business day after receipt (not including bank holidays, or days on which the Federal Reserve Bank of New York is closed), into one or more Deposit Accounts established by Wise on behalf of you and other Participants at the participating Program Bank(s).

The Program Bank(s) pay Wise interest on the funds held with them; Wise then distributes a portion of the interest that it earns from the Program Bank(s) to you.

For EUR and GBP balances, their values will be converted to the USD equivalent before being swept and held in the same manner described above for USD balances. Conversions will be made once daily at the time the funds will be swept into the Deposit Account(s). When interest payouts occur the following month, any interest accrued on USD balances, held as equivalent to EUR and/or GBP balances, will be converted to the currency denominated in your Wise Account at the time of payout.

There are no fees associated with the enrollment or participation in the Balance+ Program. However, we do take a portion of the interest earned from the Program Bank(s) to cover our operating expenses.

Once enrolled in the Balance+ Program, you can contact Wise via our Help Center if you wish to unenroll in the Program and/or to cancel your Wise Account. You can also opt-out of Balance+ on Eligible Balances through your Wise Account via the App or our Website.

Wise’s ownership of the Deposit Account will be evidenced by a book entry on the account records at the Program Bank and by records maintained by Wise as your custodian. No evidence of Wise’s ownership of the Deposit Account, such as a passbook or certificate, will be issued to individual Participants.

For each full month that interest was paid out on Eligible Balances, you can see the amount paid out and the applicable rate(s) on your Wise Account statements for the period selected. These statements are available through your Wise Account via our Website and App. You will not receive individual confirmations for each sweep into and from a Deposit Account.

c. Money Movements

Upon acceptance of the Program Agreement, all existing and future funds held in Eligible Balances in your Wise Account will be eligible to earn interest through the Program. Your Wise Account will be fully transactional, which means you can continue to send and spend funds at your own discretion. Please refer to our Customer Agreement for information on deposit and withdrawal limits.

If funds are needed to cover a debit in your Wise Account at the end of a business day (such as to cover a withdrawal, transfer or the conversion of funds to currency other than USD), the funds will be automatically swept out of the Deposit Account at the Program Bank(s) and used to cover these transactions.

d. Interest

Interest will accrue daily and be paid monthly, typically within the first five (5) business days of the month. The amount that you earn will be paid directly into respective Eligible Balances of your Wise Account where applicable. The minimum monthly interest payment amount is $0.01 (or equivalent). If your balance does not earn at least $0.01 (or equivalent) in interest during the course of a month, you will not receive any interest for that month. You may view the current interest rates offered by Wise via the balance screen on our Website and in the App. All Participants will receive the same interest rates for Eligible Balances, which are subject to change.

Interest rates paid on deposits in Deposit Accounts are variable rates, which will be established from time to time by Wise, in its sole discretion. Such interest rates are subject to change at any time without prior notice to you. Interest rate changes will change the annual percentage yield earned on your deposits.

The interest rates paid with respect to the Deposit Accounts at the Program Bank(s) may be higher or lower than the interest rates available to Participants making deposits directly with the Program Bank(s) or other depository institutions in comparable accounts. You should compare the terms, interest rates, required minimum amounts, and other features of this Program with other accounts. Wise is not responsible for negotiating interest rates on your behalf or offering you the highest interest rate.

e. Program Bank(s)

Wise has a custodial account, also known as a For-Benefit-Of Account (“FBO Account”), held for the benefit of customers, with each of the Program Bank(s). The Program Bank(s) are listed in Appendix 1 of this Agreement. The list of participating Program Bank(s) is subject to change at any time, and without notice. Appendix 1 of this Agreement will be updated from time to time to reflect any such changes in participating Program Bank(s). Wise will distribute funds across Program Banks in its sole discretion.

Participants will not have a direct account relationship with the Program Bank(s), and you will not be able to deposit funds into, or withdraw funds directly from, the Deposit Account. You may only access your funds through your Wise Account. You can obtain publicly available financial information concerning each Program Bank at or by contacting the FDIC Public Information Center by mail at L. William Seidman Center, Virginia Square, 3501 North Fairfax Drive, Arlington, Virginia 22226 or by phone at 703-562-2200. Wise does not recommend, endorse, guarantee or warrant in any way the financial condition of the Program Bank(s), the accuracy of any publicly available financial information concerning such Program Bank(s) or the interest rates offered by such Program Bank(s).

Deposit Accounts held by Wise with participating Program Banks are not protected by the Securities Investor Protection Corporation.

f. FDIC Insured Deposit Account

The Deposit Account established by Wise with the Program Bank(s) (including principal and accrued interest) is insured by the FDIC, an independent agency of the U.S. government, up to the Maximum FDIC Insurance Amount, which is currently $250,000, for all deposits held in the same insurable capacity at the Program Bank. Your funds become eligible for deposit insurance immediately upon placement into the Deposit Account at the Program Bank(s) by Wise. FDIC insurance will not be continuously available while funds are in transit to, or from, Program Banks. Please note that the $250,000 Maximum FDIC Insurance amount of $250,000 is inclusive of the sum of your Eligible Balances, as they will be held as USD within the Deposit Account(s).

Any accounts or deposits that you may maintain directly with the Program Bank(s), or through any other intermediary, in the same insurable capacity in which the Deposit Accounts are maintained would be aggregated with the Deposit Accounts for purposes of the Maximum FDIC Insurance Amount. You are solely responsible for monitoring the total amount of deposits that you hold with the Program Bank(s), either directly or through an intermediary, in order to determine the extent of deposit insurance coverage available to you on your deposits. If you have deposits at Program Bank(s) through Wise and other deposits at the same Program Bank(s) in the same ownership capacity which, in aggregate, are in excess of the Maximum FDIC Insurance Amount, it is very likely that some of those funds will not be covered by FDIC insurance.

In the unlikely event of a bank failure, and where FDIC deposit insurance payments become necessary, there is no specific time period during which the FDIC must make insurance payments available, and you may not earn interest on your deposits from the time the Program Bank is closed. In the event the Program Bank fails, Deposit Accounts are insured up to $250,000, for principal and interest accrued to the date the Program Bank is closed. Wise complies with FDIC alternative recordkeeping regulations to ensure proper FDIC passthrough insurance for customers in the event of bank failure by the Program Bank. You understand and acknowledge that you may be required to provide certain documentation to the FDIC before insurance payments are made.

For more information about FDIC insurance coverage, you should review carefully the information available on the FDIC's web site at You may also call the FDIC at 877-275-3342 or write to the following address: Deposit Insurance Outreach, Division of Depositor and Consumer Protection, 550 17th Street NW, Washington, DC 20429.

g. Changes to the Program Agreement

Any material changes to the Program Agreement will be communicated to customers within a reasonable timeframe. Material changes include, but are not limited to the Annual Percentage Yield (APY) for the Program, currencies included in Eligible Balances, and/or the method in which funds are swept and calculated for purposes of earning interest for Participants.

2. Tax Information

For most users, interest earned on Deposit Account balances will be taxed as ordinary income in the year it is received. Wise will issue you a Form 1099-INT annually. Wise is not a tax advisor, and you should consult with a tax advisor to determine the tax consequences of earning interest through the Program. If there are any changes to your personal or business’ information, such as name or tax identification number, please contact Wise so that we can ensure your tax information is updated on your account.

Wise may be required to withhold U.S. federal income tax at the prevailing rate on all taxable distributions payable to certain customers who fail to provide their correct taxpayer identification number or to make required certifications or who have been notified by the Internal Revenue Service that they are subject to backup withholding.

3. Consent

By accepting the Program Agreement, you consent:

  1. To receive communications electronically;
  2. That you have access to equipment through which you can access and your Wise Account, and which you can use to retain documents; and
  3. To use electronic records and signatures in our relationship with you.

Your consent will also apply to any other person named on your account, product, or service, subject to applicable law. Your consent will apply to any communication which we are legally permitted to provide to you now or at any time in the future, including any tax forms such as 1099-INTs.

This is an entirely electronic product and by agreeing to these terms and conditions you consent to all communication and tax statements being electronically delivered to you. If you wish to receive a paper copy, you will not be able to participate in this product. Any additional costs associated with the delivery of a final paper form will be passed on to you.

We may choose to send you certain documents in paper rather than in electronic form. You should continue to review all paper communications that we send you. Please ensure that you keep your primary mailing address up to date. If we send you paper documents, it will have no impact on your paperless enrollment.

4. Questions and Complaints

All questions regarding the Balance+ Program and/or your Wise Account, along with any complaints or concerns regarding unauthorized activity, should be directed to Wise and not to the Program Bank(s).

If you have a question or complaint regarding Balance+, please send an email through our Help Center. You may also contact us by writing to Wise US Inc., 30 W 26th Street, Floor 6, New York, NY 10010, ATTN: Wise Compliance, or by calling us at 1-844-926-4389. Please note that e-mail communications will not necessarily be secure; accordingly you should not include credit card information or other sensitive information in your e-mail correspondence with us.

Appendix 1

The following is a list of participating FDIC-insured Program Bank(s) as of January 1, 2023.

Program Bank(s):

  • JPMorgan Chase Bank, N.A.


Some features of this Program are in beta phase and may not be available to all customers.