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- Wise has launched an interest feature allowing its US customers to receive interest on their USD balances.
- Both new and existing users can enjoy the feature that attracts an APY of 3.92%.
Wise, one of the leading international money transfer companies, has introduced an interest-yielding feature for its US-based customers. Both its personal and business customers can now opt-in to receive interest on their USD balances.
Wise’s interest feature
Wise has introduced a new feature on its account that allows its US-based users to earn an interest of 3.92% APY on their USD balances. Besides, the eligible customers will have an opportunity to enjoy the FDIC pass-through insurance of up to $250,000 via JPMorgan Chase - Wise’s program bank.
Notably, the platform’s interest feature does not equate to a savings or checking account. This means that there is no limit to the amount of money that a customer can have in their account. Besides, the conventional policy of balance minimums and fees does not apply.
For the customers who opt-in to enjoy interest, all they need is the Wise website or app. From there, click at the existing USD balance to add the interest feature. Subsequently, one can hold, send, or spend the available money while earning interest.
Both the existing and new Wise customers in the US can access this feature on their accounts. However, to be eligible, an existing user needs to verify their SSN/EIN. For the new customers, it will involve signing up for an account either via the Wise app or website. With that, they will be able to opt-in to the interest option.
Wise’s director of global expansion, Sharon Kean has stated, “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. 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”.
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