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Earn Interest in Three Different Currencies at Once with Wise in the U.S.

Wise 3 Currencies Interest in US

Financial services have been evolving quickly since the onset of everything ‘fintech’. One of the latest innovations has been interest that you can accrue on your account which many neo banks and challenger banks are promoting. With interest rates remaining higher than we have been used to a host of high-yield savings accounts are available to consumers. Some of them even offer over 5%. But what they don’t offer is the ability to earn interest in three different currencies at once.

It’s not just the ability to earn three currencies at once. In the U.S. one financial institution, Wise, gives customers their interest calculated daily and paid out monthly. This isn’t the norm on the market where often consumers need to wait till the end of the year to get their interest paid out. So to offer a product that not only calculates interest daily, but also offers three currencies at once is a first. And Wise has done it again.

In the U.S. customers are already able to get 4.85% interest on their Wise USD accounts. But now they can also get 3.22% on GBP and 2.29% on EUR accounts. These interest options are available at the same time as consumers are earning interest on their USD accounts.

Importantly all consumers who ‘opt-in’ to receive interest on their balances will be eligible for passthrough FDIC insurance up to $250,000 through Wise’s program bank, JPMorgan Chase Bank, N.A.

Opting in for Interest products with Wise

In the U.S., just like in the UK, consumers can choose to opt-in to interest products. It is a simple process to do this. All that needs to be done is to open the Wise app or website, go to your GBP or EUR balance, and select “Earn Interest”. Simple? Today 50% of USD balances held by US accounts are accruing interest.

Interest rates are currently very attractive, so why would you not use the facility that Wise has provided? The interest rate offered for USD, GBP and EUR balances may change, but if this happens it will still be an attractive proposition for many. Why? Because the most important thing with Wise is that you don’t have to create a new ‘savings’ account. You just opt-in with your Wise account and create balances in the currencies relevant to you. And, if they are GBP and EUR accounts, then you accrue interest there too.

We spoke to Balazs Barna, Austin Site Lead and Head of U.S. Engineering at Wise, to find out more.

Why US Customers can Earn Interest in Three Currencies today.

The background to the story starts with the strong rise in interest rates we saw in 2022 and 2023. During this period the product team at Wise were interacting with consumers regularly just as they do now. Except that a very clear message was coming through from customers.

Customers suggested that as they are increasing the amount of currency being held with Wise perhaps they could gain some interest on the balance. 

“So we started to look into it,” Balazs explained. “Is it possible for us in the US to do that? It turned out that the answer was YES.”

The size of the project was big. But Balazs knew that the team at Wise needed to act fast. In fact, it only took three months before the initial product was rolled out.

“We set out first and foremost to build a product that is easy to use.” Balazs shared. “We wanted to make sure that customers can get all the benefits of our interest feature with minimal effort, meaning we made it super easy to opt in and turn your Wise account into an interest making product.”

Why do customers have more than one balance with Wise?

When the initial USD interest product was rolled out in May 2023 it proved very successful. As we mentioned above, today 50% of customers in the US use this facility.

“There are many customers who do not hold all their funds in USD,” explained Balazs. When the team at Wise asked these customers why, the answer was that they had payables in GBP and EUR. They didn’t want to convert their balances as they would have to convert back and potentially lose on the exchange rate.

The team at Wise investigated to see if offering interest on all 3 currencies was possible, since this was a product that didn’t exist in the U.S. yet. They had to figure out what rate they could offer customers.

“Everything we have done has been based on feedback from our customers,” Balazs continued. “And now we have a product that is completely unique. In my opinion, the best thing about it, is the freedom that it gives you. You don’t need to lock your funds. You can pay your bills and buy things and know that all the time you’re making interest on your funds.

“We wanted to build a product that our teams would want to use.”

As to why the choice of EUR and GBP, Balazs explained this with ease. He shared how it’s about prioritizing and about making the biggest impact. These are the currencies that are used most by customers of Wise.

Ensuring that money preserves its value

The facility is available to both personal and business customers, Balazs continued. But he is also keen to see what the feedback will be and what might happen to customer habits with the introduction of the interest facility.

The other important accomplishment has been to get FDIC insurance for Wise customers. It was important to gain that little bit more peace of mind for customers.

Building an interest product was always part of the plan, Balazs added. But with the high inflation environment it was made a larger priority. Wise has built a range of products and features that allow customers to keep their money safe and access funds quickly without restrictions or penalties. Adding interest features for multiple currencies is another piece of the puzzle, and ensures that customers’ money preserves its value without losing access to all the benefits of Wise’s secure, flexible international account.

“Even if the economic environment changes and interest rates drop,” Balazs summarized. “This is something that we want to give to customers and provide them with a full suite of products that enable them to lead international lives.”

If you would be interested in applying for a role at the growing Wise office in Austin you can find a list of the most uptodate vacancies in the below link:

Austin – Wise Careers 

Information about Wise’s Program Bank:

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 a complete list of Program Banks, please see Appendix 1 of the Program Agreement. For more information on FDIC insurance coverage, please visit

For Wise customers opted in to receive interest on EUR and GBP balances, the FDIC passthrough insurance provided by Wise’s program bank is for up to the equivalent of $250,000 in total for your USD, EUR and GBP combined balance amounts (collectively, the “Eligible Balances”).

Author: Andy Samu

See Also:

How Wise is making an Impact in the U.S. | Disruption Banking

Why Wise is building a Full Stack Hub in Austin | Disruption Banking

Wise ‘fintech’s latest gem’, says HSBC | Disruption Banking

How Wise is building teams who are empowered to solve problems | Disruption Banking

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