In a bold move that challenges traditional high street banks, Wise has officially launched its new Wise Current Account in the UK. The key feature allows customers to earn interest on their everyday money.
Unveiled today at a vibrant launch event in London’s Future Stores on Oxford Street, the new account marks a major milestone for the fintech company. Wise is moving from a cross-border payments specialist to a full-service banking contender.
The venue was transformed into a bright, modern pop-up space featuring large digital screens, while attendees were offered green matcha tea drinks and tote bags containing a custom-printed newspaper with the headline: “Bad News for Banks, Good News for Your Money”.
Founded in 2011, Wise now serves over 3 million active users in the UK and has earned a reputation for putting customer needs at the centre of its product development.
Wise Launches New Current Account in UK
Wise’s new Current Account brings together every day banking features with the company’s established international payment capabilities. The account includes a debit card for daily spending and bill-scanning technology that automatically generates transfers.
During the presentation at the London launch event, Emmanuel Thomassin, Chief Financial Officer of Wise, highlighted the difference between traditional banking and Wise’s approach. He told attendees that an estimated £250 billion is currently held by customers in UK bank accounts, earning no interest at all.
Thomassin noted that, in contrast, Wise’s more than three million active customers who use the platform every day as their primary account “are earning money on the money that they have deposited with us“.
He added that these customers currently hold over £8 billion with Wise and have collectively earned more than £80 million in returns.
Founded 15 years ago to challenge high fees and non-transparent practices in international money transfers, Wise has grown into a global financial platform.
The company now operates in more than 160 countries, supports over 50 currencies, and maintains average transfer fees of around 0.5 per cent.
Wise Assets Feature Lets Customers Earn Up to 3.26% on Everyday Balances
A standout addition is Wise Assets, which allows customers to earn up to 3.26 per cent on their everyday balances through low-risk government-backed investments. The funds remain fully spendable at any time.
Cian Weeresinghe, Chief Marketing Officer of Wise, explained the benefit:
“In the Wise account, you can turn on Wise Assets. We have an interest product which allows you to choose how your money is invested, not leave that up to the bank… you can invest your money into a government backed bond and earn an interest like return. It’s very low risk, and it’s spendable”.
“You get to keep nearly all the return that is available, and we charge a small fee transparently”, added Weeresinghe.
Wise is also offering several new practical features tailored for individuals and families. These include Young Explorer cards for children under 18 with real-time parental monitoring, a dedicated Travel Hub providing useful guidance for overseas trips, and airport lounge passes available at up to 40 per cent below standard walk-up prices.
The UK launch forms part of Wise’s wider global expansion strategy. The company has prioritised localisation by securing banking licences and offering local account details in major markets including the United States and Europe.
By building accounts that work seamlessly for both domestic and international needs, Wise aims to become customers’ primary banking provider rather than just a supplementary service.
The pop-up branch on Oxford Street will remain open for the next two weeks, welcoming both existing customers and new visitors to learn about the new features interactively.
Author: Ruben McCarthy
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