If you are a US person*, you live in the US, and you have a valid SSN or EIN — you may be eligible to opt in to earn interest on the USD, GBP, or EUR that you hold in your Wise balance.
Learn more about eligibility and how to opt in
What are the benefits of opting in?
You’ll receive monthly interest payouts directly to your balances
You’ll get the added security of up to 250,000 USD in pass-through FDIC insurance
You can send, spend, receive and convert your money any time — your money isn’t time-locked or restricted
What interest rate will I earn?
The current interest rates are:
3.92% APY for USD
1.61% APY for EUR
3.03% APY for GBP
Interest is accrued daily and we’ll add it directly to your USD, EUR and GBP balances at the beginning of the following month. The rates we show you are exactly what you get.
Interest rates are variable and determined by our program banks, so interest rates are subject to change. You can learn more in the Program Agreement.
Eligible currencies and balances
Only USD, GBP, and EUR balances are currently eligible to earn interest
Money held in Jars doesn’t earn interest — it must be in your main USD, GBP, or EUR balance
How does it work?
Wise is not a licensed brokerage or FDIC-insured bank in the United States, we keep our customers’ money safe by storing funds with reputable banks. These banks then pay Wise interest on those funds for keeping the money with them, and we pass it along to you. The FDIC insurance passes through from our program bank holding the funds.
We don't offer any securities, investments, or traditional savings accounts — instead, the interest you’re earning, along with the FDIC insurance that comes with it, is passed through from our program bank(s).
Is my money safe?
By opting in to earn interest on your USD, EUR, or GBP balances, you'll benefit from the added security of up to a total of 250,000 USD in pass-through FDIC insurance on your eligible balance(s) from our program bank.
For example, if you have 200,000 USD and 100,000 EUR, and you opt in for interest for both currencies — then only the equivalent of 250,000 USD is FDIC-insured.
See Program Agreement to learn more and see *Disclaimer below.
How does Wise calculate interest?
Interest is calculated daily based on your minimum daily balance.
This means any money added to your USD, EUR, or GBP balance will start earning interest on the next working day.
How is interest calculated for EUR and GBP?
Interest is earned in USD. So for the EUR and GBP balances where you opted in, we’ll hold the equivalent of your EUR or GBP balances in USD. Interest will then be accrued as USD. When we pay out your interest, we’ll convert it back to EUR or GBP, and add it to your respective balances.
For example:
If you have 100 EUR in your balance, and 100 EUR is equivalent to 110 USD — the interest is calculated on 110 USD
If you earn 2.20 USD in interest in January, then at the beginning of February we'll convert the 2.20 USD back to EUR based on the current exchange rate
The converted amount in EUR is then added to your EUR balance
What happens if I close my Wise account, or opt out?
If you close your Wise account or opt out of earning interest, you’ll earn interest up until the day you close your account or opt out.
You can only receive interest payments to your balance while your Wise account is still open. You won’t be able to receive interest once you close your Wise account.
Taxes
What does this mean for my taxes?
For most users, interest earned in their Wise account will be taxed as ordinary income in the year it's received. For all customers who earn more than $10.00 USD in interest, Wise will issue you a Form 1099-INT every year.
Wise is not a tax advisor, and you should consult a tax advisor to understand the tax consequences of earning interest on the balances in your Wise Account.
How can I download my 1099-INT form for taxes?
If you earned $10 or more USD in the 2024 calendar year across your interest-earning balances, we’ll give you a 1099-INT to comply with standard IRS tax rules. To download your 1099-INT:
Select your profile at the top in the app or on web
Select Statements and reports
Select Interest income — annual tax statements
Select Download
There’s an error on my 1099-INT form — how can I fix this?
If there’s an error on your 1099-INT, such as an incorrect name or address, contact us so we can get it sorted for you. Just let us know what we need to correct. It should 100% match your IRS record.
The correction can take up to 15 business days. This is because we need to submit the changes to relevant tax authorities so a new form can be created.
I only earned interest in December, will I be getting a 1099-INT for the earned interest?
No, since the payout date is January 1, the accrued interest during December will be reported in the next tax year.
*Disclaimer
The definition of a US person can be found in the Form W-9 instructions. For federal tax purposes, you're considered a US person if you are:
An individual who is a US citizen or U.S. resident alien
A partnership, corporation, company, or association created or organised in the United States or under the laws of the United States
An estate (other than a foreign estate)
A domestic trust (as defined in Regulations section 301.7701-7)
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, check 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.
Annual Percentage Yield (APY) — rates shown are true as of 20 December, 2024. See Program Agreement for details.