If you live in the US, and are looking to earn interest on your Wise balance, this article covers if you’re eligible and how you can opt in.
Am I eligible?
In order to opt in to our US interest program, you’ll need to meet all 3 requirements:
Have a US Profile Address (currently unavailable for New York, Nevada, and Alaska residents)
Have a valid Social Security Number (SSN) for personal customers, or an Employer Identification Number (EIN) for Business customers
Are a US person — see *Disclaimer below
Why do you need my SSN or EIN?
We need to verify your Tax ID number so that we can report your taxes to the IRS, which is required by US regulations.
We’ll need to verify your SSN or EIN before you can start earning interest.
Learn more about getting verified to earn interest as a US customer
How do I opt in?
If you’re eligible, here’s how you can opt in for interest:
Go to your USD, EUR, or GBP balance. If you don’t have these balances already, you can open a new balance
Under Options, select Start earning interest, and follow the steps to confirm
How do I opt out?
To opt out of earning interest, follow the same steps as above, but select Opt out.
If you opt out, you’ll still earn interest for the month up until the day you cancel. Any interest owed prior to you opting out will be paid to your corresponding balance.
Your account needs to remain open at the time of the final interest payout.
Frequently asked questions
Am I eligible if my business is registered in the US, but I don’t live in the US?
Your personal account won’t be eligible, but your business may be. You’ll need to verify that you’re not subject to backup withholding, and that you’re a US citizen or other US person as defined by the IRS here.
Am I eligible if I live in the US, but my business is located abroad?
Your business won’t be eligible, but your personal account may be. You’ll need to verify that you’re not subject to backup withholding and that you’re a US citizen or other US person as defined by the IRS here.
What happens if I move outside of the US after I opted in to earn interest?
If you move outside the US, you’ll need to update the address on your account, and you’ll no longer be eligible to receive interest through this feature.
You’ll receive any interest accrued up until the date of your address change, which we’ll pay out at the beginning of the following month.
You may be eligible for similar features we offer in other countries:
Australia – Yield
EEA – Interest and Stocks or balance cashback
Singapore – Interest and Stocks
UK – Interest and Stocks or fee refunds
How can Wise offer this feature under its current licenses?
Wise is not a licensed brokerage or bank in the United States, so we can’t offer any securities, investments, or savings accounts. In this instance Wise passes the interest you are earning via our program bank*, along with pass- through FDIC insurance.
Pass-through insurance is when you hold money with a non-bank financial service company, like Wise, which places those funds in FDIC-insured banks. The FDIC protection "passes through" from the bank to you, the customer.
Learn more about FDIC insurance
*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 Banks 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.
For customers opted in to receive interest on EUR and GBP balances, the FDIC pass-through insurance provided by our program bank is for up to the equivalent of 250,000 USD in total for your USD, EUR and GBP combined balance amounts. These balances collectively are your "Eligible Balances".