Who is eligible?
For earning interest on your Wise balance if you live in the US all new and existing US customers with a SSN/EIN will be eligible to opt in (SSN/EIN verification will be required during opt in, unless already verified). We need this to verify your tax information so that we can report your taxes correctly. Please note this feature is not available to residents of New York and Alaska at this time.
Learn more about verifying when opting to earn interest as a US customer
How do I opt in?
After you’ve opened a multi-currency account with Wise, navigate to your USD, EUR or GBP balance and select “Earn interest.” Wise will need to verify your SSN or EIN before you can start using this feature.
Make sure to update your app to the latest version when checking for this feature.
How do I opt out?
You can opt out at any time through your Wise Account. Go to your USD, EUR or GBP Balance and choose “Opt out.” If you decide to opt out, you’ll still earn interest for the month until the day you cancel. Any interest owed prior to you opting out will still be paid to your corresponding balance.
I don’t live in the US but my business is located in the US, am I eligible?
It depends. To opt into interest, you need to certify that you're not subject to backup withholding, and that you're a U.S. citizen or other U.S. person as defined by the IRS here.
Your personal account wouldn't be eligible since your address isn't located in the US.
I’m a US citizen but my business is located abroad, am I eligible?
Yes, if your personal account has a US address and you have a SSN, you are eligible to add the interest feature. We'll verify your SSN when you opt in, unless it's already been verified.
Your business account wouldn't be eligible, since it's not based in the US.
What happens if I relocate outside of the US after opting in?
If you relocate outside of the US, your Wise Account will no longer be eligible for this feature. You’ll receive any interest accrued during the month you move, up until the date of your address change. We pay this out at the beginning of the following month. The same applies if you relocate your business outside the US. If you relocate to the UK, EEA, or Singapore, you may be eligible for similar features, called Assets.
You might also be eligible for fee refunds if you move to the UK or a balance cashback if you move to the EEA. Learn more about Assets
How is Wise able to 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 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).
*Disclaimer: 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, please visit 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 January 1, 2024. See Program Agreement for details.