Friday, June 21, 2024
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HomeIndustry NewsWise announces 3.92% APY on USD account balances for US customers
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Wise announces 3.92% APY on USD account balances for US customers

Wise has announced a new feature of the Wise Account which offers US-based business and individual customers the opportunity to opt-in to receive 3.92% APY on their USD balances.

Clients will be able to earn interest on USD balances while still keeping the flexibility to send, spend and receive money internationally with instant access to their funds, in other words, they’ll be able to manage global business growth and operations or personal international financial needs.

A champion for transparency in finance

Those who opt-in to receive interest are eligible for FDIC pass-through insurance up to $250,000 through Wise’s program bank JPMorgan Chase Bank, N.A.

Wise made clear that the Wise Account is neither a checking or savings account – there are no additional limits to the amount customers can hold in the account and no balance minimums or fees involved.

Sharon Kean, director of global expansion at Wise, said: “As a champion for transparency in finance, we believe that the interest our customers’ money is making should be passed back to them whenever possible and we’re excited to be able to do so now. The Wise account is the universal way to manage money internationally and was built to save our customers time and money. We’re now enhancing that offering with the launch of our new interest rate feature.”

The new interest rate feature is available to all new and existing Wise US customers.

Interactive Brokers added ‘Pay with Wise’ options

Interactive Brokers has recently integrated Wise to allow clients a simple and seamless experience when making deposits in their trading accounts.

‘Pay with Wise’ is now an option for IBKR clients looking to convert their local currency to an Interactive Brokers-supported currency at the true mid-market exchange rate, free from hidden fees and markups, and all without leaving their IBKR platform.

IBKR clients can leverage Wise to save money on transfer fees when investing in their choice of 150 international markets worldwide through a quick and easy service.

Additionally, clients can transfer directly from balances in their linked Wise accounts. Customers may receive their money in the chosen currency in a matter of seconds — over 50% of all transfers globally sent on Wise are instant (arriving in less than 20 seconds).

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