Wise offers 3.14% APY on USD balances, with FDIC insurance
This new offering provides a significant financial benefit to Wise users holding USD, potentially attracting more customers and increasing engagement with the platform.
Wise launched a new feature allowing customers to earn interest on USD balances with FDIC insurance.
Wise has introduced an interest-earning feature for USD balances, offering a 3.14% Annual Percentage Yield (APY). The feature includes passthrough FDIC insurance up to $250,000 through their Program Bank. This is available to customers in most US states, excluding New York and Alaska at this time. The offering aims to help customers make their money work harder.
This new offering provides a significant financial benefit to Wise users holding USD, potentially attracting more customers and increasing engagement with the platform. For APAC users who may hold USD for international transactions or savings, this feature offers a competitive return and enhanced security, making Wise a more attractive option for managing global finances.
While the feature is currently US-centric, it demonstrates Wise's ongoing product development in enhancing user value. This could signal future expansions of similar interest-bearing accounts to APAC markets, offering a new avenue for savings and investment for regional customers.
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https://www.businesswire.com/news/home/20230425005163/en/Wise-Launches-New-Interest-Feature-for-US-Customers-Bolstering-Multi-Currency-Account
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