Wise, a global technology company and provider of multi-currency financial accounts, has launched a new Interest feature in Canada, becoming the first provider in the country to allow customers to earn returns across multiple currencies from a single account.
The feature enables eligible customers to opt in and earn returns on balances held in CAD, USD, EUR and GBP simultaneously. Current rates stand at 2.22% for CAD, 3.14% for USD, 0.8% for EUR and 2.21% for GBP. Customers who opt in retain full access to their funds, facing no lock-up periods, minimum balance requirements or penalties for using their money.
Unlike existing options available to Canadians, which have historically required opening separate accounts with different financial providers for each currency, Wise’s offering consolidates everything into one account. Customers can continue to hold, send, spend and convert their balances internationally whilst earning a return. The feature can be activated in a few taps within the Wise app.
Wise head of product for North America Vinay Nilakantan said, “Earning a return on your money across currencies shouldn’t require opening and managing multiple accounts or giving up access to your funds — but that’s the reality many Canadians have grown accustomed to. With Wise’s Interest feature, we’re changing that. We’re offering a more flexible way for our customers to make their money work harder across currencies, combining market-leading returns with the ability to use funds instantly, all in one convenient account.”
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