Wise Launches UK Current Account With 3.26% Interest Rate Targeting £250 Billion in Zero-Interest Accounts
Wise has officially launched a UK current account offering a 3.26% variable interest rate on GBP balances, marking its formal entry into the UK current account market traditionally dominated by high street banks.
The launch targets a significant opportunity in the market, as an estimated £250 billion is currently held in UK current accounts that earn no interest.
Account Features and Interest Offering
The new account offers a 3.26% variable interest rate on GBP balances through Wise Assets, with no lock-in period, allowing customers to earn interest while maintaining full access to their money.
Wise reported that UK customers currently hold around £8 billion in Wise accounts, with more than £4 billion already invested in Wise Assets. The company has also seen strong growth, serving over 3 million active customers in the UK and 15.6 million active customers globally, with approximately 100,000 new customers joining each week.
New Features Launched With the Account
Wise introduced two additional features alongside the current account launch:
- Airport Lounge Pass – Customers can purchase single-use airport lounge access directly through the Wise app.
- Young Explorer Card – A card designed for users under 18, linked to a parent’s account, including spending controls, instant notifications, and parental approval features.
Payments and International Transfers
The account supports:
- Direct debits in the UK
- GBP account details
- Local account details in more than 20 currencies
- Money transfers to over 70 countries at the mid-market exchange rate
According to Wise, 74% of its global payments are completed in under 20 seconds, highlighting the company’s focus on fast international transfers.
Launch Event
To promote the launch, Wise is hosting a two-week brand experience event at Future Stores on Oxford Street in London, aimed at introducing customers to the new current account and its features.
