Wise Plc said it is launching everyday bank accounts in the United Kingdom that offer customers a 3.26% variable interest rate on balances and enable direct debits for recurring payments. The London-headquartered money transfer firm announced the new offering as it expands the scope of its digital banking services in the UK market.
Operating under an electronic-money license in the UK, Wise can provide payment services but is not authorized to lend. The company said the new accounts allow customers to hold money and earn interest while retaining the firm’s existing cross-border and multi-currency functionality.
Wise’s product set already permits users to hold, move and spend money in up to 40 currencies using the mid-market rate. The addition of direct-debit capability means customers can now route recurring payments through these everyday accounts, broadening the utility of funds held with the platform.
Emmanuel Thomassin, Wise’s chief finance officer, emphasized the importance of customers both spending and holding funds with the company, saying that enabling customers to grow their balances is a key priority for the business.
To promote the new accounts and drive sign-ups, Wise will open a physical presence on London’s Oxford Street for two weeks. The pop-up branch is intended to attract interest in the product and provide a real-world channel for customer acquisition during the launch period.
The company reported cross-border transaction volume of £47.4 billion for the quarter ended Dec. 31, an increase of 25% compared with the prior year period. Active customers rose to 15.6 million globally in fiscal 2025, and customer holdings stood at £27.5 billion at the end of last year.
Wise is introducing these everyday accounts into a competitive UK market where digital challengers already serve large customer bases - Monzo Bank Ltd. and Revolut Ltd. are cited as having significant personal and business customer counts in the UK. Wise said customers are moving from tier one banks to its platform to access faster services, including payments that can settle in less than 20 seconds, according to Thomassin.
The new accounts represent an expansion of Wise’s service suite, providing a mechanism for customers to earn interest while remaining within the company’s payment-focused regulatory framework. The firm’s electronic-money license limits it to payment services and does not extend to lending, a distinction the company noted in describing its capabilities.
Key points
- Wise has launched UK everyday bank accounts paying a 3.26% variable interest rate and supporting direct debits for recurring payments.
- The company operates under an electronic-money license in the UK, which permits payment services but not lending.
- Financial metrics reported include £47.4 billion in cross-border volume for the quarter ended Dec. 31, 15.6 million active customers in fiscal 2025, and £27.5 billion held by customers at year-end.
Risks and uncertainties
- Regulatory limitations - Wise operates under an electronic-money license that allows payment services but does not permit lending, which constrains product scope. This has implications for the fintech and banking sectors.
- Competitive pressure - The UK market includes large digital challengers with substantial customer bases, which could affect customer acquisition and market share in payments and retail banking services.