Wise, the London-listed fintech formerly known as TransferWise, has entered the UK current account market with a new product that lets customers earn a 3.26% variable rate on their GBP balances through its Wise Assets Interest feature, in which capital is at risk. Launched on March 30, 2026, the Wise Current Account combines everyday banking features such as direct debits with new travel and family features, which Wise says challenges traditional banking. Wise targets the estimated £250 billion currently held in UK current accounts earning no interest.
DISRUPTING ZERO-INTEREST NORM
Currently, over £250 billion sits idle in UK current accounts earning nothing. Wise Current Account customers can earn a 3.26% variable rate on GBP balances through the Wise Assets’ Interest feature, with no lock-in period, so they can use their money for daily spending while generating returns.
Wise served 3 million active people and businesses in the UK last year, holding over £8 billion in their accounts. Half of Wise's UK customer balances, over £4 billion, are already held in Wise Assets. Direct debits for bills like streaming services or energy providers can be set up seamlessly, while 74% of global payments via Wise now arrive instantly in under 20 seconds.
TRAVEL AND FAMILY FEATURES
Wise says the account is designed for people with international needs. The account includes a dedicated Travel Hub within the app, offering practical advice on paying like a local abroad. It also includes a new Airport Lounge Pass feature, allowing customers in the UK and other select markets to buy a one-off lounge access pass in a few clicks within the Wise app.
For families, Wise has rolled out Young Explorer cards. Children under 18 can get their own Wise card, linked directly to a parent's Wise Current Account, which can be topped up for spending and cash withdrawals. Wise says the card is designed with safety in mind: parents and guardians can track spending, set up approvals for payments and receive instant spend notifications.
Customers can also create shared spending spaces to split bills with others or manage group expenses. Customers can send money to over 70 countries or spend at the mid-market exchange rate with no hidden fees. The account supports GBP and more than 20 local account details for receiving payments.
STRATEGIC PUSH INTO BANKING
This expansion marks a push by Wise from payments specialist into everyday banking. Listed on the London Stock Exchange as LON:WISE, Wise serves more than 15.6 million active customers globally, with 100,000 new customers joining each week, and customers hold over £27.5 billion in their Wise accounts.
Wise aims to become customers' primary banking provider rather than a supplementary service, according to Disruption Banking.
WHAT WISE SAYS
“Banks haven't kept pace with what customers expect for their current account,” said Nilan Peiris, Chief Product Officer at Wise. The company says the account offers a smarter way to manage everyday money.
The 3.26% rate is variable and based on fund performance; capital is at risk. Interest is offered by Wise Assets UK Ltd, which is authorised and regulated by the Financial Conduct Authority. To mark the launch, Wise is opening a fortnight-long brand experience at Future Stores on Oxford Street in central London.