Wise Launches UK Current Account With 3.26% Variable Rate as £250 Billion Sits in Zero-Interest Accounts

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Wise launched its UK Current Account on March 30, formally entering a market dominated by traditional high street banks and targeting the estimated £250 billion currently held in UK current accounts earning no interest.

The account offers a 3.26% variable rate on GBP balances through Wise Assets, with no lock-in period. Over £4 billion of the £8 billion currently held by UK customers in Wise accounts is already placed in Wise Assets. The company served more than 3 million active customers in the UK over the past year and reported 15.6 million active customers globally, with 100,000 new customers joining each week.

Two features launch alongside the account. An Airport Lounge Pass allows customers to purchase single-use lounge access directly through the app. Young Explorer cards give children under 18 their own Wise card linked to a parent’s account, with spending controls, instant notifications, and parental approval settings built in.

The account supports direct debits, GBP and more than 20 local account details for receiving payments, and money transfers to over 70 countries at the mid-market rate. Wise reports that 74% of its global payments now arrive in under 20 seconds.

To mark the launch, Wise is opening a two-week brand experience at Future Stores on Oxford Street in London.

Editorial note: The 3.26% rate referenced in this article is variable and based on fund performance. Investments can fluctuate and capital is at risk. Interest is offered by Wise Assets UK Ltd, authorised and regulated by the Financial Conduct Authority with registration number 839689.