Wise Plc (LSE:WISE) has introduced everyday bank accounts for customers in the United Kingdom, offering a variable interest rate of 3.26% on account balances along with direct debit functionality for recurring payments, the London-based payments company said on Monday.
The fintech group, which operates in the UK under an electronic-money license that permits payment services but not lending, is broadening its digital banking offering in a competitive market where rivals Monzo Bank Ltd. counts about 15 million personal and business users and Revolut Ltd. has around 13 million customers in the country.
With the new accounts, customers will be able to store funds and earn interest, expanding Wise’s platform beyond its existing capabilities that allow users to hold, transfer and spend money in up to 40 currencies internationally using the mid-market exchange rate.
“This is also what is very important to us: that our customers are not only spending but also holding and growing money with us,” Chief Finance Officer Emmanuel Thomassin said.
To promote the launch and drive sign-ups, Wise is opening a temporary physical branch on London’s Oxford Street that will operate for two weeks.
The company reported cross-border transaction volume of £47.4 billion in the quarter ended December 31, representing a 25% increase from a year earlier. Wise said its global active customer base reached 15.6 million in fiscal 2025, while total customer balances stood at £27.5 billion at the end of last year.
According to Thomassin, more customers are moving to Wise from traditional tier-one banks to benefit from faster services, including payments that can be completed in under 20 seconds.
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