Launched in 2011 as TransferWise, Wise offers a range of accounts specifically designed to make handling international currencies cheaper, faster and more user-friendly.  They’ve also recently launched a business savings offering which pays a higher interest than most easy-access business savings accounts.

Wise Interest for Business is essentially a money market fund. This means it’s an investment option that concentrates on short-term, easily accessible debt investments. From the perspective of the user, it works just like a business savings account.

In this review, I will take an in-depth look at how it works.

Wise Business Savings Account Review

Wise Business Savings Account: My Verdict

Wise Business Savings Account has a lot to offer as an alternative to traditional savings accounts. With highly competitive interest rates ranging between 3.62% and 5.11% and no minimum deposit amount, it means you can grow your assets whilst retaining easy access for emergencies.   

The funds have FSCS protection, whereas money left uninvested in Wise accounts doesn’t. You can even spend from the account, which is a nice touch, meaning you can use it almost like a high-interest current account.

However, only Wise Business customers can use the Interest feature, so you may have to open an account if you want to invest in the fund. With several fees, including a £45 account opening fee and up to 0.56% interest service fee, it’s more expensive than other business savings accounts. You will also need to consider the additional risk of your savings held in the fund decreasing in value depending on fluctuations in the market.

Wise Business Savings Account Pros & Cons


  • Competitive Rates: Up to 4.95% on GBP, 5.11% on USD, and 3.62% on EUR.
  • Daily Interest: Interest added every working day, instantly accessible.
  • Clear Fees: Pay only for what you use, with no hidden costs.
  • FSCS Protection: Savings up to £85,000 are covered.
  • Multi-Currency: Options for GBP, USD, and EUR, suitable for global businesses.
  • Easy-to-Use App: Manage savings easily with the Wise app.
  • Extra Features: Includes 0.5% cash back on card spends, batch payments, and expense management.
  • Software Integration: Works with Xero, QuickBooks, and FreeAgent.
  • Strong Security: Protected by advanced security, including 2-factor authentication.
  • Easy Setup: Simple process to open and activate the Interest feature.
  • Reliable Support: Accessible webchat, email, and phone support.


  • Fees: £45 to open an account with a 0.56% fee for the Interest feature and transfer fees from 0.43%.
  • Exclusive to Wise Customers: Must have a Wise Business Account to access the savings feature.
  • No Branches: No physical locations in the UK.
  • Deposit Restrictions: No cash or cheque deposits; payment types vary by currency.
  • Limited Financial Products: Lacks separate business savings accounts and business loans.
  • Currency Fluctuations: Mid-market exchange rates might not be the best deal for USD or EUR savings.

Wise Business Savings Features

The Wise Business Savings Account enhances the Wise Business Account by offering an investment opportunity in a BlackRock-managed fund.

Funds in ‘Interest’ are invested in short-term, government-guaranteed loans aimed at earning additional income. Daily transactions of buying or selling units are processed, with a two-working-day turnaround for deposits or withdrawals. While this investment is considered low-risk due to government backing, it’s important to remember that all investments carry some level of risk.

No Minimum Deposit
Flexible Withdrawals
Choice of Currency (GBP, USD, EUR)
Competitive Interest Rates
Variable Interest Rates
Spend Interest Anytime
Account Opening Fee (£45)
Annual Fee on Interest Funds
No Early Closure Penalties

Wise Business Savings Account Eligibility

To be eligible for a Wise Business Savings Account, you first need to have a Wise Business Account. This account is available to sole traders, freelancers, partnerships, limited companies, and public companies.

However, you cannot open a Wise Business Account if you are a registered UK charity, hold bearer shares, or are involved with activities related to Cuba. Once your Wise Business Account is set up and if you’re based in the UK, you can then use the Interest feature.

Opening a Wise Business Savings Account

Before using Wise Interest, you must open a Wise Business Account.

To open a Wise Business Account:

  1. Register Online: Complete the online application form on the Wise website.
  2. Provide Business Details: You’ll need to share information such as registration details, location, industry, online presence, and details of all stakeholders.
  3. Give Personal Details: As the account owner, provide your details for identity verification. You might need extra info to confirm your authority if you’re not a director.
  4. Pay The Account Set-Up Fee: You’ll be asked to pay a one-time set-up fee of £45. 
  5. Identity Verification: This usually takes less than 10 working days, and Wise will contact you if they need further information. If you’ve added team members to your account, their identity will be verified, too.
  6. Account Opened: When Wise has confirmed your account has been opened, you can use the Wise Business Savings Account, also known as Wise Interest. 

To use Wise Interest

  1. Navigate to the Balance or Jar you want to earn Interest on. 
  2. Check Your Eligibility: Interest is only available for certain UK businesses. You are eligible to use this feature if you see the option to change a Balance or Jar into Interest.
  3. If you are eligible, select the Cash, Stocks or Interest icon, which you can find underneath the Jar and Balance section. 
  4. Select “Switch how the jar/balance is held.”
  5. Select the option to hold your money in Interest. 
  6. Status: Your Jar or Balance will be marked as pending whilst Wise changes how it is held. This may take up to 2 working days or 3 working days if you have transactions or changes in progress.

Wise Business Savings Fees and Charges

As the Wise Business Savings Account is attached to the Wise Business Account, there are fees associated with the account, but you will only pay for the services you use.

Registering and opening your account£45
Sending moneyFrom 0.43%
Withdrawing £200 per month in 2 withdrawals or lessFree

You will also be charged two fees for using Interest: a Wise fee and a Fund Manager Fee. 

The Wise fee is paid from a balance on the first day of each month. If your savings are held in a Jar, they will take it from a balance held in the same currency.

You won’t see a second charge for the Fund Manager Fee in your account, as this is automatically deducted and included in your Interest balance’s valuation. 

The fees for Interest vary depending on the currency in which you hold your savings.

CurrencyWise FeeFund Manager Fee
Pound Sterling0.46%0.10%
US Dollars0.19%0.10%

You may be charged additional fees depending on how you use your Wise Business Account. 

Read our in-depth Wise Business Account Review for more information. 

Wise Business Savings Account Management

Wise Business Account management is done online through their website or easy-to-use mobile app. Both provide a reliable and fast service with user-friendly and intuitive interfaces, allowing you to do essential account management.

Through the app or website, you’ll be able to track the balance of your savings by downloading your account statements. Valuations are updated every working day. 

You can even connect accounting software such as Xero, QuickBooks and FreeAgent to save time managing your business’s accounts.

Wise Business Savings Security

Wise takes security seriously and has several measures to protect your account and money. 

These include:

  • A dedicated fraud team that works 24/7 to keep your account safe, 
  • Real-time notifications for every transaction
  • Two-factor authentication
  • Data protection measures. 
  • A bug bounty program through BugCrowd where you can report vulnerabilities. 
  • A security operation team that monitors suspicious activity and vulnerabilities. 
  • Audits by independent finance and IT auditors
  • SOC 1 Type 2, SOC 2 Type 2, PCI DSS, and ISO 27001 certification  
  • GDPR compliant.

Wise Business Savings Customer Reviews

Wise boasts a “great” TrustScore of 4.1 on Trustpilot, with 83% of users rating them a 5 out of 5. 

Users consistently praise Wise for its excellent conversion rates, user-friendly interface, and transparent fee disclosure. They also comment on the “swift”, “secure”, and “reliable service.

However, some users have expressed concerns about what they perceive as a lack of prioritisation for business-related issues, citing instances of sudden activity suspension. Additionally, there are reports of challenges in obtaining prompt and effective customer service. They describe their experience as “frustrating”, “expensive and “non-responsive.

Wise Bank Mobile App

The Wise mobile app consistently scores high, earning an average score of 4.5 out of 5 on the Apple App Store and 4.7 out of 5 on the Google Play Score. 

Users find it easy to create multi-currency accounts, facilitate efficient money transfers, and manage balances in real-time. They call the app “user-friendly”, “smooth and “remarkable”. 

Security features, including robust encryption and two-factor authentication, enhance user confidence. The app is praised for its reliability, convenience in international money transfers, and access to real-time forex spot rates.

However, users have reported challenges with app navigation, the inability to create joint accounts, issues with bank interface recognition, occasional verification problems, and difficulties in adding new recipients. They describe their experience as “poor”, “frustrating”, and “mediocre”. 

Alternatives to Wise Business Savings Account

BankType of AccountInterest RateMin BalanceMax BalanceFSCS Covered
WiseEasy Access Investment FundUp to 5.11%£1N/A
Monzo BankInstant Access Savings PotUp to 1.6% AERN/A£100,000
AldermoreEasy-Access & Fixed RateUp to 4.35% AER£1,000£1,000,000
CynergyEasy-AccessUp to 3.65% AER£1£10,000,000
Recognise BankEasy-Access, Notice & Fixed-RateUp to 4.50% AER£1,000 or £85,001£250,000

Frequently Asked Questions

Can I access my money in the Wise Business Savings Account at any time?

Is my money safe in the Wise Business Savings Account?

What are the fees associated with the Wise Business Savings Account?

Do I need to pay taxes on my earnings from the Wise Business Savings Account in the UK?