Wise has just launched a first-of-its-kind interest feature in Canada, allowing users to earn up to 3.14% returns on USD, CAD, EUR, and GBP with no lock-up periods. It is the first service in the country that lets you earn a return on balances across several currencies.
The new feature allows both personal and business users to opt in and start earning interest on four major currencies i.e. Canadian Dollars (CAD), US Dollars (USD), Euro (EUR), and British Pounds (GBP).
The current annualised rates are quite competitive compared to traditional offerings:
One of the most human-friendly aspects of this update is the lack of “fine print” restrictions. Unlike a traditional GIC or a high-interest savings account that might lock your money away for months, Wise allows you to keep using your funds. You can spend, send, or convert your money even after you have opted in. There are no penalties for moving your cash, and you don’t need to maintain a massive minimum balance to qualify.
While Wise is not a traditional bank, it is making big moves in the Canadian financial infrastructure. Earlier this year, the company became a member of Payments Canada. This is a big deal because it means they are working toward direct participation in national payment systems like the upcoming Real-Time Rail. This should eventually lead to even faster and cheaper transfers for everyone using the platform.
For those worried about the tax man, Wise has simplified that too. They will provide the necessary tax slips for the CRA, though they only start issuing these in 2027 for the 2026 fiscal year if you earn more than $50 in interest.
If you are a Wise user in Canada (excluding Quebec for now), you can activate this feature with just a few taps in the app.
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