Wise launches multi-currency interest in New Zealand

Wise has launched Wise Interest in New Zealand, allowing customers to earn variable returns on New Zealand dollar, US dollar, and euro balances.

Available through the Wise app and website, the product has no minimum balance or lock-in period. Customers can continue to spend, send, and convert money held in the account while earning returns, which are calculated daily and added each working day.

Money in the product is invested in funds holding low-risk government-issued assets, including short-term government fixed-income securities. At launch, Wise listed target annual returns of 1.93% for NZD balances, 3.27% for USD balances, and 1.70% for EUR balances.

The launch coincides with research commissioned by Wise on savings habits in New Zealand. It found that half of respondents had at least $1,500 in bank accounts earning no return.

The survey found that 66% felt they had to "jump through hoops" to earn a reasonable return on savings, while 76% said it was unfair that they received no return on money held in everyday bank accounts. Another 78% said they would be more likely to move money into an interest-earning account if they could still access it whenever needed.

Multiple currencies

Wise said the feature is aimed at people and businesses holding money in more than one currency. Its research found that 36% of New Zealanders had held at least one foreign currency in the past two years, with travel cited by 42% of respondents and international online shopping by 17%.

Wise described Wise Interest as the only offering in New Zealand that lets customers earn returns across multiple currencies from one account. It also launched Cashback for customers who want to keep eligible balances as cash rather than invest them.

Cashback applies to eligible NZD, AUD, USD, EUR, and GBP balances. Wise said annualised Cashback rates on eligible balances held in August 2026 ranged from 0.51% on EUR balances to 2.19% on AUD balances.

Unlike Wise Interest, Cashback is not an investment return and is applied automatically to eligible balances. The rate is variable and depends on the interest Wise generates on customer balances and the cost of safeguarding the money.

Market context

The launch targets a long-standing pattern in New Zealand retail banking, where returns on day-to-day balances are often limited and higher rates are commonly tied to term deposits or bonus conditions. Wise said its research showed frustration with those arrangements and a preference for products that combine access with some return.

Alex Lombardo, Wise New Zealand Country Manager, said, "At a time when every dollar matters, people shouldn't have to give up access to their money simply to earn a reasonable return. But this is challenging in New Zealand, given the heavy reliance on term deposits and bonus rate hurdles that are hard to stick to. We believe that customers should be able to see an investment return from their money, and we're excited to offer this with the launch of Wise Interest."

Wise offers consumer and business accounts that can hold more than 40 currencies and are used for international transfers and spending abroad. In the 2026 financial year, it supported about 19 million people and businesses and processed more than USD $240 billion in cross-border transactions.

Lombardo said, "Wise is committed to making international finance fairer and more transparent. As interest rates rise, and the money we're keeping safe generates additional income, we believe it's only right to share some of the benefit back with them."