On 10 November, Wise began offering Interest and Stocks to individuals and businesses in the US. The investments are offered through Wise US Assets Inc., a FINRA and SIPC member. Wise says this is its first operating use of its broker-dealer licence, which covers all 50 states. Customers opt in using an existing dollar balance and see the fees before subscribing.
Interest invests in a money-market fund holding government-backed assets. Returns vary, accrue daily and are paid monthly. Stocks invests in an S&P 500 index fund and can lose value. Wise US Inc., the affiliated money-services business, provides instant balance access for transfers and spending. The existing Basic Interest feature uses a separate partner-bank arrangement.
Sources Wise · TradeInformer
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