WISE Interest Review: Everything You Need To Know (Step-by-step guide)

Рет қаралды 11,353

Күн бұрын

Open a WISE account 👉 bit.ly/3PxvKfV
WISE Interest allows you to invest your money in an interest-earning fund. In this video, we'll review WISE Interest, discuss how it differs from a regular savings account and show you how easy it is to set up.
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Relevant links:
Learn more about WISE Interest 👉 wise.com/help/articles/GDxZxe...
Learn about taxes with WISE Interest 👉 wise.com/help/articles/1yIMYU...
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DISCLAIMER
The information provided in this video is for educational/entertainment purposes, it should not be considered financial advice.
Chapters:
0:00 Intro
0:13 What is WISE Interest?
0:35 Where is WISE Interest available?
0:48 How much interest can you earn?
1:27 How does WISE Interest compare to a savings account?
2:55 Are there any fees to pay?
3:47 Is your money safe?
4:20 Step-by-step guide on setting up WISE Interest
6:00 Are there taxes to pay?
7:18 Answering your questions from the comments

Пікірлер: 61

@ignacioguirado9394 8 ай бұрын

Amazing video. Very well-explained and clear! Thank you :)

@Monitodotcom 8 ай бұрын

Glad it was helpful! ^Jonny

@michaelcrozier2214 16 күн бұрын

I have been using Wise interest for almost a year, for my business and personal banking, but now my accoutnant needs information for bookkeeping, but I have no idea how to read or record the information they provide in the tax report generated? The example they give on their site isnt very helpful with understanding the report - do you have any advice on how to read the sums that will be owed in either CGT or income? Thanks

@user-dr9no6bm7h 19 күн бұрын

Let's say I put 30 gbp in interest, how much will I get daily and how much will I pay in tax in the year for that same 30?

@eSharkUK 9 ай бұрын

Yes, video is very useful, thanks a lot 😍

@Monitodotcom 9 ай бұрын

Glad you found it useful 🙂 ^J

@matclark283 14 күн бұрын

Really helpful! Quick question. Can you change back to non-interest at any time?

@Monitodotcom 12 күн бұрын

Yes, you can change back at any time, but it can take a day to switch back but that won't impact your access to the account. ^Jonny

@sharoleslam 8 ай бұрын

Great explanation, I hope your channel will have at least 100k subscribers soon I have a math question, Please help me out with this if you open a jar with 1000 GBP or USD as interest, how much money you would gain daily or monthly? just an estimation I need and the experience you had

@Monitodotcom 8 ай бұрын

The experience is pretty seamless, the interest you earn is deposited daily and updates at around 9pm, and you can spend the money freely, just by using your WISE virtual or physical cards. One thing to consider is that it can take more than a day to transfer your balance from cash to interest or visa versa. The amount you could earn on 1000 GBP and USD over 30 days without considering compounding, would be roughly: £4/$4. GBP is currently 4.87% and USD is 5.09% (these are rough/back of napkin figures),s o take them with a pinch of salt. ^Jonny

@USARealityCheck 7 ай бұрын

Maybe one of you can explain the following on the wise home page on the bottom. "The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security." I'm a lawyer and I contacted wise and they don't know either. This statement is highly problematic without further clarification. Just think about it for a second. What happens if you leave your money in there for too long and what is too long. Account closure? Locked account? What???

@Monitodotcom 7 ай бұрын

Hey! Send over a link for the page and I'll take a look. Thanks. ^Jonny

@USARealityCheck 7 ай бұрын

Wish I could, but they get deleted. Look for it and you'll find it. It's not buried.

@mankamen19 6 ай бұрын

@@Monitodotcom Any update on this matter? Gladly awaiting the outcome.

@cintiaspataro3205 3 ай бұрын

Is there any follow up about this? Thank you!!

@anassbou6216 2 ай бұрын

@muhammadmoizhasan6933 4 ай бұрын

What do you suggest as a student should I invest in this wise interest or stock and one more thing wise will automatically deduct the taxes from my gain earning in Germany or I have to pay it separately ??

@velizargeorgiev4767 2 ай бұрын

It's automatic in the end of the year, as it is a very low tax

@haydenarias 6 ай бұрын

If I convert my USD cash account to "interest", am I still able to spend and withdraw freely? You skipped the USD option, but I'm watching as a US citizen.

@Monitodotcom 6 ай бұрын

Yes absolutely, the same 'easy-access' applies for USD & EUR, sorry I should have clarified that! ^Jonny

@anacristinaferreira8088 4 ай бұрын

My account doesn't show "Balance Information" so I can't choose Cash > Interest, even when I put Jar it doesn't work, any suggestions, please?

@Monitodotcom 4 ай бұрын

Hi Ana, may I ask which country you registered your WISE account in? ^Jonny

@8eck 6 ай бұрын

I don't have that Cash option in the balance... Any ideas why? I need business account for that?

@Monitodotcom 6 ай бұрын

Under balance information, can you check and see what it says? Balances are set to Cash by default and then you change them to Interest or Stocks. ^Jonny

@DemianUsul 6 ай бұрын

I can't see the Cash option either :( just the Transactions

@genegagne4889 4 ай бұрын

I just read about the interest fund available, but watching the video resembled nothing I see on the app, or online for that matter. When I select the USD account I see no cash option. Am I an idiot or am I missing something?

@Monitodotcom 4 ай бұрын

Hey. I’ll try and help. Can I first ask which country you’re based in? ^Jonny

@miumiushoegirl 4 ай бұрын

Hello :) Please may I ask you a quick question? Hope you would answer meeee. Can I cancel it after I switched from cash to interest if i changed my mind?

@Monitodotcom 4 ай бұрын

Hey! Yeah you can change it back at any point. Just click on the balance and tap underneath 'Balance information', and change it to whichever you want. ^Jonny

@miumiushoegirl 4 ай бұрын

@@Monitodotcom Ohh thanks for your response and the answer 🤩

@miumiushoegirl 4 ай бұрын

arghh I accidentally move double the amount by clicking submit twice. But I can't switch back. I can't find that balance option 🥲

@cintiaspataro3205 3 ай бұрын

@@MonitodotcomIn that case, does it have a cost or some sort of fee? Thank you!

@juniorjunior592 6 ай бұрын

So it worth doing this ? Open a savings account and start with £5 and leave it on interest ?

@user-dr9no6bm7h 19 күн бұрын

@roygoad2870 9 ай бұрын

I’ve found that I can only access my cash account instantly, I cannot access my money that’s in the interest account until I convert into cash, so I’am confused! I have a UK account!

@Monitodotcom 9 ай бұрын

Heh Roy. That is confusing. I think it’s worth contacting WISE support because that directly contradicts the info they share on their website/app. To confirm, you are unable to spend money in a balance that’s set to interest? ^Jonny

@roygoad2870 9 ай бұрын

@@Monitodotcom Yes thats right!

@lacmac7600 2 ай бұрын

It says the interest is credited into your account daily, i cant see what interest is being paid into my account. But i can see the asset fee being debited from my account.

@anassbou6216 2 ай бұрын

Maybe annually

@lacmac7600 2 ай бұрын

I asked and they said it's paid daily. They keep on sending the same reply to me. I even sent them my statement and asked them to show me where the interest has been paid as I added up the ins and out going payments which adds up. But no interest has been added to me account. They sent the same message again saying its paid daily. Now I'm getting concerned. And it doesnt help when Monito doesn't reply to my comment.

@jamilmalik661 6 ай бұрын

Hello sir it's a nice video iput on stock 100€&100GB.&100 sud how much I expect from earning

@Monitodotcom 6 ай бұрын

Thank you! How much you earn will depend on the interest rate my friend, how much it compounds and how long you're willing to wait, there are too many variables for me to give you an accurate answer. ^Jonny

@mechibarron6908 6 ай бұрын

Hi! I tried to use the interest options on my usd balance but they sent me a message that says “Sorry, you can’t use Assets yet We can’t offer Assets to United States citizens or tax residents - or people who pay tax in multiple countries.” Do you know how can I fix this??

@Monitodotcom 6 ай бұрын

I'm not entirely sure why. If you read their program agreement (wise.com/us/legal/us-interest-program-agreement) for Interest and US customer's (see below) it makes it clear that it is available for those located in the US. I'm going to try and do some digging, can you just confirm your address on your WISE profile is based in the US? ^Jonny "This agreement (the “Program Agreement”) provides users with important information regarding Wise’s Balance+ Program (“Balance+” or “Program”) offered to Wise Account users based in the United States, defined as individuals and businesses who have provided a profile address located in the United States upon account opening (“US Customers”). The Program is available to new and existing US Customers who elect to participate (“Participants”). Participants will be eligible to receive interest on U.S. Dollars (“USD”), Euros (“EUR”), and Great British Pounds (“GBP”) (collectively, the “Eligible Balances”) held in their Wise Account."