Assets, a new investing services from money transfer company Wise, has moved out of stealth mode, enabling users to hold cash in their multi-currency accounts in diffferent asset classes, while being able to spend and save as normal.
Wise has integrate its multi-currency accounts with an MSCI index-tracking fund managed by Blackrock, giving customers access to shares in 1,500 global companies.
Available initially to UK account holders, Assets can be converted back into cash as and when the customer needs it. Wise will hold on to three percent of the account balance to cover any big market fluctuations.
Users will be charged a 0.55% annual service fee and 0.15% annual fund management fee, payable to BlackRock.
"The money in your bank account is already working, just not for you. Banks invest the money you hold with them to make profit for themselves," explains international account manager Sean Yu. "So as more and more customers hold money in Wise, it became more and more important to us to build something that allows this money the potential for growth."
With £4.3 billion being held globally in Wise Account balances, Wise will provide in-app access to business customers over the coming weeks and focus on a European rollout of Assets as a next step.
Kristo Käärmann, CEO and co-founder of Wise says: “People all over the world are holding billions in their Wise and Wise Business accounts for the long-term. But holding money in various currencies can be hard to manage efficiently. Assets is seeking to solve that problem, by providing an opportunity for customers to earn a return on their money with us, in a host of different currencies, all in one place.