(Transfer)Wise offers Assets & Interest
Posted: October 27th, 2023, 4:38 pm
Hi,
A while back Wise (formerly TransferWise) introduced "Wise Stocks" through a subsidiary called Wise Assets (AKA Tinv Ltd, which in turn has subsidiaries licensed in different country markets). "Stocks" is an account feature where you can elect to stash your cash held there in an FSCS protected "MSCI index-tracking fund managed by Blackrock, so all the currencies Wise supports can be held as stocks.".
They recently announced Wise Interest (https://wise.com/gb/interest/)...provided again through Wise Assets and Blackrock but this time in a fund invested in short-term government bonds.
Up to now, I've only left small sums in my Wise accounts (post FX transfers), primarily because they aren't a proper bank so there's no FSCS protection should they go bust.
However, both "Wise Stocks" and "Wise Interest" are provided through Wise Assets which claims to offer investor protection against counterparty risk (for UK peeps, FSCS up to 85K). More info: https://wise.com/help/articles/144iDX5R3dr8REvgtlDUx9/is-my-money-safe-using-interest-and-stocks
Before I move some longer-term cash savings there and turn on "Wise Interest", does anyone see any potential gotchas?
Cheers
P.S here's their FCA registry entry: https://register.fca.org.uk/s/firm?id=0010X00004RLmTUQA1
A while back Wise (formerly TransferWise) introduced "Wise Stocks" through a subsidiary called Wise Assets (AKA Tinv Ltd, which in turn has subsidiaries licensed in different country markets). "Stocks" is an account feature where you can elect to stash your cash held there in an FSCS protected "MSCI index-tracking fund managed by Blackrock, so all the currencies Wise supports can be held as stocks.".
They recently announced Wise Interest (https://wise.com/gb/interest/)...provided again through Wise Assets and Blackrock but this time in a fund invested in short-term government bonds.
Up to now, I've only left small sums in my Wise accounts (post FX transfers), primarily because they aren't a proper bank so there's no FSCS protection should they go bust.
However, both "Wise Stocks" and "Wise Interest" are provided through Wise Assets which claims to offer investor protection against counterparty risk (for UK peeps, FSCS up to 85K). More info: https://wise.com/help/articles/144iDX5R3dr8REvgtlDUx9/is-my-money-safe-using-interest-and-stocks
Before I move some longer-term cash savings there and turn on "Wise Interest", does anyone see any potential gotchas?
Cheers
P.S here's their FCA registry entry: https://register.fca.org.uk/s/firm?id=0010X00004RLmTUQA1