04 Oct Is my money safe if I use this kind of savings account?

Q. I have used an online money transfer service — Wise — for reliable, low-cost international transfers, especially when compared with the high cost of bank international wire transfers. Often Wise will e-mail me to encourage me to set up a savings account with them. In this case, the “current program bank” is JPMorgan Chase. Of course my savings would be fully FDIC insured in JPM, but the account is held by Wise, correct? What happens if Wise goes belly up?
— Unsure

A. Wise is a financial technology company, not a bank, as you noted.

So your money is held by J.P Morgan Chase, assuming you’re talking about the kind of savings account that earns interest. So it has the same FDIC protections as a traditional bank account.

If you’re looking at money held at Wise in a non-interest bearing account, the funds are still kept separate from Wise’s business operations in a process known as safeguarding. So if the company goes out of business, your money is still safe, but it would probably take longer to get back as an administrator handles a hypothetical bankruptcy.

But a side note: The interest rate offered by these accounts today is 3.4% APY. You can find a much higher-paying account in lots of places today, so you may want to shop around before you make a final decision.

Email your questions to .

This story was originally published in October 2026. 

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.