With Young Explorer, you can set money aside for your child to spend. In some countries, you can also choose to turn on Interest for the Young Explorer.
Where is this available?
Interest is available for Brazil, Canada, Switzerland and the UK.
How Wise Interest works with Young Explorer
Young Explorer money sits in a dedicated space in the parent or guardian’s Wise account. If you’re eligible, you can choose to turn on Interest for money in your child’s account to try to earn a return.
Who owns the money and the returns?
The parent/guardian is the legal owner of the money in the Young Explorer account
Any returns, fees, and taxes related to Wise Interest are owned by the parent/guardian
If you have questions about taxes, read Understanding taxes when using Wise Interest or Stocks.
Who can view, and turn Wise Interest on or off?
To keep Young Explorer safe and controlled:
Only the main parent/guardian can view Wise Interest on the Young Explorer account — currently the child doesn't have any access to view Interest on their app
Only the main parent/guardian can turn Wise Interest on or off, or make changes
How to turn on Wise Interest for your child’s Young Explorer account
Open Wise and go to your child’s Young Explorer account
Choose the option to Turn on Interest
Review the key information and accept the relevant terms
Confirm to turn it on
If you don’t see the option, it usually means it’s not available in your country yet.
Fees and how returns are shown
Fees and returns depend on your location and the product you’re offered in-app.
To understand fees, check the applicable section for your country in the article below:
What happens when my child turns 18?
Read more on What happens when my child turns 18?
Are Stocks also available on Young Explorer account?
No, currently Stocks aren't supported on Young Explorer just yet.