It wasn’t easy coming up with a name for the new TransferWise feature that lets you set aside money in any currency to use in the future.
We played around with stash, pot, locker...but ultimately came up with jars.
We chose jars to make it clear that you can safely, securely, and smartly store and keep an eye on your money in your TransferWise account — and easily access it whenever you're ready to spend.
Also, jars remind us of cookies. And who doesn’t like having extra cookies on hand?
We’re incredibly excited about what our new feature can do for our customers who use balances.
A jar is a place in your TransferWise account where you can stash away money you want to use later — in any currency. Money in a jar can not be spent on your debit card or used to pay via direct debit, until you move it back to your balances.
For example, if you’re looking to save for a house or a holiday, you can open a jar and move in money from your balances. When you’re ready to spend it, you can instantly move the money back.
Opening a jar is as easy as opening a balance.
Once you log in to your TransferWise account, just go to the activity screen and click Open. You can then open a jar (or a balance) in any currency you wish.
You can add money to a jar right from your balances in just a few clicks. And the amount of jars you can open is endless. Try it out for yourself
People are already loving the option to stash cash away for later. Plus, creating different jars for different things you want to save for is a great way to budget.
Others are using jars as a way to protect their money — either from accidentally overspending, or in case they lose their debit card. Since you have to move money from a jar into your balance to spend it, it’s a great way to keep your money safe.
Another benefit is that unlike some savings accounts, you have instant access to your money whenever you want it. So if you’re ready to splurge on an item you’ve been saving for, you can move money from a jar to your balances in seconds to purchase it.
The biggest differences between a traditional savings account and a jar are you can have hundreds of jars all in your one TransferWise account, you can access your money to spend in seconds, and there’s no interest.
Just like all money you hold in TransferWise, money in your jars is safe and protected. Learn more about the TransferWise multi-currency account here.
So whether you’re looking to “adult” with a budget or just save for a rainy day, check out jars. Like cookies, they're pretty sweet.
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