A new current account has been launched for UK customers, and it gives 3.29% variable returns. Many Brits hold their money in a current account that gives 0% returns. Most of these accounts are provided by large high street names– but there are other options out there that people may not be aware of.

Wise, which allows customers to hold money in different currencies and countries, aims to challenge traditional high street current accounts with its new offering. It says the account is aimed at those with “international needs”.

Like traditional current accounts, customers can set up direct debits for recurring payments, such as household bills or streaming subscriptions. The new provider says that £250 billion is held in UK current accounts that earn 0% interest, while its new product offers a 3.26% variable rate via Wise assets. The new account also comes with a Travel Hub and a new Airport Lounge Pass feature to make international travel more convenient.

Nilan Peiris, chief product officer at Wise, said: “Banks haven’t kept pace with what customers expect for their current account. People shouldn’t need separate accounts for home and abroad.

“With the Wise Current Account, we’re giving customers a smarter way to manage their daily financial needs. They can hold and fully access their money while getting a return, easily spend on everyday purchases and split bills, and send and receive money quickly across borders – all at a low cost with no hidden fees.”

Those who sign up to Wise can get GBP and over 20 local account details to receive money. They can also send money to 70+ countries or spend it at the mid-market rate.

Users can register for an account for free, but there are various charges depending on which services they are using. For example, charges for sending money start at 0.33%.

Meanwhile, it costs £7 to get a Wise debit card, and keeping your money in an interest-earning account will cost users upwards of 0.26%.

The brand recently launched a fortnight-long brand experience in the Future Stores on Oxford Street in central London, where potential new customers can explore key account features and observe demos.

Wise also officially launched Young Explorer cards, giving people under the age of 18 the chance to manage their money. These accounts will be directly linked to their parents’ Wise accounts.