Do I earn interest on my cash held in my MCA

Your Multi-Currency Account is an electronic money account in the UK. Your cash is safeguarded with large global banks like Barclays. We, or the E-Money Institution we work with, can't lend or invest your cash. There is thus no interest that gets generated for your cash. This also means that there is no negative interest rate on the accounts, unlike bank accounts in some currencies like the Euro.

Also, since there is no interest in your account – it means you don’t have to worry about filing taxes for it in the US and in your home country. The average interest in a US Dollar savings account was less than 0.10% in 2020, which means an interest of less than $10 on a $10,000 deposit account.

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