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Cash interest explained |
You will receive interest on balances in your platform cash account at the prevailing rate.
Embark Investment Services Limited acts as the custodian for investments on the Willis Owen platform and is one of our strategic partners that provides our Willis Owen ISA, GIA, Junior ISA and SIPP.
Embark places cash with a number of banking partners for safekeeping and to provide the potential for you to earn interest on money in your platform cash account. By managing cash in this way, it aims to provide better protection and a higher overall level of interest than if all funds were placed with a single bank.
The rates of interest paid by banks will vary. Embark retains a portion of the interest earned to cover its costs in managing platform cash.
Current Interest Rate
The table below shows the current customer interest rate payable on cash balances along with the amount of interest retained by Embark. The customer interest rate shown is that after accounting for interest retained by Embark:
| Date From | Customer Interest Rate | Interest retained by Embark |
|---|---|---|
| 25th March 2024 | 2.46% | 1.75% - 2.00% |
Embark can change the rate of interest at any time and it reviews the position at least quarterly. Interest is calculated and accrued daily and is credited to your account on the first of each month. If you transfer out, accrued interest is applied at the point of transfer. We will inform you if and when the interest rate changes as soon as is practicable.
Interest retained
The table below shows the yearly equivalent rates of interest Embark expects to pay based on a range of possible yearly interest rates it may earn.
| Interest Embark expects to earn | Customer Interest Rate | Interest retained by Embark |
|---|---|---|
| 0-1% | 0 – 0.46% | 0 – 0.54% |
| 1-2% | 0.46% – 0.94% | 0.54% – 1.06% |
| 2-3% | 0.94% – 1.46% | 1.06% – 1.54% |
| 3-4% | 1.46% – 2.02% | 1.54% – 1.98% |
| 4-5% | 2.02% – 2.61% | 1.98% – 2.39% |
| 5%+ | 2.61%+ | 2.39%+ |
Historic Interest Rates
To see details of historic customer interest rates, along with the amount of interest retained by Embark, click here.
The psychological aspect of digital marketing grasped my interest well over 10 years ago now, whilst working as a Business Analyst at Screwfix. Ever since, I’ve found it an incredibly rewarding area to work in, and a constantly evolving frontier. One must admit the change in digital is often over-estimated, the core principles of putting the customer and common-sense first have always reaped rewards for me.
My digital education started at the Searchworks, one of the first and most successful PPC agencies which I had the good fortune to join soon after graduating. There I learned the nuts and bolts of paid advertising, the importance of attention to detail, good analysis and asking how someone is at the start of an email. From there I spent some time at Acxiom where I discovered the power of big data and personal profiling, helping Acxiom, to transition from a strictly analogue company to a digital service provider in the UK.
Agency life never suited me, as I found we bore the brunt for anything that went wrong and never got proportional credit for success. Client lunches were great fun though. Keen to build something of my own, I started looking for companies where I could put into practise the knowledge learned to date, turning a cat tracking startup into a million pound plus turnover business as well as helping to launch Wayfair in the UK. All of this culminated in being given responsibility for running Ocado’s digital marketing where I was able to help them generate record breaking growth, and significantly reduce their cost of acquiring customers.
Outside of work I enjoy pretty much anything that involves being outdoors. I became a father for the second time last year to two young boys who keep me busy and amused. Away from the kids I’ve recently discovered yoga and am slowly becoming obsessed with the NFL.
Alex
Head of Digital
