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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.
They give good help and kind helpful staff, always available to help whatever the problem.
I started my working life in Cambridgeshire as an Administrative Assistant and Customer Service Agent, whilst completing my A-Levels. I soon realised that I enjoyed working within an office environment and helping members of the general public. I knew from the start that customer service had to be at the core of any new venture.
I moved back to Hertfordshire where there were more job opportunities that would allow me to showcase my customer service skills and progress in an environment where my ethics are mirrored. I worked in large corporate offices which were forever changing and always really busy. Being able to work for such companies allowed me to develop my skills, take on more responsibility and really show what I can do. I had worked my way up to a Senior Customer Service Advisor, so as well as remaining committed to a dynamic customer base, I also got to help and train the people I worked with as well and found that this is what I enjoyed most.
When I was notified of a job role at Willis Owen I really liked what they were advertising; what stood out to me the most was their customer service focus – it’s clear that everyone has a shared goal in providing the best possible service and going above and beyond. I had a really great interview and they showed a real interest in me based on my skills, which was a great feeling. I have finally found an environment that encourages me to meet standards and not targets, and this comes naturally to me.
Outside of work I like to go out and spend time with family and friends. I also love travelling, seeing new places and working on my photography skills.
Courtney
Customer Service Manager
