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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.
I firmly believe that with a balanced market, we all have the opportunity to be winners. That's why I love regulation. Not for its own sake but for the measures it has helped the Financial Services industry to take to improve our reputation and to look after customers.
I grew up in a household which was heavily involved in the industry and the Advice Sector in particular. At an early age I learned how important it is to look after the finances. On reflection those early years also left me with a deeply ingrained sense of fairness.
I began my career in Financial Services in 2005, with a level 5 qualification in business and management. I started out in a small professional services firm where I predominantly worked on endowment complaints for a household name insurer and for the FSCS. In 2007 I joined an IFA network, where I completed my advisory qualifications. I moved into the insurance sector in 2010 with ReAssure. In my time there I gained valuable experience in high profile complaints and compliance advisory across a wide variety of life and pension products.
I built on this in 2014 when I accepted a compliance position at the Wesleyan Group. At Wesleyan I was given the opportunity to broaden my expertise across Insurance, Investments, Pensions, Banking, Advice and General Insurance, working on behalf of both product providers and product distributors.
I was approached to join Willis Owen as the Head of Compliance in 2021. The team blew me away from the get-go with their diligence, culture and relentless focus on using technology to improve outcomes for customers.
Outside of work some of my favourite pastimes are spending time with my young family, playing the guitar (badly), gaming and going out to eat. More often than not though, you’ll find me in the kitchen or catching up on housework. When I do get a bit of time, there's nothing quite like settling in with a nice real ale and listening to some, lovely, relaxing heavy metal.
Duncan
Head of Compliance
