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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.
Having been in the Financial Services Industry all my working life; twenty five years goes very quickly indeed. Like lots of people in the 1980’s, I 'fell' into retail banking working for Barclays Bank; my roles were interesting and varied. Whilst retail banks don’t always get good press, their training is excellent and a great introduction to the industry. After having honed my skills within Premier Banking, (dealing with high net worth clients) and managing customer service teams, I felt ready to broaden my horizons.
Between 2001 and 2002, I decided to move into software testing in financial services. Having attained industry qualifications within the discipline, I worked on web projects for the likes of JP Morgan, Norwich Union and Lloyds TSB.
In 2003 I was asked to join Willis Owen. This was a completely different insight into the financial world. Having previously worked for large organisations, where processes were regimented and ideas were not freely encouraged. I flourished within a small team. Nothing was 'set in stone', if somebody had an idea they were asked to run with it and see if it worked. After 10 years at Willis Owen, this is still how it is. I have done almost every job within Willis Owen and still enjoy working for the business and helping it provide the right services for its investors.
Outside work? I plan to experience every major worldwide sporting event. Experiences so far have included seeing Europe win the Ryder Cup, Wimbledon Finals, Mo Farah win Olympic gold and Usain Bolt break the 100m world record. Next on the list is boxing in Vegas, watching not competing!
Eddie
IT, Data & Marketing Support
