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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 |
|---|---|---|
| 12th June 2024 | 2.6% | 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.
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Competitive rates from a panel of partner banks |
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Manage your deposits in one place |
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Easy, one time application process |
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Online platform, view your deposits 24/7 |
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FSCS protection for eligible deposits |
Investing in stocks and shares is great if you’ve got a longer time horizon and you’re comfortable with balancing risk and potential reward. If you’ve got a shorter-term time horizon however or if you prefer the security of saving in cash, Smart Savings from Willis Owen could be just what you’re looking for.
Smart Savings is our one-stop solution to your cash savings needs. We take the hassle out of managing your cash savings by giving you access to a wide range of competitive fixed term, notice and easy access accounts from a panel of partner banks - all through our simple, online platform.
Once you’ve registered and set up your Smart Savings Account, you can apply for and manage deposits with all of your chosen partner banks in one place. Get started from as little as £1,000 and deposit up to £85,000 with any of our partner banks.
Check out the latest products and rates in our fast moving and constantly changing marketplace, or learn more about Smart Savings and how it all works.
Explore products and rates|
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Competitive rates from a panel of partner banks |
|
|
Manage your deposits in one place |
|
|
Easy, one time application process |
|
|
Online platform, view your deposits 24/7 |
|
|
FSCS protection for eligible deposits |
