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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.
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Ready to save smarter?
Choose a competitive product from one of our partner banks Discover our latest rates |
An Easy Access account is a type of savings account that allows you to deposit your money and earn interest with minimal restrictions, meaning you can top-up or withdraw your money at your convenience. Unlike our other Smart Savings products, this type of account is great if you’re a first time saver or need to access your savings on short notice, for example in case of an emergency, as you are not obliged to lock away your savings for long periods of time.
The minimum opening amount is £1,000 and top-up amount and withdrawal minimums are set at £500. To keep an account open, the balance needs to remain above £1,000 after any withdrawals. Further details of the account terms can be found in our marketplace. The rates applied to these accounts are variable, meaning the rate of interest or expected profit can increase or decrease while your account is open.
You can find details of all of the Easy Access accounts offered by our partnered banks in our marketplace. There you'll also be able to find information about the partner banks offering Easy Access accounts, as well as the rates associated with these accounts and details on how interest/profit is applied to your balance.
You can top up your Easy Access product from the Smart Savings summary screen which you can access by logging into the site. The minimum top-up amount is £500. Top-ups are made from your Transaction Account and can take up to three business days to be processed and applied to your product.
As well as top-ups, there is no limit to the number of withdrawals you can make, provided you maintain a minimum balance of £1,000. The minimum amount you can withdraw in a single transaction is £500. Withdrawals can also take up to 3 business days to appear in your Transaction Account.
