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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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A Notice Account is a type of savings account which allows you to make a one-off deposit and earn a variable rate of interest or profit. When you want to withdraw your money, you give a set period of ‘notice’. Once the notice period has elapsed, the money transfers back into your Transaction Account and is available for you to withdraw or to deposit into another product.
Notice accounts are great for those who want a degree of flexibility in terms of when they can access their savings and who are comfortable knowing that they can access their money after giving a set period of notice. They typically pay higher rates of interest/profit than easy access accounts so can offer a balance of competitive interest rates along with the ability to access your money, after a waiting period, if you need it.
You can find details of all of the Notice Accounts offered by our partner banks in our marketplace. There you’ll find information about the rates on offer as well as the applicable notice periods so that you can choose the product that’s right for you. Notice periods vary by products and are typically 45, 60 or 90 days.
You can only withdraw money from your Notice Account by entering your notice period and closing your Notice Account. You can ask to close your notice account at any time (and thereby start your notice period) from within the active accounts section in the Smart Savings area. After your notice period elapses, your original deposit, plus any interest or profit earned, will transfer to your Smart Savings Account.
It can take up to four business days, after the end of the notice period, for the money to transfer back into your Smart Savings Account, after which the proceeds will be available for you to withdraw or to deposit into other products available within our marketplace.
