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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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Open a Stocks and Shares ISA

An ISA provides a flexible way of investing up to £20,000 per year for 2024/25. You don’t pay income or capital gains tax on any money your investments make and can choose from a wide range of investment options.

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Open a Junior ISA

A Junior ISA (JISA) provides a way of investing up to £9,000 a year 2024/25 for a child. Investments are free from income and capital gains tax and the child can access the money once they turn 18.

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Open a SIPP

A Self-Invested Personal Pension (SIPP), is a type of tax-efficient pension designed to help you build up money to provide an income in retirement. You can choose from a wide range of investment options.

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Open a General Investment Account

A General Investment Account provides a flexible way of investing without limits on how much you can put in. Although they don’t provide the same tax benefits as an ISA, they are useful if you’ve used up your ISA allowance.

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There are a lot of different investments out there, and finding the right ones for you can be tricky. Which is why we’ve developed a few ways to help you get started.


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