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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.
Whether you're saving for the long term or short term, keeping an eye on your investment goals is key. You probably already have an aim in mind, perhaps a deposit on a new home or a comfy retirement fund? Either way, it's important to tailor your investments towards achieving your goals.
Ask yourself, "What do I want the investment to be worth at the end of the term?" This will determine how much you need to invest - either as a lump sum, regular payments or a blend of the two. Also consider whether you want growth or income. Are you looking to grow your pot to help fund a holiday or seeking income for your retirement? Again, the trick is to tailor your investment to suit your aims. So let's look at the key factors that affect how you build and manage your investment portfolio.
When do you need the money? The further away your time horizon, the longer you'll have to ride out any ups and downs in your investment. For example, if you're saving for your retirement in 30 years then you'll have more time to let your investment settle, so you might go for a riskier Fund but potentially with greater returns. However, if your child's off to university in a few years and you want to grow some savings for them, a low-risk investment with a more consistent return could be the sensible choice.
The level of risk you take depends entirely on your appetite for it. It's important to think through how comfortable you are with the possibility of losing money and, most importantly, how much you can afford to lose. High risk investments can fluctuate a lot, the value can go down as well as up and you could get back less than you invest. Low risk investments, on the other hand, tend to fluctuate less but come with lower potential returns.
Take your time horizon into account, and remember that different time horizons work better for different levels of risk.
Then look back at your goals and think about how much risk you're willing to take. What would you choose to invest in? How much time do you have to achieve your goals? Will you be able to stick to your plan? Getting a good idea of your attitude to risk will help you make smarter decisions.
Why not have a go at our goal planning tool - simply enter the investment sum, any regular payments, time horizon, risk level and we will calculate the likelihood of you acheiving it.
Liquidity means how quickly your investment can be converted into Cash or equivalent. So if you don't have short-term liquidity needs you can probably afford to go in for less liquid investments, such as a Property Fund.
Again, consider your time horizon and risk tolerance. You should also take a good look at your overall situation. If you're fairly comfortable financially, you'll be better equipped to take on a less liquid investment. And remember, it's always a good idea to have sufficient Cash saved in an account that can be accessed easily whenever you need to.
Once you're happy with your plan, you can start matching your goals with specific investments to create a portfolio.
If you're considering starting a Stocks and Shares ISA but you're not sure if it's the right investment for you, speak to a suitably qualified Independent Financial Adviser.
Before investing, always ask yourself:
Whether you're interested in a long-term investment or building short-term savings, defining your goals and tailoring your investment plan to them is essential.
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