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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.

Managing your investments in one place

Simplify your investments

Consolidating your investments onto the Willis Owen Platform can make managing and monitoring your portfolio far easier and more effective.

Lower service fee

Our platform operates on a tiered charging structure, so you will benefit from a lower, blended service fee as your portfolio value increases. By consolidating your investments you may even end up reducing the Willis Owen service fee.

We do not apply any administrative fees for moving your investments to the Willis Owen Platform so it won’t cost you anything to transfer to us. Though your existing provider may charge, so please be mindful of this.

How to transfer to the Willis Owen Platform?

You will need to register and apply for the relevant account on the Willis Owen Platform, if you haven’t already done so, in order to proceed with initiating a transfer.

Depending on the type of assets you hold and their availability on our platform, the method of transfer may differ for each asset. For instance, if the asset(s) you hold are also available on the Willis Owen Platform it could come across as ‘in-specie’. This means the asset will remain invested for the duration of the transfer and therefore will not be out of the market. If we do not offer an asset you hold, it will be transferred as a ‘cash transfer’, (your current provider will sell the asset to cash and then transfer the cash to the Willis Owen Platform, you can then invest in a similar or alternative asset). Whilst the cash transfer takes place you would be “out of the market” and would therefore not be subject to any fluctuations in market price.

When you have completed the transfer instruction, we will take care of which assets can come over as ‘in-specie’ or as ‘cash’. Additionally, once the transfer process is underway you retain the tax-efficient status of your investments. Once the transfer is completed, we will let you know.

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