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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 invest?
Invest up to £9,000 a year for your child’s future Take a look at our JISA |
Junior ISAs (JISAs) are designed to allow a parent or guardian to save or invest for the benefit of a child. They act as 'tax wrappers', allowing the money or investments in the account to grow tax-free. There are two types of JISAs currently available:
A child can have a maximum of one cash and one stocks & shares JISA at any time and total contributions paid into a child’s JISA accounts are currently limited to £9,000 in any tax year.
All of the money in a JISA belongs to the child and the account is managed by a ‘registered contact’ who will usually be the parent or guardian. When the child turns 18, they take over the management of the account at which point the JISA becomes an Individual Savings Account (ISA). At this point, only the child will have access to the money held in the account and can make withdrawals if they wish to.
We look at the differences between cash and stocks & shares JISAs below.
| What to consider | Stocks & Shares JISA | Cash JISA |
|---|---|---|
| Maximum investment allowance in 2024/25 tax year | £9,000 Shared between a child’s cash and stocks & shares JISAs. |
£9,000 Shared between a child’s cash and stocks & shares JISAs. |
| Investment options | You can choose from a wide range of investments options including funds, shares, investment trusts and exchange traded funds (ETFs). | Offered mainly by banks and building societies, interest is applied on the savings at a fixed or variable rate. |
| Returns on the JISA | All income and gains on investments are tax-free. Investing for the longer-term can offer the prospect (but no guarantee) of achieving better returns than cash. | Remember that when holding cash for long periods of time, there is a risk that the value may not keep pace with inflation. |
| Taking the money out | Money cannot be withdrawn from a JISA before the child's 18th birthday except in the event of the child's death or diagnosis with a terminal illness. | Money cannot be withdrawn from a JISA before the child's 18th birthday except in the event of the child's death or diagnosis with a terminal illness. |
