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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.
This policy explains how we use personal information we collect about you.
We keep our privacy policy under regular review and share important updates on our website.
We last reviewed this policy in April 2024. If there are major changes to the policy, we may contact you to let you know.
Our website contains links to other websites. This policy only applies to this website. When you link to other websites you should read their own privacy policies.
Please contact us if you have any questions about our privacy policy or information we hold about you:
We currently collect and process the following information:
Most of the personal information we process is provided to us directly by you for one of the following reasons:
We also collect personal information about you indirectly from commercially or publicly available sources. We do this for example to verify your identity, check the accuracy of information we hold about you or to get new contact information if we have lost touch with you.
We might also receive information about you from someone else who is acting for you. This could include, for example, a power of attorney or legal representative or another financial services provider.
We use the information that you have given us to:
Who we may share your information with:
The UK General Data Protection Regulation (UK GDPR) sets out the lawful bases for the processing of personal data. The lawful basis we rely on for collecting and using your personal information depends on the type of information and how and when we collect it.
The following lawful bases will apply to our processing of your personal data:
Where we rely on the 'legitimate interests' basis for processing your data, we will carry out an assessment to ensure that this use of your personal information is not excessive, unnecessary or unduly intrusive.
Where you have given us your consent to send you marketing material, you have the right to withdraw your consent at any time. Such material might include information relating to investment markets, personal investing insights or about other products and services offered by Willis Owen or our selected third parties.
You may also withdraw your consent to our processing of any ‘special category’ data we may collect or hold about you.
If you wish to withdraw your consent for our use of your data in this way, please contact us. You can also change your marketing consent options using the ‘my profile’ section of the website.
We will keep all data for as long as necessary for the purpose it was collected for. In so doing we will consider any potential legal claims as well as any legal and regulatory requirements.
Even when you no longer have a relationship with us, we are required to keep information for different legal and regulatory reasons. The length of time will vary but we will ensure we are only keeping data for no longer than necessary.
Under data protection law, you have rights including:
Your right of access - You can ask us for copies of your personal information.
Your right to rectification- You can ask us to correct personal information you think is not correct. You also have the right to ask us to complete information you think is incomplete.
Your right to erasure - You can ask us to erase your personal information in certain circumstances.
Your right to restriction of processing - You can ask us to restrict the processing of your personal information in certain circumstances.
Your right to object to processing - You can object to the processing of your personal information in certain circumstances.
Your right to data portability - You can ask us to transfer personal information we hold to another organisation, or to you, in certain circumstances.
If you wish to make a request, please contact us. You can use any of the methods detailed in our ‘Our contact details’ section.
We will consider all requests and will respond within one month unless your request is complex or we have received a number of requests from you. In such cases the response period may be extended by up to a further two months.
We will not charge a fee for processing your request but a reasonable administration fee may be charged if:
By law we can withhold certain information when dealing with requests for copies of your personal data. This can include data relating to financial crime or information relating to legal advice or proceedings. We will let you know if we are lawfully withholding any information when we respond to your request.
If you have any concerns about our use of your personal information, you can make a complaint. You can use any of the contact methods detailed in the ‘Our contact details’ section.
You can also Complain to the ICO if you are unhappy with how we have used your data.
The ICO’s address:
Information Commissioner’s Office
Wycliffe House
Water Lane
Wilmslow
Cheshire
SK9 5AF
Helpline number: 0303 123 1113
ICO website: https://www.ico.org.uk
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