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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.

Investment Services Terms of business - Introduction

The following is our standard Terms of Business which will apply to investment services supplied now and in the future. We ask that you read them and contact us if you are unsure of anything contained within any of the content. These terms form a legally binding agreement between you and us. If you have any questions, please do not hesitate to contact us through any of the methods we provide. For terms and conditions related to Willis Owen’s ‘Smart Savings’ service for arranging cash deposits, you should refer to the separate ‘Smart Savings - Customer Terms and Conditions’.

Willis Owen Limited is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority is the independent watchdog that regulates financial services. Willis Owen Limited is entered on the Financial Services Register under reference number 121261. You can check this by visiting the FCA’s website at or by calling them on 0800 111 6768.

Willis Owen Limited’s permitted activity is arranging investment business. Willis Owen is regulated in the United Kingdom. Willis Owen Limited registered office: Ground Floor, 507 (Unit 2), Centennial Business Park, Elstree, WD6 3FG. Registered in England No. 03283706.

Willis Owen Limited is an Execution Only Investment Service and all business transacted through us is carried out on a “Direct Offer” or “Execution Only” basis for investors who wish to make their own investment decisions. We do not provide advice on any of the products or services featured on our website or through our various publications. This means that we do not offer financial advice on whether any product we promote is suitable for your personal circumstances. We are therefore not required, under FCA rules, to ensure that the product is suitable for you. In some circumstances, where you ask us to execute an investment that is defined by the FCA as a ‘complex product’, we may be obliged to ask you for further information before we can proceed with that transaction to assess whether you have the necessary experience and knowledge in order to understand the risks involved in relation to the product or service requested. In some circumstances, if we feel the product or service is inappropriate we can refuse to transact on your behalf.

None of the information on our website, whether provided by Willis Owen, or any other firm mentioned is intended as a personal recommendation. Where a third party has expressed opinions in any of our publications or our website, these opinions are those of the third party and may differ from those of Willis Owen.

The website content relates to various products and we may make other products or services available to you, during the course of your relationship with us. It is your responsibility to ensure that these products meet your needs, and if you have any doubt whether the products described are suitable for you, you should obtain regulated financial advice.

When you buy and sell units or shares in Unit Trusts, OEICs or other open ended investment funds, we carry out the transaction solely as agent. The fund manager is responsible for the price at which all deals are transacted and we accept no responsibility or liability for any errors or inaccuracies by the fund manager, its representatives or any third parties acting on their behalf. Willis Owen acts as your agent in arranging investments; we never own the investments which we arrange for you.

The Willis Owen Platform/Aegon Platform/Fidelity FundsNetwork and any other platform we may offer in the future, including transactions made directly to the provider, are available to United Kingdom (UK) residents only. You must not undertake any transactions, including opening an account, if you are not a UK resident.

You must be aged 18 or over to invest. Eligible people who are under 18 may hold a Junior ISA, but this must be opened by a person with parental responsibility, who will be the registered contact for the account.

There is no minimum or maximum length to our agreement under these Terms but please remember that under current rules you cannot withdraw money from a Self-Invested Personal Pension (SIPP) until you are 55 or from a Junior ISA until 18 (except in exceptional circumstances).

Willis Owen accepts no liability if you purchase two stocks and shares ISAs in any one fiscal year, or otherwise do not comply with the ISA rules. We reserve the right to collect fees/charges in relation to HM Revenue & Customs rebates if a second, disallowed ISA is taken out in error.

These terms become effective once you become a customer.

These Terms of Business may not be varied except by prior written consent of the customer and Willis Owen.

These Terms of Business are governed by English Law and are subject to the jurisdiction of the English Courts.


  • “Administration Address” - Willis Owen Ltd, PO Box 766, Borehamwood, WD6 9JS
  • “Aegon” - platform, previously known as Cofunds
  • “Customer” – sometimes known as a client, is a person or organisation who benefits from services offered by us
  • “Direct Offer” - a financial promotion with an offer or invitation to enter into an agreement and specify a means of response
  • “Execution Only” – where a consumer has requested a specific investment and has chosen not to receive advice
  • “FCA” - Financial Conduct Authority, our regulator, 12 Endeavour Square, Stratford, E20 1JN or any successor to all or any part of its functions
  • “GIA” - General Investment Account, this is an investment outside of a tax wrapper
  • “Honister Capital Holdings 1 Limited” – holding company which incorporates Willis Owen Limited
  • “ISA” - Individual Savings Account, this is a tax exempt savings plan managed under the ISA Regulations
  • “ISA Plan Manager” - responsible for regulatory returns to HMRC
  • “JISA” - Junior ISA, this is a tax exempt savings plan for under 18’s (for those who qualify)
  • “Nominee” - a person or firm into whose name securities or other properties are transferred in order to facilitate transactions, while leaving the customer as the actual owner.
  • “Provider” - a fund or product provider
  • “Registered Address” - Willis Owen Ltd, Ground Floor, 507 (Unit 2) Centennial Business Park, Elstree WD6 3FG
  • “SIPP” - a retirement savings account for investors who want to manage their pension investments
  • “Us/We” – Willis Owen Limited
  • “Website” - means the internet pages found at or accessed via that address
  • “Willis Owen Platform Service” - means the secure internet service that will be made available to you via the website after opening your account for you to access and manage your account
  • “You/Your” – the customer


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