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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.
The Terms and Conditions and the Key Features Document are available to you via the Willis Owen Platform and should be read prior to entering into any transactions with us. If for any reason you are unable to download these documents we can send them to you. We suggest that you retain copies of these. If there is any part of these documents that is unclear to you then you should seek clarification.
By opening an account with the Willis Owen Platform you authorise us to appoint Embark Investment Services Nominee Limited as custodian of your investments including cash and provide execution for your investments. We reserve the right to arrange for your assets to be transferred to and held by an alternative custodian that Willis Owen may appoint.
We will send you an email to notify you of any updates. To view these updates you will need to log onto the Willis Owen Platform and view the ‘my messages’ section.
Details of our charges when investing via the Willis Owen Platform can be found within our website.
In order to use the Willis Owen Platform, you will first need to register using the Willis Owen website. To do so, you will need to provide certain personal information including your email address and telephone number. To register for, and to use this service you will need to choose a secure password. Access to the service will be verified by means of a secure PIN code (chosen by you) or by means of a One Time Passcode sent to a validated mobile phone or landline number. Our security protocols and requirements may be subject to change.
By investing via Aegon, you must adhere to the Terms and Conditions of the Aegon Platform and the Platform Key Features Document.
All transactions occur electronically. Aegon no longer accepts paper application forms where an online process exists.
Details of our charges when investing via the Aegon Platform can be found within our website and our Aegon Charges section.
Willis Owen from time to time also transacts with other platforms, these may well have different Terms and Conditions and you should review the relevant T&C’s before proceeding.
When investing direct with a provider both Willis Owen and you must adhere to their Terms and Conditions. Willis Owen must fully adhere to the rules and regulations of the fund provider. We have no authority to amend these rules in any way.
Willis Owen no longer arranges new investment business directly with fund providers.
