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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 |
---|---|---|
6th October 2023 | 2.16% | 1.84% - 2.34% |
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.
If you cannot find what you are looking for on our website please feel free to contact us using any of the methods listed on this page.
Our office hours are 9am to 5pm Monday to Friday and outside of these times your call will be picked up by our message service where you get to speak to a real person to leave your message.
Please note we are unable to respond to requests for account specific information via email, we recommend you telephone or use our secure message service in this instance.
Telephone: | 0800 597 2525 |
Overseas: | 020 8236 1240 |
Email: | enquiries@willisowen.co.uk |
Online: | |
Postal Address: |
Willis Owen Limited PO Box 766 Borehamwood WD6 9JS |
jason.chapman@willisowen.co.uk
Jason Chapman
07903 037408