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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.
As with many people who end up in Financial Services, I didn’t have my career mapped out when I left school.
I studied Business at university and, as part of my course, secured a placement with a firm of Independent Financial Advisers in London. This was my introduction to financial services following which, for the first time, I knew what I wanted to do when I left university.
I left university with a First Class Honours Degree and soon secured a job at a local IFA firm specialising in pensions.
After a couple of years I moved to another IFA firm with an investment focus. Designing investment portfolios for clients was a real passion. I was fascinated by the interplay of economics and investment markets and listening to fund managers' views on future outlook. I also enjoyed studying for and completing the Investment Management Certificate.
In 2006 I was contacted by an ex-colleague who was setting up an expert technical team at Wesleyan Assurance Society, the Birmingham based life office. I took the role and stayed with the firm until 2018 in various technical and regulatory positions supporting the business and it's financial advisers.
In my time at Wesleyan I completed qualification after qualification to enhance my industry, product and technical knowledge. I became a Chartered Financial Planner and a Fellow of the Personal Finance Society. In 2017 I was asked to lead a new technical and regulatory advice and policy team which further deepened my regulatory knowledge.
In 2018 I heard about a great opportunity at Willis Owen which seemed made for me. Impressed by the firm's technological infrastructure, customer focus and ambitious plans, I was delighted to be offered a position as Head of Product Design and Development.
My role allows me to use my technical, regulatory and product knowledge to inform the creation of product solutions for customers. I love working within an exciting business that cares deeply about creating great outcomes for customers.
Outside of work I love spending time with my wife and twin boys (who keep me on my toes). I play guitar and occasionally do indoor rock climbing as well as whatever active pursuits my boys are currently engaged in.
Ian
Head of Investment, Product & Regulatory Affairs
