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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.
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A Fixed Rate Bond (or ‘Fixed Term Deposit’) is a type of savings account that allows you to lock away your savings for a set amount of time at a rate that is set when you open your account. Fixed Rate Bonds are a great solution if you’re happy to tie up your savings for a period of time and want the certainty of a fixed rate of interest (or profit) you’ll receive at the end of your chosen term.
Except in very limited circumstances (which you can read about in the terms and conditions), you can’t access your money until the end of the fixed term and you can’t cancel your application once the account has been opened.
Take a look at our marketplace to see the range of Fixed Rate Bonds offered by our partner banks, with terms ranging from a few months to a number of years. You’ll also find details of the interest rates, or, in the case of banks operating under Sharia banking principles, ‘expected profit rates’ on offer within our marketplace.
Interest on a Fixed Rate Bond is earned annually and applied when the bond matures. The interest rate on a Fixed Rate Bond will not change. The exception to this is where you choose a partner bank operating under Sharia banking principles where the expected profit can change in certain circumstances. You can find out more about this on the ‘what is Sharia banking’ page.
When your Fixed Rate Bond approaches its maturity date, you may have a couple of options:
Please be aware that the Financial Services Compensation Scheme will protect your deposit up to £85,000 per person, per banking group, not per savings account. If you choose to renew a Fixed Rate Bond and the amount of the deposit plus any interest/profit earned exceeds this value, the full value of your savings account may not be protected.
