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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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As we continually strive to bring you the best possible customer experience on our platform, we have partnered with a selected number of companies who share this vision and so you may have seen them mentioned in some of your documents. While we use their services to power the Willis Owen platform, we will always be the one to answer any queries you have and to help you out if you need us.
Below is a brief overview of our three partners and the services they provide:
Embark Investment Services Limited provides the Willis Owen ISA, GIA, Junior ISA and SIPP. They have extensive experience across the banking, investment, pensions and insurance sectors and partner with FNZ (market-leading digital platform - more information below) to offer a range of investment products such as funds, investment trusts, shares and ETFs.
The Embark Group has over 650 employees, has more than £40bn in assets under administration on behalf of approximately 425,000 consumer clients and has been recognised as one of the most innovative wealth tech companies for the past three years.
Embark is authorised and regulated by the Financial Conduct Authority.
FNZ provides the technology solution which enables your investments to be held on the Willis Owen platform. FNZ currently provides platform services to some of the largest insurance companies in the UK e.g. Aviva, Standard Life, Zurich and UBS.
Winterflood Securities provides the settlement and clearance services for the exchange traded instruments offered on the Willis Owen platform, this includes shares, investment trusts and ETFs trading. As well as providing such services, Winterflood is Europe’s leading market maker and also offers sales trading, electronic trading and investment trust research. The company is a subsidiary of Close Brothers, a leading UK merchant banking group that provides lending, deposit taking, wealth management services and securities trading. Close Brothers is a FTSE 250 company, employs over 3,000 people and is listed on the London Stock Exchange.
Your investments are protected up to certain limits by the Financial Services Compensation Scheme. You can find out more on our dedicated FSCS & money protection page.
Manage your investments through the Willis Owen platform which can be found on the 'Invest' tab once logged in.
When you give an instruction using the platform to do things like buy or sell investments, changing direct debits or making withdrawals, the administration of the change is carried out by Embark Investment Services. This is why you may see Embark Investment Services Limited being referred in some of your documents such as bank statements.
Winterflood securities provides stockbroking services. If you want to deal in shares, investment trusts or ETFs, quotes and settlement of trades are provided by Winterfloods. This is why you will see Winterflood being quoted as the 'securities trader' under your contract note.
