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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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Ready to invest?
Tax-efficient investing, up to £20,000 a year Take a look at our ISA |
It is all too easy to put off taking your first steps with investing. You may have become used to living for today and spending much of what you earn, or perhaps you aren’t too sure where to start. It’s important to give it some proper thought, as investing your money is a commitment where the results are not always instant. Nor should they be. You need to take a long-term view when making plans that will shape your financial future. Investing can be a painful journey at times, as markets fall as well as rise, which means you might not get back all the money you started with.
But for those of you who think investing is for you but just need a bit more convincing, we look at six reasons why now is as good a time as any:
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Investing offers you greater control - No one knows what is going to happen in life and you cannot fully prepare for all eventualities. However, having some savings and investments gives you greater flexibility and choice especially when life throws you a curve ball, as it does from time to time. |
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Discipline - Many people spend their money and enjoy it right away, the emotions driving such behaviour can be strong. But many successful investors believe in saving first because developing a regular savings or investing habit – however much you can afford – can help instil financial discipline and support you in achieving your goals. |
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Time can work in your favour - Time is a powerful and important aspect of investing. The longer you stay invested, the better, as you have more time to recover any losses made from falls in the markets. You can read more about this in our benefits of long-term investing article. |
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Power of compounding - One reason time is such a powerful ally is down to something called compounding. Simply put, your money makes money – through interest, capital growth or dividends. This means your base amount gets bigger, which in turn makes more money, and so on. The effect is often likened to that of a snowball.
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It’s easy to invest - Getting started with Willis Owen’s platform is a simple process. Once you’ve opened an ISA, you can either choose your own investments or we can help you with some options. If you prefer to do it yourself but want some help getting started, look at our Focus Funds for ideas. If you want a simple solution aligned with how much risk you want to take, then you could consider our Ready-made investments. |
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You can start small - You don’t need a lot of money to start investing; in fact, it makes sense to start small. This way you can start sooner, rather than waiting until you have saved up a large amount, which could take years. It also means you can learn about investing without taking risks on large sums. With Willis Owen, you can invest from as little as £25 a month, and it is easy to increase your monthly savings whenever it suits you. |
