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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.
All communications between us, either written or oral, will be in the English language.
We require written instructions to amend personal details which we hold about you (e.g. address, email address), unless the instructions originate from the secure area of our website.
Where applicable, all application forms, cheques, contract notes, certificates or documents sent by post are at the customer’s risk. Willis Owen accepts no liability for this.
We will communicate with you using the contact details you have supplied to us. If you change your postal or email address in the future, please tell us immediately. We accept no liability for sending email or letter communications to you if we find that we hold an invalid email or residential address. It is your responsibility to ensure we hold your current and correct address and/or email address.
The Willis Owen Platform is an online proposition only and our usual method of contact is electronic as it is a ‘paperless offering’. We will not send sensitive information via email; however, we reserve the right to contact you by an alternative method.
If you wish to communicate with us using electronic communications, you acknowledge the inherent risks.
We reserve the right to cease or temporarily suspend electronic communications and begin communication with you by post or by telephone to ensure information security.
Any notice given under these Terms shall be in writing.
Any notice given by email or Secure Messaging will be deemed to have been given one business day after being transmitted.
In providing service or delivery of the relevant communication, it shall be sufficient for us to prove that it was correctly addressed to the last address notified in writing by you to us, or if by electronic communication, that it was transmitted to the correct number or email address as last notified by you, to us, in writing or via our website.
Notices sent by letter shall be deemed to have been received two days after being correctly addressed, stamped and posted and five days after posting to an address overseas. Notices sent by us by electronic communications shall be deemed to have been received twenty-four hours after being transmitted. In all cases the calculation of timing shall exclude Saturdays, Sundays and Bank Holidays.
As part of our commitment to provide the highest quality of service we may record or monitor telephone conversations in order to improve our service standards and for staff training purposes.
Records will be kept for a period of five years.
If you email us, or give us your email address, we will keep a record of it. We may use it to contact you occasionally about our products and services, which may be of interest to you. However, if you prefer not to receive such information, you may withdraw your consent by contacting our Customer Service Team on 0800 597 2525. Please remember that by withdrawing your consent, we will not be able to contact you about products or services that you hold, or that may be of interest to you.
We cannot guarantee that any email sent to us will be received, or that the contents will remain private during transmission. Please do not email us with any sensitive personal or account information.
Any email and/or attachments from us will be scanned for the presence of computer viruses, but neither Willis Owen Limited nor any of its subsidiary companies will accept responsibility for any virus or defect.
The email and/or attachments transmitted with it are confidential and intended solely for the use of the individual or entity to which they are addressed. They may contain legally privileged information, and may not be disclosed to anyone else. If you have received an email in error, please notify the sender immediately and delete all copies from your system.
We provide a Secure Messaging capability within the logged in area of our website which means we can communicate securely, act on certain instructions and share personal information with you electronically. The limitations that apply to email do not apply to this service.
We may delegate some of our functions to a third party and may provide information about you and your investments to any such third party. We will remain liable for the acts and omissions of our delegates as if we had committed or omitted to commit them ourselves.
We may employ agents to perform any ancillary services required to enable us to provide services to you. We will act in good faith and with due diligence and reasonable care in the selection, and monitoring of third parties.
Some pages on the Willis Owen website may contain hypertext links to websites not maintained by us. In the event that there are third party links to other websites for your convenience you acknowledge and agree that we are not responsible for the availability or functionality of such external sites. We are not responsible or liable for any loss, errors or omissions contained within such external sites.
