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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.
Your privacy is very important to us. Accordingly, we have put in place measures to ensure that any personal information or data that we obtain from you in connection with your usage of our website is processed in accordance with the accepted principles of good information handling.
Willis Owen Limited is a registered data controller for the purpose of the Data Protection Act 2018. By submitting your personal information to us via this method and by using the various facilities on the website, which enables you to email us, you agree that any information we hold about you can be held on computer and/or paper files.
Any information which you give us may be disclosed to selected third parties or group companies for the purposes of administration or as permitted by law. Please note we will not arrange to involve a third party unless the security and confidentiality of the personal information is assured.
We and any companies within the Honister Capital Holdings 1 Limited group to whom we pass on your information may use the information to contact you by post, fax, email or telephone to bring to your attention additional products or 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 may be of interest to you.
You have the right, at any time to contact us and ask for a copy of the information which we hold about you. You will not be charged a fee for this.
Records will be kept for a minimum of five years from when your relationship ends with us.
We may also extract certain information from your data for the purpose of generating statistics but it is not possible to identify you from these statistics.
We are also committed to meeting the standards set out by our regulator, the Financial Conduct Authority (FCA). Occasionally, they may wish to audit a sample transaction including our customer records to assess our compliance within the rules. Strict confidentiality conditions are always imposed should this occur.
Some of the services available through our website, which contain personal information, are protected by passwords and usernames. These are unique to each user, however, it is essential that you protect your password and username and keep them safe at all times. From time to time we may make changes to the security protocols and procedures used to authenticate users of our services. Such changes will be made in the interests of protecting users from cybercrime, of generally improving protection of user’s data or to comply with legislative or regulatory requirements. Any such changes may be a condition of continuing to use our services.
In order to protect your data and privacy, we have implemented HTTPS Security Encryption across the entire site.
If we make software available to download via our website you should be aware that any software download is conducted at your own risk. Willis Owen Limited accepts no liability for any problems that may arise as a result of any downloaded software. If you are in any doubt, we recommend that you take specialist advice before downloading.
