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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.
Willis Owen is dedicated to providing honest, fair and professional investment services and ancillary services to our customers. For this reason, we do not give or receive inducements except those that are considered acceptable minor non-monetary benefits. Willis Owen will ensure that any minor non-monetary benefits that it receives or provides:
The below table indicates the kinds of minor non-monetary benefits that Willis Owen may provide or receive:
| No | Description |
|---|---|
1. |
Participation in conferences, seminars and other training events on the benefits and features of a specific financial instrument or investment service |
2. |
Hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training events mentioned above |
3. |
Generic information or documentation relating to financial instruments or investment services such as short-term market commentary, economic releases or brief unsubstantiated summaries of a third party’s own opinion |
4. |
Written material that is commissioned and paid for by a corporate issuer or potential issuer |
5. |
A research trial that lasts no longer than three months and which is not repeated within 12 months. |
Willis Owen receives 3rd party investment research, data, tools and information services from its independent research partner Morningstar which in our view provide a significant enhancement to the service we provide to our customers. We pay for this research and broader services out of our own resources and consequently we do not consider them to constitute an inducement.
