Within each Account we offer a cash facility. We do this by providing access to a bank account operated by our banking partner. This bank account is not unique to the Account. It holds amounts of money for Embark platform investors centrally. There are two separate accounts. One for the Embark Personal Pension and the other for the Embark ISA, the Embark JISA, the Embark GIA and the Embark Third Party Investment Account (TPIA).
The interest paid on any money held in Accounts on the Embark platform is determined by our current banking partner/s. We may retain a proportion of the interest we receive to cover our costs of administration.
Due to the decrease in the Bank of England rates our current banking partner (Metrobank) reduced the amount of interest payable on these accounts to 0%, therefore, currently, any money held in Accounts on the Embark platform will not receive any interest.
Where interest is being earned it is accrued daily by the platform based on the rate that we define and calculated against the clients cash holdings that day. On the first of each month, the total of these accruals for all days in the prior month is applied to the clients account on platform, increasing their cash balance. The corresponding cash balance is paid into the client bank account on the same day.
If a client transfers out of their scheme mid-month, the total of interest accrued up to that day is applied to the clients account on platform, increasing their cash balance. The corresponding cash balance is paid into the client bank account on the same day.
If you have any questions regarding our banking partners or interest paid on Embark Accounts, please do not hesitate to contact us on 0330 024 2345 or email@example.com.