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With the recent Covid-19 outbreak, we are taking precautions within Embark Platform to ensure the safety of our employees whilst also looking after our clients.

We are working hard to ensure business as usual is maintained and where possible will respond to all queries as soon as we can. However, to assist us during this difficult time we ask the following:

 

We appreciate your help and support during this time. We are doing our best to maintain our service levels, but please note our normal response times may vary during this difficult period.

For useful tools and resources, to view our workplace risk assessments or to learn more about the market impact of Coronavirus, please visit our COVID-19 page.

banking and interest rates.

Banking partners

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).

Interest paid

The interest paid on any money held in Accounts on the Embark platform is determined by the current banking partner/s.  We may retain a proportion of the interest we receive to cover our costs of administration.

From 12 May 2020 due to the decrease in the Bank of England rates our current banking partner (Metrobank) will reduce the amount of interest payable on these accounts to 0%.

For operational reasons this rate will be applied to any money held in Accounts on the Embark platform from 24 April 2020.

Up to 23 April 2020, any money held in Accounts on the Embark platform will receive interest payable at 0.55% pa.

From 24 April 2020, any money held in Accounts on the Embark platform will not receive any interest.

Interest 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 service@embarkplatform.co.uk.