Client Interest Policy
Our interest rate policy should be read in conjunction with the Solicitor’s Practice and Accounts Rules (in particular Rules 22-25) at http://www.sra.org.uk/accounts-rules/
Our primary role is to act for you in a legal capacity and therefore we do not operate a separate bank account on your behalf nor do we provide financial services. If we do hold sums of money on your behalf, we will not make any interest payments to you, unless the interest earned by us on your cleared funds is in excess of £20 per matter.
As interest rates vary from time to time, in calculating interest we will apply a rate that we believe reflects the market rate of interest paid on an instant access current account offered by a UK High Street Bank over the period the funds are held by us. These rates will be reviewed quarterly and applied accordingly. The rates will be applied to the funds held using the following criteria:
£1,000 for over 8 weeks
£2,000 for over 4 weeks
£10,000 for over 2 weeks
£20,000 for over 1 week.
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