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Our interest policy should be read in conjunction with the solicitors practice and accounts rules (in particular rule 22-25) http://www.sra.org.uk/solicitors/handbook/accountsrules/

  • If we hold money in a separate designated client account on your behalf, we will account to you for all the interest earned on that account.
  • If we hold money in a general client account on your behalf, or if money should have been held on your behalf but was not, then we will account to you for a sum in lieu of interest calculated as below.
  • We will not account to you for any interest in the following situations:
    1. If the amount calculated is £69.30 or less;
    2. On money held for the payment of a professional disbursement if the person to whom  the money   is due has requested a delay in settlement
    3. If there is an agreement to contract out of the provisions of this policy.
  • You can request that you are not paid interest, if for example you do not want to receive it for religious or tax reasons.    If money is held for a continuous period and for part of that period it is held in a separate designated client account we will account to you for a sum in lieu of interest for the rest of the period when the money was held in a general client account regardless of whether it is less that £69.30
  • If we hold  sums  of money intermittently on your behalf in our general client account and the sum in lieu of interest calculated for any single period is £69.30 or less, we will account to you if the total interest exceeds £69.30.
  • Each of your matters will be treated separately and we will not combine  interest  payments between all your transactions when calculating this figure unless we consider this to be unfair.
  • In determining the period over which interest is to be calculated we will look at the  following:  the period between the date when the relevant funds received by us clear our account and when we send the funds or a cheque is raised.
  • We will calculate and pay interest once your matter has been concluded.
  • In calculating interest we will apply the rates  that reflect  the market rate of interest paid on an instant access current account offered by a UK high street bank over the period when interest is due.
  • We will review the interest rates quarterly and whenever the Bank of England changes the Bank Rate.

The rates currently payable are dependent on the amount held but are subject to a minimum rate of 0.01 %

Balance                          Gross % Interest Rate Paid
£0-£9,999                                   0.01%
£10,000-£24,999                      0.01 %
£25000-£249999                      0.01%
£250,000 +                                 0.01%

Solicitors in: Solicitors in Halstead, Solicitors in Hadleigh, Solicitors in Chelmsford, Solicitors in Burnham on Crouch, Solicitors in Witham, Solicitors in Wickford, Solicitors in Maldon, Solicitors in Colchester, Solicitors in Braintree and Solicitors in Rayleigh

 

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