Interest Policy

The firm’s policy will remain unchanged from that applied under The Solicitors’ Accounts Rules 1998.

No interest will be paid to clients if:-

  • The amount of that interest, as calculated following the procedure set out below amounts to £20.00 or less.
  • If the sum of money held does not exceed the amount shown in the left hand column below for a time not exceeding the period indicated in the right hand column:
Amount Time
£1,000 8 weeks
£2,000 4 weeks
£10,000 2 weeks
£20,000 1 week
  • If the sum of money held exceeds £20,000 but is held for one week or less, no interest shall be paid to the client unless it is deemed fair and reasonable to account for a sum in lieu of interest having regard to all the circumstances. Such determination shall be made on a case by case basis by Robin Patey or, in his absence, James Maxey.
  • the rate of interest payable shall be calculated by reference to the current rate of interest paid to the firm by RBS on the client account.