Your solicitor is hanging on to your money for no reason at all. Grimma, even at bugger all %, interest on £600k for over a year should be a few grand! It is a little-known fact outside of law firms that funds held in solicitor trust accounts on behalf of clients earn no interest – and this has nothing to do with current low interest rates! Financial Difficulty Assistance | Terms and Conditions | Privacy Policy | Exception Fees Policy | Banking code of practice | Sitemap | BSB 124-001. Solicitor’s Investment Trust Account. amounts of £1m and above - interest will be paid at the rate obtained by the firm when placing excess client account funds on the overnight money market with the bank at which the funds are held, unless the interest rate obtainable is such that the firm decides not to place any funds, in which case interest will be calculated as above, We aim to account for such interest on a fair and reasonable basis.

Client monies will normally be held in an instant access bank account to facilitate transactions, however if specific instructions are received from the client requesting that funds be placed on a term deposit, interest earned on such term deposits shall be paid to the client in full. Earning high interest with no monthly account keeping fees and unlimited transfers. At this stage I would make a written request for the money (and interest owed) to be paid out within, say, 14 days. My DB and I have been waiting a while for the estate our late DM to be finalised. Trust money is the money a law practice holds on behalf of a client or other people in the course of, or in connection with, the provision of legal services. We offer interest-earning Controlled Money Accounts and Solicitor’s Investment Trust Accounts with the choice of fixed rate or variable at-call rates. We are here to support you during COVID-19. What is the difference between an Appointment of Enduring Guardian and an Advanced Care Directive? Our Investment Trust Account is designed for solicitors who have written direction from a client to hold money in an interest-bearing account. The client or beneficiary, will earn interest on money held by the law practice on behalf of them. Approval of an application for a Solicitor's Investment Trust Account is at the discretion of the Bank.

Please provide details regarding your matter so we can assist you. This has now at last been sorted but the final account summary makes no mention of interest that may have accrued on funds held by the solicitor while they faffed about liaised with the DWP for half a year. Conditions, Criteria and Fees Apply. We use cookies to ensure that we give you the best experience on our website. The bank knows that money held in a client account may not be there long and therefore may not be able to make use of it. Interest Policy Clough & Willis Updated : 1st April 2020. The longer you lock in your funds, the greater return you'll receive. Partner and Accredited Specialist in Wills & Estates. Robson & Co Solicitors, 147 High Street, Hythe, CT21 5JN. They cannot pass it to either the buyer or the seller without consent of the other, at … Is your online business presence legally protected? In a way it is looking after the money for the solicitor and rather than getting interest the solicitor is perhaps lucky not be charged a fee by the bank. Our Investment Trust Account is designed for solicitors who have written direction from a client to hold money in an interest-bearing account. In accordance with the Solicitors Accounts Rules, it is the firm’s policy to account to its clients for a sum of money in relation to interest earnt on any money held on behalf of a client at any time as part of the service we provide.

Full terms and conditions are available online or at any Bank of Queensland branch.



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