1. Client monies will usually be held in general client bank accounts, where funds for different matters and clients are pooled.
2. A sum in lieu of interest will be payable on amounts held in general client bank accounts on the following basis:
   • 2.1. Interest will be calculated from the date the money has been cleared in our bank account and regarded by the bank as cleared funds. Simple interest will then be paid or credited when the monies are paid out for the purposes for which they were required.
   • 2.2. The level of interest you can expect to receive, referred to as a payment in lieu of interest earned, will be based on the advertised interest rates payable by our primary bank for the applicable period on the relevant amount, as if it had been held separately in a designated client account in your name. The rates currently in force can be found here: NatWest Interest Rates.
   • 2.3. We will not account to you for any interest in the following circumstances.
     • If the total amount of interest calculated is less than £75.00, no interest will be paid or credited to the client. This is because our administrative charges would exceed this amount.
     • On money held for the payment of a professional disbursement.
     • On an advance from us into our general client account to fund a payment on your behalf in excess of funds already held for you in that account.
     • Funds have been held on deposit for 14 days or less.
3. Client monies will usually be held in an instant access bank account to facilitate transactions. However, if specific instructions are received from the client requesting funds are placed on a term deposit or a separate designated deposit account, and this is appropriate (bearing in mind the nature and duration of the transaction), then the interest earned on such deposits shall be paid to the client in full, less any reasonable administration fee charged by ourselves in respect of setting up, administering, and terminating such deposit account.
4. We will generally pay interest to the client gross, and it is the client’s responsibility to declare this amount to HMRC. In designated deposit accounts and term deposit accounts, the bank may deduct tax at source. If this happens, the net sum will be paid or credited to the client.

This policy will be reviewed periodically. (Last reviewed 20th October 2023.)