At D K Macbryde & Co we pay to our clients interest accrued on client money, in accordance with Solicitor Regulation Authority Accounts Rules 2011, on a fair and reasonable basis.
It is a requirement that money held in a client account must be immediately available to facilitate transactions. Therefore the rate of interest may be lower than that available on accounts requiring notice. This firm will pay a sum that represents a fair market rate according to market conditions prevailing from time to time. To achieve this goal this firm will pass on to you any interest paid to this firm on those monies by the bank holding those funds without retaining any part of it for the firm*. If you wish your funds to be held in a different account which pays a higher rate of interest but may mean that you do not have the option to obtain your funds immediately, then this can be discussed further and you are requested to raise this with the fee-earner handling your matter.
If this firm is holding funds for you in relation to separate matters, we will treat the money relating to the different matters separately, unless the matters are so closely related that they ought to be considered together and, if that is the case, we will inform you of this.
We determine the period over which interest is calculated, by looking at the following;-
- If the payments in and out are made by cheque, we will look at the period between the date when the incoming cheque is banked and the outgoing cheque is drawn.
If payments in and out are not both made by cheque, the relevant periods are:-
- From the date when incoming money is received in cash until the date when the outgoing cheque is sent;
- From the date when an incoming telegraphic transfer begins to earn interest until the date when the outgoing cheque is sent; and
- From the date when an incoming cheque or banker’s draft is or would normally be cleared until the date when the outgoing telegraphic transfer is made or banker’s draft is obtained.
*Please note:- We operate a de minimis level, this means that no interest will be payable, if the amount calculated on the balance held is £20.00 or less.
We will pay the accrued interest to you at the conclusion of your matter (unless we enter into a separate agreement with you to pay it to you at regular intervals) and the interest will be calculated over the period in which we hold cleared funds for you, in accordance with rules 22-25 of the SRA Accounts Rules 2011.
If we give you a cheque, at the conclusion of your matter, made up of client money accrued interest and there is a delay, beyond four months, from the date the cheque was written, in you cashing the cheque, then at our discretion, we will account to you for any further interest accrued, if you request it. However if the cheque has to be cancelled we may at our discretion charge for this.
If we are holding money as a stakeholder any interest accrued will be paid to the person to whom the stake is paid.