Interest rate increases to Court Funds Office special and basic accounts
By Law News
Increase of interest rates for Court Funds Office special and basic accounts from 23 August 2023
In response to the increase in the Bank of England base rate on 3 August 2023, the Lord Chancellor has reviewed the Court Funds Office (CFO) rates of interest payable to clients and has directed that from 23 August 2023 these will change to the following:
- Special account – increases from 4.50% to 6.00%
- Basic account – increases from 3.375% to 5.00%
The Lord Chancellor has made this decision to ensure that the running costs of the CFO service can continue to be met and that an increased rate of interest payable to clients can be provided.