HC Deb 15 June 1978 vol 951 c619W
Mr. George Cunningham

asked the Attorney-General what rate of interest is currently available on clients' money deposited by the Supreme Court and the Law Society, respectively.

Mr. Arthur Davidson

In general, cash lodged into court is placed on deposit at 5 per cent. per annum. An exception is money lodged "in satisfaction", which does not attract interest for the first 21 days but may, after the 21 days for acceptance have elapsed, be invested on application in a short-term investment account at 10 per cent. per annum. Clients' money deposited by the Law Society is generally placed in a deposit account in the client's name, currently attracting 6½ per cent. per annum for sums up to £25,000 and 7½ per cent. per annum for sums in excess of that.