CLIFTON INGRAM LLP

Interest Policy and banking arrangements in relation to monies held on behalf of clients.

The objective of the firm is to account to clients or other relevant people for whom we hold monies, when it is fair and reasonable to do so, and to seek to achieve a fair outcome for both the client and the firm.

When we receive money from or on behalf of a client, it will be paid into a general client account with Barclays Bank who are the firm’s primary banker.

The firm does not pay the full rate of interest that it earns on general client funds as this is an enhanced rate that the firm can secure from holding large levels of client funds in aggregate. However the firm does pay a rate of interest which exceeds that available to clients in the open market through a Business Instant Access Account. The objective of this is to enable clients to achieve a higher rate of return than would normally be available to them in the open market whilst providing the firm with a return for administering and managing client funds.

In determining the period over which interest is to be calculated we will accrue interest on cleared funds from the day following receipt, and for uncleared funds five days after receipt into the general client bank account of the firm.

In the event that the calculated total interest due to the client on a specific matter is less than £20 then no interest will be payable to the client, as it is considered that such a sum may be reasonably retained by the firm to cover the administrative cost of managing client funds.

We will generally calculate and pay interest on the conclusion of a matter.

Clients may undertake alternative arrangements to hold their funds privately during the course of any transaction or they may request that the funds are held by the firm in a separate designated client deposit account. In the event of a client undertaking such special arrangements, the firm reserves the right to charge, at normal fee earner rates, for any reasonable additional time or third party costs incurred in satisfying the client’s request in relation to their funds.

We will review the interest rates on a quarterly basis and also whenever there is a change to the Bank of England Bank Rate.

Interest Rates

£0 – £25K	0.15%
£25K – £100K	0.25%
£100K – £250K	0.35%
Over £250K	0.50%