Ministry of Justice
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Increased interest rate on the Court Funds Office special and basic accounts

The interest rates were increased for Court Funds Office special and basic accounts on 16 January 2023.

In response to the increase in the Bank of England base rate on 15 December 2022, the Lord Chancellor has reviewed the Court Funds Office (CFO) rates of interest payable to clients and has directed that from 16 January 2023 these will change to the following:

  • Special Account: increases from 3.00% to 3.5%
  • Basic Account: increases from 2.25% to 2.625%

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.

If you wish to discuss further, please contact the CFO on 0300 0200 199 or email enquiries@cfo.gov.uk.

Channel website: https://www.gov.uk/government/organisations/ministry-of-justice

Original article link: https://www.gov.uk/government/news/increased-interest-rate-on-the-court-funds-office-special-and-basic-accounts-1

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