From time to time we hold money for clients and others. We do not make an administrative charge for the administration involved nor for payment by cheque but may charge for the electronic transmission of money. This document sets out our current policy on the payment of interest on money that we hold. Any changes in our policy are posted on our intranet.
It is our policy to ensure that client money entrusted to the firm is held in the most appropriate bank accounts. We continue to monitor our banks on a regular basis. We also monitor the accounts held and interest paid, to ensure that we get fair market rates for monies held on clients' behalf. Currently we choose accounts from one of the following banks;
In view of current bank interest rates, it is no longer possible to obtain higher rates of interest on client monies by placing them in a Designated Deposit Account (DDA). Hence all monies will be held in a General client account in the name of 'Bevan Brittan LLP client account' and we will not place client monies in a DDA unless specifically requested to do so. All interest that accrues on monies held by us which has been placed on a DDA is automatically credited to the client balance. Monies held on our General client account will be credited with interest once the interest due exceeds £20.
Should you require more information about either our bankers or accounts please liaise with your main Bevan Brittan LLP contact. We will supply further interest breakdown or tax certificates upon request.
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