The Ministry of Justice has confirmed that as of today (23 August 2023), the interest rates for the Court Funds Office (CFO) have been increased.

 

The rates for Special Accounts have increased from 4.50% to 6.00% and Basic Accounts have increased from 3.375% to 5.00%.

 

The CFO is usually responsible for holding money paid to a child or person lacking capacity to settle a claim until they have capacity to manage their finances. The CFO also holds unclaimed balance funds - an example of this would be as a result of a property being repossessed and sold leaving a surplus balance after the charge is redeemed, but where the original owner cannot be traced for the return of that surplus.

 

The Lord Chancellor has confirmed this decision was made 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.