Interest Policy

References in this policy to “we”, “us”, and “our” are references to Nash & Co Solicitors LLP (company number OC326240).  References to “you” and “your” are to the client or other person on whose behalf we are holding the relevant funds.

Designated accounts

If we hold money in a separate designated client account, we will account to you for all the interest actually earned on that account regardless of the amount of the interest.  This is in addition to any interest payable on other money held on your behalf in our general client account or on the same money for any period when it is in our general client account rather than the designated account.

General Client Accounts

If we hold money in a general client account on your behalf or should have been but for whatever reason was not, we will pay as interest an amount calculated as provided below. We may, by agreement with you, agree special interest terms with you or contract out of the terms of this interest policy but any such agreement must be in writing and signed by a partner of the firm.

The amount of interest payable will be calculated by applying the same rate as the published rate of interest paid on a generally available National Westminster Bank plc instant access saver account over the period or periods during which the money was or should have been held in the general client account. The rate will therefore vary from time to time and we will normally assess and amend the rate of interest that we pay under the above policy on a monthly basis. Details of the current rate payable are available by contacting our accounts team on 01752 664444 or email: law@nash.co.uk

The relevant period will start from the day after we receive the money in cleared funds in our account and end either on the date when we send the money out by electronic transfer or the date 3 days after issuing a cheque.

We will not pay interest where the amount of interest, calculated in accordance with this policy, is less than £50.00.

We will also not account for interest where the money to which the interest relates is held for the Legal Aid Authority or on any amount advanced by us to cover any payment in excess of monies held by us on your behalf (i.e. to make up a shortfall pending receipt of the balance from you) or where you have agreed that this interest policy is not to apply.

Where we hold money in our general client account on more than one matter for you, whether interest is payable and the amount of any interest will be calculated on each matter separately unless we agree otherwise with you.

Timing of interest payments

We may account to you for interest during the course of your instruction but usually interest will only be calculated and paid to you once your matter has been concluded or the designated account is closed as appropriate.

Tax due on interest earned

Interest due to you will be paid gross of any taxes for which you may be liable and it will be your responsibility to declare interest received to HM Revenue & Customs and any other applicable authority and to make all payments of tax due from you.

Amending this policy

We may amend this interest policy from time to time and any such changes will be effective when published on our website www.nash.co.uk

Updated April 2023