0.5% interest. ?

[spilldig]

Where can I get 4%..genuine question..

 

It's a question I would also like the answer to. You maybe able to get near it with strings attached but most people require to get at their money if they need it suddenly?

[Jeffrey Shaw]

Right, firstly, it's nothing sinister. The rules that govern us (Civil Procedure Rules) say that the money has to be held securely, to ensure it is safe for the child. You'd be surprised how many people would try and spend their kid's money. We see it all the time - "but I want to buy a new car....". Not quite the point!

 

Yes, the Court interest rate is rubbish - it's 0.5% as you say.

 

Yes, you can have the money elsewhere, including higher rate savings accounts, but they must be in the child's name, and not accessible by you (or anyone until child is 18, without Court permission). It's quite straight forward to apply to have it moved.

 

Basically, you need to go to Sheffield County Court (the counter to make appointments is ground floor on the right, through the doors), and tell the staff you want to see a District Judge, to apply to have the money transferred. They'll set up a hearing for you in a few weeks - very informal - you, Judge and child in a room, same as when the settlement was approved.

 

You need to take evidence of where you want to put the money, evidence of the interest rate etc, and they'll generally transfer it.

 

You can do it at the settlement hearing, and I generally do now, as the Court rate is so rubbish, as long as the client has a decent account to put it in. Not relevant to you now of course, but that's often the best time.

 

To answer the unasked question, I'm afraid your solicitor won't do the hearing for you, as they won't get paid to do it, and no one works for free I'm afraid.

 

Hope that helps.

 

(PS, again, it's nothing sinister, just standard procedure. It doesn't make anyone money doing it this way, it's just the way it's always been done. The Court rate has typically been higher than the bank rates, but obviously with the way rates are going at the moment, they changed a year or two back. Despite what someone said above, it isn't costly to challenge this and apply to move it. It costs a grand total of zero.)

A good post- very informative to members. Thank you!

[gnvqsos]

Where can I get 4%..genuine question..

 

N&P 4%

 

if you live in Cheshire,or near a branch 5%

 

 

I normally charge for such advice!

 

---------- Post added 21-01-2013 at 16:28 ----------

 

It's a question I would also like the answer to. You maybe able to get near it with strings attached but most people require to get at their money if they need it suddenly?

 

But this guy has 4 years!

[Annie Bynnol]

.....At present you could earn about 4 pc per annum meaning an annual loss of 3.5 pc -on £8000 this would be £280 pa or £1120 over the interim.

 

The difference between the two interest rates would be bigger if you compounded the interest.

[harestone]

Thanks for the replies everyone, some food for thought there.

[truman]

N&P 4%

 

if you live in Cheshire,or near a branch 5%

 

 

I normally charge for such advice!

 

---------- Post added 21-01-2013 at 16:28 ----------

 

 

But this guy has 4 years!

 

Is that Norwich and Peterbro'?

[barleycorn]

N&P 4%

 

if you live in Cheshire,or near a branch 5%

 

 

I normally charge for such advice!

 

---------- Post added 21-01-2013 at 16:28 ----------

 

 

But this guy has 4 years!

 

But not if they require money to be released to cover medical costs, or any other costs, related to the accident.

 

jb

[Moosey]

 

But this guy has 4 years!

 

But not if they require money to be released to cover medical costs, or any other costs, related to the accident.

 

jb

 

That would be released at the settlement hearing though, to the parent.

 

 

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