Nothing special
The special and basic account rates with the Court Funds Office (CFO) have been savaged—have you ever tried savaging a peanut?—as from 1 June 2020. In line with commercial sector practice, the decision to do this was announced on 1 June 2020. As an emergency measure, the special account rate reduces from 0.5% to 0.1% and the basic account rate from 0.1% to 0.05%. The Bank of England base rate now sits at 0.1% to which the CFO rates have responded. However, the reduced rates compare unfavourably with what is on offer from NS&1: for example, 3.25% on its Junior ISA, 0.90% on its Direct Isa and 1% on its Direct Saver.
Any claimant’s advocate who joins a remote protected party settlement approval appointment deserves to be muted and drenched in cheap sanitiser if unarmed with some decent investment proposals away from the CFO (see ‘Civil way’,