The Court Funds Office (CFO) special and basic account interest rates have been reduced with effect from 12 June 2024.
The announcement was published on 18 July 2024 here. The rates are now as follows:
- Special account – decreased from 6.00% to 5.25%
- Basic account – lowered from 5.00% to 3.94%
According to the Government's announcement, this change has been made, "to ensure that the CFO service can be maintained whilst allowing for clients’ funds to continue to be effectively protected and managed."
The change brings the special account rate to the same figure as the current Bank of England Base Rate (5.25%). The basic account rate is reduced by more than 1 percentage point, to just under 4%.