MoJ announces increase in interest rate on CFO special and basic accounts

Article summary

The Ministry of Justice (MoJ) has announced that the interest rate has increased on the Court Funds Office (CFO) special and basic accounts. The Lord Chancellor, Brandon Lewis, has reviewed the CFO rates of interest payable to clients and has stated that from 2 September 2022, the special account increased to 1.75% and the basic account increased to 1.313%. The purposes of such changes, the Lord Chancellor has stated, is 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. These changes are in response to the Bank of England increases in the base rate on 4 August 2022.