# The Court Funds Rules 2011, Rule 11: Interest bearing accounts

Extent: E+W

(A1) Paragraphs (1) to (3) apply to funds deposited in sterling.
(1) The Accountant General shall maintain two interest bearing accounts; a basic account and a special account.
(1A) Money shall not be invested in a special account unless it is money to which a child or person who lacks capacity is entitled.
(2) The Accountant General shall invest money in a basic account unless:
(a) a court directs otherwise;
(b) it is invested in a special account; or
(c) it is transferred to an account of unclaimed funds .
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) Subject to rule 12(2), the Accountant General shall invest money to which a child or person who lacks capacity is entitled in a special account unless:
(a) a court directs otherwise;
(b) a deputy or investment manager directs otherwise; or
(c) it is transferred to an account of unclaimed funds .
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) Paragraphs (6) to (8) apply to funds deposited in foreign currency.
(6) The Accountant General shall invest money in accordance with any:
(a) payment schedule signed and authenticated by a court, or if the case is one where the Accountant General has directed that electronic means may be used, an electronic authenticated copy of such schedule from the court, directing the investment or reinvestment of the foreign currency; or
(b) directions in accordance with rule 17(2) directing the investment or reinvestment of the foreign currency.
(7) Where paragraph (6) does not apply, the Accountant General shall invest money in an interest bearing account of that currency that allows for withdrawals of money at any time without penalty.
(8) Where it is not possible to invest money in any currency in which the fund is required to be invested by virtue of paragraph (6) or (7), the Accountant General shall apply to the appropriate court for directions.

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Source: https://www.legislation.gov.uk/uksi/2011/1734/rule/11 (the official version)
Page: https://openlegislation.uk/court-funds-rules-2011/rule-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.