Business Banking Interest Rates - Solicitors Trust Accounts

Solicitor's Trust Account Interest Rates

Offered to solicitors for holding client payments relating to property, conveyancing, estate settlements, investments and other trust monies.

Account Balance Range	Annual Interest Rate (as at 21 Nov 2008)	Method of Calculating Interest	How Interest is Calculated	When Interest is Calculated
Entire Balance of Account	4.75% pa	Single Tier Interest	We apply the daily percentage rate* to the balance of your account at the end of each day.	No interest is credited to your account. However, interest earned on your account is paid to the Office of Fair Trading monthly after the close of business at the end of the month.
Penalty Interest on Overdrawn Account		20% pa on amount overdrawn
Important Information - this rate is negotiatetd between Newcastle Permanent Building Society and the New South Wales Law Society.