Trust Interest Maximisation

Generally speaking, the rate of interest earned on a section 86(3) interest – bearing account can be up to 45% higher than the rate of interest earned on a section 86(2) trust bank account.
Trust account practices are urged to engage with their Banks and invest money, not immediately required for any particular purpose, from their trust accounts into an interest-bearing account in terms of section 86(3).
Benefits of investing surplus funds terms in section 86(3)
- Increased trust income possibly leading to:
  - Increased refund of recoverable bank charges
  - Increased refund of audit fees
The Fund’s trust interest income will increase, and this will assist the Fund in carrying out its mandate in terms of the Legal Practice Act
The Fund exists to support consumers of legal services as well as legal practitioners by protecting the consumers of legal services against loss resulting from misappropriation of trust money or property entrusted to trust account practices in the course of their practices
The Fund is required to financially support legal regulation and may, in the case of legal education in the country, also support such, and we continue to do so in the interests of both the public and the legal profession