Injury settlement for minor

mrsoft

A quick query in relation to an injury settlement to a minor made 10 years ago. The monies are currently lodged in the court and I'm just wondering if interest will accrue at all?

https://www.boards.ie/discussion/2058326171/injury-settlement-for-minor

No. It’s not a bank.

I presume it’s being held until the minor turns 18?

mrsoft

https://www.boards.ie/discussion/comment/121470756#Comment_121470756

Yes that is correct. It's until the child turns 18. I thought I remember the solicitor saying at the time that the interest would be minimal but I'm not 100% sure. I'm a bit green when it comes to these things.

https://www.boards.ie/discussion/comment/121470822#Comment_121470822

Yeah I realise now I may have answered prematurely if it’s left in a holding account that will pay interest you might earn some.

but considering interest rates lately have been in the negative and only recently come positive (albeit very small) your solicitor is probably correct.

mrsoft

https://www.boards.ie/discussion/comment/121470873#Comment_121470873

The award was made over 10 years ago when the economy was on it's knees and the interest rates haven't changed much since therefore he probably is right ok.

I appreciate your reply. Thank you.

Hotblack Desiato

https://www.boards.ie/discussion/comment/121470873#Comment_121470873

Deposit interest rates never became negative so there's no reason to suppose that ward of court or similar interest rates became negative.

beertons

It does gain interest.

mrsoft

https://www.boards.ie/discussion/comment/121474061#Comment_121474061

Ah ok. Any idea of the rates?

beertons

I've no idea, but it will be the best of rates out there.

SteelyDanJalapeno

https://www.boards.ie/discussion/comment/121470756#Comment_121470756

It does gain interest

Peregrinus

https://www.boards.ie/discussion/comment/121485598#Comment_121485598

It'll be the interest rates payable by the major banks from time to time. The court does actually put the money on deposit at a bank; that's where the interest comes from.

mrsoft

https://www.boards.ie/discussion/comment/121485691#Comment_121485691

Thanks. Will know soon enough anyway.