Can anyone advise?

teabag29

Hi, my son was awarded £8500 criminal injuries compensation at the age of 5 due to a shaking injury caused by his father (when he was 6 months old) He is turning 18 this year and keen to know how much interest will have amounted on this and what the final figure is likely to be. It is being held in an interest earning bank account until his 18th birthday and although he will receive a letter in due time he is very keen to try and work out a rough figure of the final sum as he is making plans for his future. I don’t have a clue what it would be as I don’t know what the interest rate is on these things or even how to work it out if I did.... does anyone have any rough idea?

Tiexen

Impossible to say without knowing where it was invested and at what rate could be anywhere between nothing a few hundred and a few thousand.

teabag29

Oh I see ok

Pollycat

You might be better off asking on the Savings & Investments' board (but with more details).

lika_86

You need to get an update from the bank or building society. Have you never received an annual statement?

I wouldn't expect a lot though, interest rates since 2008 have been very low. However, much depends on the type of account, a children's ISA for example may have a higher rate than a variable rate account.

Seanymph

If it was awarded through the courts then it is held in a court account, and they should be sending you annual statements - that's what happened with my stepdaughter

Where was it paid into?

teabag29

It was awarded through criminal injuries compensation authority, no annual statements Just said he would receive a letter shortly before his 18th and it will be placed in an interest earning account until then

Seanymph

Well hers was the same, but she got annual statements, and a letter just before she was 18 asking her to claim it.

To be honest I can't remember the interest rate, but from memory it's not excessive - you could always ask them.

kingfisherblue

Could he just accept that he is to receive £8500, and any interest on top will be a welcome bonus?

Pollycat

kingfisherblue wrote: »

Could he just accept that he is to receive £8500, and any interest on top will be a welcome bonus?

+1
I think this is the sensible answer.

teabag29

Yes he has, however he had a plan in mind for the money and wondered if he would have enough to fulfil his plan that!!!8217;s all