2. Specific Trust Investment Account
If you have a client who is giving you a substantial amount of trust money that will have to sit in your trust bank account for a lengthy period of time and the client wants to collect the interest on that trust money, it is possible to put the trust money or any part of it into a specific trust investment account for that client.
Specific trust investment accounts can only be opened by a member or law firm in trust for a specific client at a savings institution.
The specific trust investment account must be interest-bearing and is limited to a daily interest savings account, a term deposit or a guaranteed investment certificate. All the interest earned on the specific trust investment account is ultimately received by the specific client.
Depending upon the nature of the practice in the law firm, it is possible that a law firm may never open a specific trust investment account.