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What to do when an investment account holder is deceased.

Dealing with the death of someone close to you is never easy. We’ve put together a guide of what to do if your loved one had an investment account with us. Don’t forget to give us a call or visit our bereavement page for any further help and guidance.

Dealing with bereavement

Dealing with investment accounts

When an investment account holder dies

What happens next?

Under Survivorship rules funds held in a joint account pass automatically to the surviving account holder. If there are multiple account holders, the Society will transfer voting rights to the account holder who has been a member with us for the longest period.

If you would like us to treat the account differently, this will need to be confirmed by all the remaining account holders.
If the surviving holder would like to remain within the FSCS compensation limit then the Society will provide penalty free access to funds held in accounts where withdrawal restrictions apply.

This facility is available for 60 days from registration of the death.
If interest is being paid to another account and this is in the sole name of the deceased, we will require alternative instructions.
The Society requires that all accounts of the deceased are closed. All membership rights will cease and are not transferable; however you can retain the account in the name of the deceased until maturity if the account has a fixed end date in the future. Any interest being paid to another account will cease.

At this point we can also supply you with a 975 Tax Deduction Certificate if tax was deducted prior to 6 April 2016. After 6 April 2016, we can supply you with a Certificate of Interest paid if needed.

What to do

How do I
close the account?

Total balances less than £250
If you are related as the spouse/civil partner, child, parent or sibling, you can close the account on completion of a Letter of Indemnity.

Total balances between £250 and £15,000
Regardless of your relationship to the deceased, you can complete a Letter
of Indemnity, which must be witnessed by a Solicitor or Notary Public.

Total balances in excess of £15,000
We will require sight of the original Grant of Probate or Letters of Administration. The Executors can then confirm their instructions in writing.

We will close the accounts by cheque, however the funds can be sent direct to a nominated bank account if required for which a fee of £25 is payable and can be deducted from the amount sent.

If the value of the accounts totals £100,000 or more, funds will be sent automatically by CHAPS and without charge. Please ensure that you supply the receiving bank account details with your closing instructions.


What to do with different types of accounts.

Get in touch

Need to talk?

If you’d prefer to just speak to someone at this difficult time, our door is open and it’s got real people behind it.You can fill out the form here and we’ll get back in touch with you. Or please feel free to visit your local branch in person, drop us an email or give us a call.

Prefer to give us a call?
Call 0330 123 0723

Or find your local branch
View all branches

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