If you are a joint account holder with the deceased, the account will automatically be transferred to a sole account in your name. The account number will not change. You will still be able to operate the account in accordance with the specific product terms and conditions.
Any regular bank payments or standing orders will not be cancelled. If you want to make any changes, you will need to contact the organisations where the regular payments are being sent from.
If the deceased held a Cash ISA/JISA; tax-free interest will be credited up to the date of death. If the account held is an APS ISA or a JISA, the account will be transferred to a non-ISA account as the account is no longer eligible to receive tax-free interest after the date of death. Cash ISA’s held which have not been closed within three years from the date of death will also be transferred to a non-ISA account, as the account will not be eligible to receive tax-free interest after this period of time. Any further accrued interest will be paid upon account closure or as part of the capitalisation as set out in the Specific Conditions.
For any accounts held in the deceased’s name only, we will need to see some documentation before we can close the accounts or make any changes. The type of documentation we need depends on the value held with the Society. Please see the section 'What information do you need?' below, for more details.
If the deceased held a mortgage account with the Society, the joint account holder or personal representative must contact the Mortgage Servicing Team immediately. If the mortgage is held in the sole name of the deceased, we will temporarily suspend the mortgage payments to allow time for the estate executor(s) to apply for the necessary grant of representation.
It is important to keep in contact with our Mortgage Servicing Team and to keep us informed and updated on the progress of the deceased’s estate.
It is important to think about how you plan to repay the outstanding mortgage balance. Usually this is by using proceeds from the sale of the property. If you have concerns that the value of the estate is not enough to repay the mortgage, please contact the Mortgage Servicing Team immediately.