The process of dealing with a loved one's account differs for both savings and mortgages after we've received the death certificate (details of what to do first can be found on the bereavement guide).
For joint accounts
The balance of a joint account will belong to the remaining account holder(s), the deceased will be removed from the account.
You will be issued with a new Passbook or Bond Certificate if applicable
For sole accounts
Balance of £500 or below
The account(s) can be closed upon receipt of a Death / Interim Death Certificate. The person presenting the Certificate will need to sign the withdrawal slip and provide identification.
Balance over £500 and below £15,000
You will be given a statutory declaration which will need to be completed and witnessed by either a Solicitor or a Commissioner for Oaths.
If you are applying for Probate or Letters of Administration, a Statutory Declaration isn’t necessary as this will save you paying two fees, unless you wish to close the account before Probate / Letters of Administration have been received.
Upon Receipt of a completed Statutory Declaration:
Once we receive the statutory declaration, we will register the Executor(s) named on the document onto the account(s) and provided the withdrawal slip or instruction is signed by all Executor(s), we will close the account(s) and release funds. Identification may be required.
Balance over £15,000
Probate / Letters of Administration are required to release funds over £15,000.
Upon the receipt of Grant of Probate, we will register the Executor(s) onto the account(s). Provided the withdrawal slip or instruction is signed by all Executor(s), we will close the account(s) and release funds. Identification may be required.
Paying urgent expenses
On production of a Death Certificate or Interim Death Certificate, withdrawals from a deceased person's account can be made for the following reasons only:
- Funeral Expenses – The invoice must be provided together with a signed withdrawal form. All cheques will be made payable to the Funeral Directors.
- Inheritance Tax - Supporting documentation i.e. HM Revenue & Customs document or a letter from a Solicitor, must be provided together with a signed withdrawal form. All cheques must be issued payable to HM Revenue & Customs only or a Solicitor. Please note that we have not joined the HM Revenue & Customs form, Schedule IHT423 which means we are unable to send payments electronically from the account.
- Probate Fees - Supporting documentation i.e. HM Revenue & Customs document or a letter from a Solicitor, must be provded together with a signed withdrawal form. All cheques must be issued payable to ‘HM Courts & Tribunals Service’ or a Solicitor.
Spousal ISA's (APS Allowance)
Your loved one may have had an ISA. An eligible remaining spouse or civil partner can benefit from an additional ISA allowance based on the balance held in the deceased person's ISA at the time of death, closure or 3 years from the date of death. There are time limits on when this benefit can be used. You can find more information on the BSA website.
The Cambridge is not currently offering the additional ISA subscription.
You can find the mortgage bereavement guide here.
We are on hand to help you with any queries or worries you may have. Just call our Customer Contact Centre on 0345 601 4021 or pop into your local branch or store and you'll find a Customer Service representative who can help.
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