Bereavement: savings accounts

If you want to know details of savings accounts your loved ones held at Skipton, we're here to help, but there are some cases when, by law, we can't. Each type of savings account has particular rules.

Talk to our Bereavement team

0345 266 1209

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Getting information about the accounts and balances

Please note, data protection laws mean we'll need to do a few identity checks before we're allowed to give you account information. The checks only take a few minutes. They won't be necessary if you're a Skipton customer.

If you’re named as an executor in the Will or there is no Will and you’re the legal next of kin, we can tell you the account balance(s) and interest due up to the date of death. You’ll simply need to show us the last Will or proof you’re the legal next of kin. If you can’t do this, you might need to appoint a professional representative, like a solicitor, to help you. If you’re unsure, please get in touch and we’ll go through everything with you.

How can I withdraw money?

Once we've been told about a death, payments out of a savings account are frozen. Here's what you need to do next.

Find out more

Find out what happens to different accounts

If a savings account is held in joint names, it automatically passes to the other account holder (in accordance with our Savings Account Terms and Conditions). If you’re not the other account holder, you’ll need to let us know why you need the information, then we can check what information we’re able to give you, if any.

If your loved one was a trustee on an account, we can’t release information because Trust Accounts don’t form part of their estate. If there are other trustees, we’ll get in touch with them. If there aren’t, the executor may need to seek advice about appointing a replacement.

You can’t transfer accounts into your name if you’re a beneficiary, but you may be able to close the accounts and transfer the money into a new account of your choosing, depending on the terms of the trust.

Under HMRC rules, if your loved one passed away before 6 April 2018 and held an ISA, the account will be transferred to an easy access Estate Management account and interest earned will be taxable.

If they passed away on or after 6 April 2018, the funds are permitted to be within the ISA wrapper for three years from their date of death and will continue to earn tax-free interest. Under the Additional Permitted Subscriptions (APS) scheme, you can transfer your spouse or civil partner’s ISA allowance to you if they pass away.

You can close a Fixed Rate Bond early and get paid the interest that’s built up. Or if you prefer, you can leave it open until it matures. If you keep it open, the account has to be left in your loved one’s name, however, the title of the account will change to ‘Pers reps of (name) decd’, and you won’t be able to withdraw money (including interest) until the account matures. If a withdrawal before probate is required, this is permitted.

 

Mortgages

Find out what to do if the person who has died held a mortgage with us.

Wills & funeral plans

If your loved one held any legacy products with our trusted partners, here's how to get in touch with them.

Talk to our Bereavement team

0345 266 1209

Talk to us in branch


Find your local branch

 

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