Savings bereavement guide

Dealing with a loved one's savings

One of the most difficult and stressful periods in anyone’s life can be the death of a loved one. Having to deal with the estate and taking care of financial affairs can add to the worry and stress at an already difficult and emotional time. We’ve put together a bereavement guide of steps to take following the loss of a loved one.

The process of dealing with a loved one's mortgage or savings account with us differs. You can find our mortgage bereavement guide here. Follow the steps below, for our savings accounts.  

Notify us

Call us or visit your local store to let us know about the death and your relationship with the deceased. We will add a notification of the death to the account and add your details as our registered contact. Once, we've seen the death certificate, we'll be able to disclose information which will help take care of their financial affairs. We don't need to see the will.

Next Steps

The next steps for the savings account will differ depending on the following circumstances:

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 a withdrawal form and provide two forms of identification.  

Balance over £500 and below £20,000

If you wish to close the account before grant of probate / letters of administration have been received, you'll need to complete a Statutory Declaration form, witnessed by either a Solicitor or a Commissioner for Oaths. There is a fee for this service, along with the fee for grant of probate/ letters of administration.

The type of Statutory Declaration form you’ll need to complete will depend on if:

• There is a will and the funds with The Cambridge do not exceed £20,000. Available here or;
• There is no will and the funds held with The Cambridge do not exceed £20,000. Available here.

Once we receive the completed Statutory Declaration, we will register the Executor(s)/ Administrator(s) named on the document onto the account(s). We'll also need a withdrawal form signed by all Executor(s) /Administrators, to close the account(s) and release funds. Two forms of identification may be required.

Balance over £20,000

Grant of probate / letters of administration are required to release funds over £20,000.

Once we've received the grant of probate / letters of administration, we will register the Executor(s)/Administrator(s) onto the account(s). We'll also need a withdrawal form signed by all Executor(s)/Administrator(s) to close the account(s) and release funds. Identification may be required, depending on who the funds are going to.

Paying urgent expenses

On receipt of the Death Certificate or Interim Death Certificate, withdrawals from a deceased person's account can be made for the following reasons:

• 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 (HMRC) document Schedule IHT423, must be provided together with a signed withdrawal form. We're currently sending, electronically, all these payments directly to HMRC.
• Probate Fees - 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 Courts & Tribunals Service’ or a Solicitor.

A Death Certificate Verification Form can be accepted when received directly from 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. This is equal to the balance held in the deceased person's ISA at the time of death, date of 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, however we are able to withdraw a cheque for the balance to another ISA provider. For more information, please can 0345 601 3344. 

Contact us

We are on hand to help you with any queries or worries you may have. Just call the team on 0345 601 3344 or pop into your local store and you'll find a team member who can help.