1. Contact us
Get in touch as soon as you can so we can help you with their MHBS accounts.
Ways to contact us:
- Visit us in person
Call into your local MHBS branch where our friendly and helpful staff will be on hand to assist you. Please bring along the documents listed in Section 2.
- Write to us
Post the original (or certified copies) of the documents listed in Section 2 to:
Customer Support Team
Market Harborough Building Society
We will then get in touch with you.
Contact the Customer Support Team on 01858 412250.
2. What we’ll need from you
Once you’ve notified us, we will write to you to confirm the next steps you need to take, including any forms you will need to complete.
What you will need to provide
We will need sight of the original death certificate (or a certified copy).
It would be useful if you could return any passbooks held in the deceased person’s name.
Proof of identity for whoever is dealing with the estate.
If the total balances exceed £25,000 (including accrued interest) Probate will be required to close the account(s).
If the deceased person is party to a mortgage with us, this will be dealt with separately and our Mortgage Support team will contact you to confirm the next steps.
What is Probate and do I need it
The right to deal with the estate of someone who died is called ‘Probate’. If there isn’t a Will, instead of Probate you’ll need a legal document called Letters of Administration. You can apply yourself or use a solicitor. For further information please visit www.gov.uk.
The Society requires Probate or Letters of Administration if the total balances of the deceased person’s MHBS accounts exceeds £25,000 (including accrued interest).
3. What happens to the savings accounts
Sole Accounts (except ISAs)
We will freeze all sole accounts that the deceased person holds with us. However we will release funds towards the cost of the funeral or Inheritance Tax upon sight of the original invoice.
HMRC regulations state that the ISA wrapper ceases upon death of the account holder. However, as interest from date of death to account closure is classed as income of the estate, executors may be required to complete a HMRC tax return.
These can be left until maturity, or alternatively, closed immediately without incurring any early closure charges.
We will amend account details to the survivor’s name; the remaining account holder(s) can continue to use the account(s) without interruption.
If you are not sure where accounts are held
If you are not sure which banks or building societies the deceased’s accounts are held with it can be time-consuming contacting different organisations individually to find out. The website www.mylostaccount.org.uk is a useful aid to help you track down a list of the organisations that have accounts in the deceased person’s name.
4. Account closure
Upon receipt of the necessary documentation, we aim to close the account(s) within 5 working days.