What to do when an account holder dies

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 must be provided.

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 account(s) exceeds £25,000 (including accrued interest).

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.

ISAs

Any ISA held will be designated a ‘continuing account of a deceased investor’.

An account will remain a continuing account of a deceased investor until the earlier of:

• the completion of the administration of the deceased’s estate
• the closure of the account
• the third anniversary of the death of the ISA holder.

Bonds

These can be left until maturity, or alternatively, closed immediately without incurring any early closure charges.

Joint accounts

We will amend the 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.

Upon receipt of the necessary documentation, we aim to close the account(s) within five working days.