The funds in the joint account will usually be passed to the surviving account holder but you will need to inform us so that we can update our records.
You'll be asked if you would like to close the account. The type of account that is held will affect the outcome:
- Access Account - this can be closed at any time
- Notice Account - this can be closed if full notice is provided
- Fixed Rate Bond - you cannot close the account until the end of the term. The Account will remain in the name of the remaining account holder
For us to complete the process, we'll need to see a copy of the death certificate. You'll receive a death certificate after registering the death. The government has a website that can help: www.gov.uk/register-a-death
If inheritance tax is to be paid, it will be due six months after the death. If an inheritance is left to your civil partner or spouse, inheritance tax won't be charged. However, if inheritance tax is owed, HMRC will ask about joint accounts on the inheritance tax return.
This will need to be submitted as part of an application for probate. The government's website is a good starting point: www.gov.uk/applying-for-probate