When we have formal confirmation of your loss we will confirm details of the savings and investments held in the account(s) (holdings) and your available options. Once we have received the necessary paperwork and completed any identity verification checks we will be able to close the account(s).
Unit trust non-ISA (joint holding)
We will transfer the joint unit trust holding(s) to the surviving account holder(s). If a third party requests a value of the holding(s) as at the date of death, we will require the surviving account holder(s) permission.
Unit trust non-ISA (options)
- Transfer the units to a unit trust non-ISA in the name of one or more beneficiaries
- Sell the units and reinvest the proceeds into an ISA using a personal ISA allowance
- Sell the units and have the proceeds paid to the executor(s), beneficiary/beneficiaries or a solicitor
Unit trust stocks and shares ISA (options)
Transfer the units to a unit trust non-ISA in the name of one or more beneficiaries. Sell the units and reinvest the proceeds into an ISA using:
- An Additional Permitted Subscription (APS) allowance
- A personal ISA allowance (The ISA itself cannot be transferred to another person's name.)
- Sell the units and have the proceeds paid to the executor(s), beneficiary/beneficiaries or a solicitor
Cash ISAs and Fixed Rate Savings
- Close the account(s) and reinvest the proceeds into an ISA using:
An Additional Permitted Subscription (APS) allowance
A personal ISA allowance (The ISA itself cannot be transferred to another person’s name.)
- Close the account(s) and have the proceeds paid to the executor(s), beneficiary/beneficiaries or a solicitor
Interest will accrue daily and be credited to the account annually.
If the Fixed Rate Savings option remains open on the maturity date, the funds will roll into another Fixed Rate Savings option for the same term. For a Fixed Rate Savings Cash ISA option, the funds will roll into a variable rate ISA. The early withdrawal charge will be waived when the Fixed Rate Savings option is closed.
Additional permitted subscription (APS)
From 6 April 2015 the surviving spouse/civil partner of an ISA account holder can claim an additional allowance, equal to the accumulated value of the ISA at the date of death. This is known as an 'Additional Permitted Subscription' (APS) and is only available to a spouse/civil partner of an ISA account holder who died on or after 3 December 2014. The APS allowance will not affect the spouse/civil partner's annual ISA allowance. The spouse/civil partner can transfer the APS allowance to another provider, but only once.
Before we can provide the spouse/civil partner with a calculation of the APS allowance, the death must be registered.
Everyday Savings Account
When we have formal confirmation of your loss we will freeze the account(s) and no withdrawals will be permitted. Once we have received the necessary documentation and completed any identity verification checks we can release the funds held within the M&S Bank savings product(s).
Interest will continue to accrue until the funds are released.
Interest payments
From 6 April 2016 interest will be paid gross on savings accounts; this means we will no longer automatically deduct 20% tax. As tax may still be owed, please contact HMRC for further information.