Bank Probate Thresholds

If you have acted as an Executor in the past, you will be aware that some banks require a Grant of Probate or Letters of Administration before releasing funds held in the deceased’s account.

I often meet people who assume that monies will be released upon simple request. However, this is not the case. It depends on the threshold set by the specific bank or building society.

This can sometimes be confusing for Executors, as different banks and building societies have different thresholds. These can range from £5,000 to £50,000, with some assessed on a case-by-case basis.

Case-by-case conditions may depend on whether the deceased left a Will, whether the Executor is a professional or a layperson, and the type of investment held.

Angelia Research recently produced an article setting out the thresholds for over 30 major banks and building societies.

Examples include:

• Barclays – £50,000

• Bank of Scotland – Case by case (but usually around £50,000)

• Birmingham Midshires – £50,000 (but up to £175,000 if a professional Executor is instructed)

• Chase Bank – £25,000

• First Direct – £20,000 (but also case by case)

• M&S Bank – £5,000

• Post Office Savings – £30,000 (but Letters of Administration required if there is no Will)

• Starling Bank – £10,000

• Yorkshire Bank – £35,000

  
  

There are many more, but the above examples demonstrate that each bank or building society has its own unique policies.

It is important to note that each financial institution operates its own procedures, and each case may vary depending on that bank or building society’s specific requirements.

Emma Aslett

Penn Chambers Solicitors   

0207 183 4595

The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.