savings account interest during probate process

stevet2607

Dad died earlier this year. Most of his estate was in Fixed Savings Bonds. All his accounts have been frozen during the probate process.
Can anyone tell me if the money in these accounts continues to earn interest until I have the Grant of Representation and withdraw or decide what to do with the money? (I am sole executor)

dzug1

Depends on the T&C of the various bonds, but it would be normal for interest to continue to accrue.

Best ask the issuer(s)

jonesMUFCforever

.........I would agree but if he was not a taxpayer interest will be taxed as from date of death.

CKhalvashi

jonesMUFCforever wrote: »

.........I would agree but if he was not a taxpayer interest will be taxed as from date of death.

This is the tax situation from ISAs, so this would be my thinking too.

CK

Biggles

stevet2607 wrote: »

Can anyone tell me if the money in these accounts continues to earn interest until I have the Grant of Representation and withdraw or decide what to do with the money?

My experience was that all my mother's accounts continued to pay interest at the full rate until either term or probate, whichever came first, with the single exception of Yorkshire Building Society, who terminated her interest forthwith on the grounds she hadn't given them the amount of notice required in their T&Cs (and, yes, it still rankles...).