NS&I accounts following death

tigerspill

Hi, 
This probably inst the correct place to ask this, but I know there are many knowledgable people on here.
If someone passes away and has an income paying product and Premium Bonds with NS&I, and this income/winnings are paid into a bank account which has been locked due to death - what happens to those winnings and income? 
Thanks 

Marcon

tigerspill said:

Hi, 
This probably inst the correct place to ask this, but I know there are many knowledgable people on here.
If someone passes away and has an income paying product and Premium Bonds with NS&I, and this income/winnings are paid into a bank account which has been locked due to death - what happens to those winnings and income? 
Thanks 

Probably better on https://forums.moneysavingexpert.com/categories/deaths-funerals-probate and I've asked for it to be moved there. In the meantime, this might make helpful reading:

https://www.nsandi.com/help/manage-money-for-others/customers-who-have-died

flossymcfly

They are sent by cheque once the account is settled and all documentation has been received and signed off by NS&I. We had a similar situation in the family a few months ago and this was what happened.

lisyloo

Each organisation has limits on what they will release without probate. 

For NSI is low at £5k AFAIK
some banks are £50k across their group e.g. nat west, bank of Scotland were the same group.

if below theses limits its forms and Id.
if above the limits then probate will be required to release funds

jem16

lisyloo said:

some banks are £50k across their group e.g. nat west, bank of Scotland were the same group.

NatWest is the same group with the Royal Bank of Scotland. The Bank of Scotland is part of the Lloyd’s banking group with the Halifax. 

sheramber

tigerspill said:

Hi, 
This probably inst the correct place to ask this, but I know there are many knowledgable people on here.
If someone passes away and has an income paying product and Premium Bonds with NS&I, and this income/winnings are paid into a bank account which has been locked due to death - what happens to those winnings and income? 
Thanks 

The income paying sources and Premium Bonds should be notified of the death and any subsequent payouts will be sent to the executor.