If you are named as an Executor of the Will, then when that person dies it will be your duty to administer the Estate. You have probably already checked Government guidance or Settld’s guidance on whether probate is required.
But are you aware that each Financial Services firm will have a different minimum value for which they will ask you to apply for probate before they will release funds?

Settld has provided a comprehensive list of the probate thresholds for the largest financial services firms below.

Company Probate threshold
abrdn £36,000
Access bank £50,000
Aegon Always required
AIB £25,000
Aldermore £20,000
Alliance Trust Savings £25,000
Atom Bank £5,000
Aviva £100,000
AXA £10,000
Bank of Ireland £35,000
Bank of Scotland £25,000
Barclays £50,000
Barnett Waddingham £5,000
Best Invest Always required
BG Group £20,000
Birmingham Midshires £50,000
BP PLC Shareholding £30,000
Britannia £50,000
Canada Life Limited $10,000
Cater Allen £50,000
Charter Savings Bank £25,000
Chase Bank £25,000
Cheltenham & Gloucester £25,000
Close Brothers £5,000
Clydesdale Bank £35,000
Columbia Threadneedle Always required
Computershare £20,000
Coop Bank £50,000
Cynergy Bank £20,000
EQi £10,000
Equiniti Shares £20,000
Fidelity £25,000
First Direct £20,000
Ford Money £15,000
Friends Life £50,000
Halifax £50,000
Hargreaves Lansdown £50,000
HSBC £10,000
ICICI £5,000
Interactive Investor £15,000
International Airlines Group £20,000
Company Probate threshold
Invesco £5,000
Investec £20,000
JP Morgan Asset Management £25,000
Legal and General Investment £25,000
Link Asset Services £20,000
Lloyds TSB £50,000
M&G PLC £36,000
M&S Money £15,000
Metro Bank £25,000
Moneybox £20,000
Moneyfarm £0
Monzo £5,000
Nationwide £50,000
Natwest £25,000
NS&I (Premium Bonds) £5,000
Nutmeg £5,000
One Family £5,000
Paragon Bank £20,000
Phoenix Life £25,000
Post Office £30,000
Prudential £20,000
Royal Bank of Scotland £25,000
Royal London £36,000
Saga plc £20,000
Sainsbury’s Bank £20,000
Santander £50,000
Scottish Life Assurance Company £36,000
Scottish Widows £150,000
Share Centre £15,000
Shawbrook Bank £50,000
Skipton Building Society £30,000
Smile Bank £50,000
SSE shares £30,000
Starling Bank £10,000
Teacher’s Pension £5,000
Tesco Bank £50,000
Triodos Bank £25,000
United Trust Bank £30,000
Virgin Money £35,000
Woolwich £15,000
Yorkshire Building Society £30,000

How do I know if my bank will require probate?

In many cases just one or two bank accounts or savings products will lead to the Executor being asked to apply for Grant of Probate in order to close and transfer the value of an Estate to the beneficiaries of the Will.

Account limits can vary widely but are usually between £5,000 and £50,000. We have created a list below with the probate limits for the largest Financial Services Firms for you to work out as soon as possible whether you will require probate.

How do I notify firms about a death?

Once of the first things that many Executors will do is to contact Banks to let them know that the account holder has died. Many Banks require an original or certified copy of a death certificate to proceed with freezing an account. You can order additional copies of a Death Certificate any time for £11 per copy via the General Register Office online here.

What documents will the bank always require?

Once the Bank has processed a death notification the account is frozen and any payments in out will be suspended immediately. You should receive written confirmation of the value of any account at the date of death shortly thereafter. The Bank will also provide you with a Closure Form detailing whether you will need to apply for probate before transferring the account to Beneficiaries in the Will. If you need to apply for Probate Banks will always require the following documents:
  • Proof of identification;
  • The Closure Form;
  • Original or certified copy of the Death Certificate; and,
  • Grant of probate or Grant of letters of administration if there is no will

Will I need multiple copies of the death certificate?

Yes. You should consider ordering multiple copies of the death certificate as some organisations request certified copies as proof of death in order to freeze an account.

They cost £11 each but if you use Settld, we can save you money as we notify electronically. Sign up here.

What are the current limits for Grant of Probate for Financial Services Firms?

This article was last updated in August 2023. Please note limits do change and some Banks will have different limits in certain circumstances. if you are unsure whether you need to apply for probate proceeding with the probate application please check with the Bank directly

Can I apply for Probate by myself?

Yes, you can. Applying for probate is relatively straightforward when the estate is simple and the terms of the will are clear. The forms are available online and to download. The cost for submitting an application is £273. Make sure you remember to apply for additional sealed copies of the Grant of Representation at £1.50 per item.

If you are thinking about applying for probate yourself use Settld’s award winning service for fast-track preparation of the Probate application. Distribute the estate to beneficiaries faster and avoid hours of admin.

When should I get help?

If the estate is complicated then legal advice might be helpful. It’s worth seeking help if any of the following apply:

  • The terms of the will are unclear
  • Some/all of the beneficiaries are under 18 years of age
  • There are funds held in a trust
  • There is property abroad
  • The person who died owned a business
  • Anyone is likely to dispute the will
  • If there is an unreasonable delay in dealing with the estate or executors appear to have misused their legal powers

Legal fees for this help can be paid from the estate.

Settld can help you navigate through your options. As part of our probate preparation service we offer a free no obligation call from an approved probate specialist.

Have a look at our FAQs section for more guidance.

What is the Process?

The process of gaining a grant of probate involves:

  • Valuing the estate including properties, bank, savings, credit cards, loans and investments, service accounts such as utilities etc.
  • Telling HMRC how much the estate is worth
  • Completing the probate forms (online or by post) and paying the Probate Fee of £273* unless the estate is worth less than £5,000 in which case it’s free. At the same time you must:
  • Complete Inheritance Tax forms and paying any tax due
  • Administering the estate (after the Probate Application is complete)
    • Place an Advert in The Gazette
    • Gathering in the assets or their value
    • Distributing inheritances to the beneficiaries

Or save time and money using Settld to close all accounts and prepare you for probate. Click here for more details.

*The fee for applying for probate yourself is £273 in England and Wales. It’s free if the estate is worth less than £5,000. (In Northern Ireland it costs £261). In Scotland Grant of Confirmation for Estates valued above £50,000 up to £250,000 is £276 (above that it’s £554).

Extra copies of the Probate Grant will cost £1.50.

Further Reading:

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