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What happens to NS&I Certificates on death?

Saving | National Savings Helpful? 17

Asked by retro, submitted 06 March 2011.

Open Quote How does NS&I handle indexed linked savings certificates on death? Do they continue to gain interest on a monthly(?) basis as in life, or does the interest cease accruing at the point of death? Also, can the executor choose to leave them accruing interest until the 3 or 5 year anniversary, thus maximising the return, or is he obligated to cash them in asap? Finally can they be transferred to a spouse at death and allowed to continue?End Quote

Answered by Justin on 08 March 2011

Where NS&I Index-Linked Certificates are held in joint names, they will pass to the survivor and continue to run until maturity.

Otherwise, they must either be encashed or transferred to a beneficiary (hence they can continue to run until maturity) on the death of the owner. If the encashment option is chosen the interest should continue to be paid up until the point the certificates are actually encashed and the money transferred into the deceased's estate - note interest is normally only calculated on each anniversary, but is calculated to the last complete month using the relevant RPI figure when enchasing.

NS&I has a guide to handling their savings products on death along with a claim form on its website here.


Please note this answer does not constitute a recommendation or financial advice and should not be relied upon when making specific investment or other financial decisions. You should always undertake your own research into whether a product or service is appropriate for your needs and, if necessary, use a qualified professional adviser.

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