Executor Account

Why you may need an Executor Account and how to get started.

What is an Executor Account?

An Executor Account is an account set up by one or more executors of an estate to manage the financial affairs of a deceased person's estate. The account is for collecting incoming funds, such as income from investments or the sale of estate assets. It can also be used for paying any ongoing bills, debts, and expenses related to the estate.​ 

As the executor, you will be responsible for keeping detailed records of all transactions. These records are important for the final accounting and distribution of the estate's assets to the beneficiaries. It helps to keep things clear, preventing disputes.

Do I need an Executor Account?

You may need an Executor Account for several reasons:​

  • Collecting and holding funds before probate is granted. It allows you to be ready to distribute funds when the 'Grant of Probate' is completed.
  • Efficient management. It allows you to collect incoming funds (like income from investments or the sale of assets) and pay any bills, debts, and expenses related to the estate efficiently.​
  • Record keeping. It helps you keep detailed records of all transactions.​
  • Legal compliance. It ensures you comply with legal requirements for managing an estate.​

What do I need to know?

Important information

  • To name someone on the account, they must already have an account with Halifax, Lloyds or Bank of Scotland.
  • The account is for executor use. You can't use one of the deceased's accounts or add the deceased's name.
  • You can only open these accounts for conversion to an Executor Account:
    Classic account, Easy Saver or Club Lloyds Advantage Saver.
  • You will not be able to access funds in an Executor Account until the 'Grant of Probate' has been received. You may be able to access some funds before this, to pay funeral and related expenses, Inheritance Tax and the Probate fee.
  • Opening and converting a savings account to an Executor Account, could create a personal tax liability. You should check how this could affect you before choosing this option.
  • The FSCS provides 'temporary high balance protection' above £120,000. You can check how this works and if it applies to your circumstances, on their website.
How many Executors would your account need?

You can open an account for up to two executors.

Sole Executor Accounts

  • You’ll need to open a separate personal current account, which will become your Executor Account.
  • Make sure you have noted what accounts you can use. There are only certain accounts we can convert.
  • You can’t use an existing account.

After the account has been opened, it can be converted to an Executor Account, using the ‘Executor Account request’ form.

Executor Account request form

Complete in full and select ‘Submit application’.

After the account has been converted to an Executor Account, we’ll contact you by email.

We’ll send you a document upload link. When probate is granted, you can send the proof using the link.

Joint Executor Accounts

Take care to follow these directions

  • Both parties must already have their own current account with us, or open a new account first before going further.
  • As existing customers, you must now open an account together. You can't use any of the accounts you already have. This will become the new joint Executor Account. 
  • Take care to note which accounts you should open, as some can't be made into an Executor Account. You can see a list of these accounts in the 'Important information' on this page.
  • To open the joint account, both customers must be in the same room and have their banking apps open. This step helps us to prevent fraud. You can now continue to open the new account together. 
  • If you are not able to be together during the joint account opening, you could consider opening the account with one executor, with the other executor opting out. If you would like to do this, follow the one-executor process on this page.

After the joint account is opened, it can be converted to a joint Executor Account, using the ‘Executor Account request’ form.

Executor Account request form

Complete in full and select ‘Submit application’.

After the account has been converted to an Executor Account, we’ll contact you by email.

We’ll send you a document upload link. When probate is granted, you can send the proof using the link.

Probate

You may need probate to deal with a deceased person's estate, including their property, money, and possessions. This is a legal authority and only certain people can apply.

There's more information about probate on our bereavement support page.

You can also visit the government website.
Applying for probate - What is probate, GOV.UK

 

Tax

Any interest paid to an executor who is resident in the UK, will be reported to HMRC, despite you as executors not necessarily being the beneficial owner.​

​HMRC may use this information to determine tax liability and as such you are advised to review your tax code in case of any query.  

Before applying for probate, make sure you find out if you need to pay Inheritance Tax.

 

Getting started online

 

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Where can find more support?

Protecting your money

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Protecting your money

The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of the eligible money you hold with us.

More about the FSCS

Life events

By your side through life's key moments. From having a baby, buying your first home or dealing with bereavement, we're here to support you.

Life events

Life events

By your side through life's key moments. From having a baby, buying your first home or dealing with bereavement, we're here to support you.

Life events