What to do when someone with a Moneybox account dies

Dealing with financial matters can feel difficult and overwhelming when someone passes away, so at Moneybox we want to support you as best we can by making the process of closing an account as easy as possible. You can find an overview of what to expect below.

Letting us know

If someone you know has recently passed away and holds a Moneybox account, the best way to inform us is to complete our Bereavement Form (please note this form will be acceptable for all products excluding the Personal Pension – for more information, please see below). This will allow you to provide all the relevant information required to proceed with closing an account. Once received, a member of our specialist team will be in touch to support you through the next steps.

What happens next?

Once we’ve heard from the beneficiary, we will freeze the Moneybox account to prevent any further payments and withdrawals and provide a valuation of the account. Following this, we will send the funds to the beneficiary’s bank account, and provide them with the final Moneybox closing statements, which will finalise the process. Before we are able to begin selling down of the funds, we will require some additional documentation from the beneficiary, this is outlined below. 

It’s worth noting that, for investment accounts, the customer’s funds will still be subject to market fluctuations and account fees until their investments have been sold down. We will aim to provide you with an estimated timeframe of when you should receive the funds.

What documents will we need?

To close the account, alongside the Bereavement Form, we require the following from the beneficiary:

• Certified death certificate. 
• Certified copy of the beneficiary’s valid ID. We can accept a PDF, photo or scan of a Passport, Driving Licence, National Identity card or Residence Permit. 
• Beneficiary’s bank statement. We can accept a copy of a PDF, photo or scan of a bank statement for the account they wish the funds to be sent to. *Documents should be dated within the last three months.
• Copy of a will, grant of representation (probate/grant of letters of administration) if applicable. *Account values over £20,000 will require grant of representation.

You can find more information on applying for probate on the Government website here, and more information on certifying documents here.

* Please note this list is not exhaustive and we may require additional documentation in some instances. The timeframe of the funds settling is subject to variation, depending on the products held by the late customer. 

Pension accounts

Things may look a little different for someone who held a Pension with us. Due to the nature of the Personal Pension product we may require additional information and documentation regarding nominated beneficiaries. If you are aware that the late account holder held a Pension account with us please see our Pensions Bereavement Form.

Sending us documents

We are happy to accept documents either via email or post – whichever is easier for you.

Postal address:         

Customer Operations

Moneybox 1-2 Hatfields 

London

SE1 9PG. 

Email address: bereavements@moneyboxapp.com

If you require further guidance, have questions or would like an update on an ongoing case, please email us at bereavements@moneyboxapp.com and we’ll do our best to assist you.