What happens to Term Deposit accounts held in the name of someone who has passed away?
If the Term Deposit is in your loved one’s name only, the account will become part of the Estate. If funds are required for payment of a Just Debt (e.g. funeral costs or outstanding rate payments), we can release money before the Term Deposit maturity date to cover these expenses.
When finalising your loved one’s accounts, the funds from the Term Deposit can be released as part of the Estate instructions or we will also offer the Executor or Administrator, the option to reinvest these funds in a new Term Deposit opened in the name of the Estate. Suncorp Bank will match the interest rate from the previous Term Deposit account, for the remaining duration of the term. Letters of Administration or a Grant of Probate will be required to be provided prior to opening this account.
Should you choose to open this Term Deposit account the new account will be subject to the account Terms and Conditions. Should you require access to the funds held in the Term Deposit during this new term once these funds have been reinvested, we will be unable to waive the applicable Administration Fee, and a 30 day timeframe for cancellation and release of funds will apply. For further information, please contact Customer Support on 07 3135 3525 (Mon-Fri, 9am-5pm AEST).