Fixed Rate

[henry1938]

my pal is about 76 yrs old
he has a few fixed rate accounts ending in about 4 years time
he has no will made
wha.t would happen to savings
if he died before .hand
any answers would be nice
ta

[bhg481]

Term savings normally say what will happen in case of early termination, including death, in their terms & conditions.
Any money returned will be distributed according to th rules of intestacy.

[Peter Pedant]

agree bhg
all my fixed rate bonds specified what happened in the event of my death
basically the estate gets the capital sum and some interest

and this would go to those granted letters of administration to distribute to the inheritors as defined in current law ( intestacy rules )

simples

[dzug2]

Many fixed rate savings allow for termination on death with reduced or no penalty

Some would allow the administrator to continue to hold them to maturity