The inherited ISA allowance

Setting up an Inheritance ISA

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  • You’ll need to provide us with your partner’s death certificate, or a certified copy of it. Please bring this into a Nationwide branch or send it to us at: Bereavement Services, Nationwide House, Pipers Way, Swindon, SN38 1NW.
  • We’ll register your partner’s death in our records, and then we will write to you and let you know about the ISA(s) your partner held with us and the account value(s).
  • If your partner had an ISA(s) with other providers, you must contact them to follow this process too.

How your inherited ISA allowance is worked out

Any cash ISAs, Stocks & Shares ISAs, Innovative Finance ISAs and Lifetime ISAs your partner held will count towards your inherited ISA allowance. The only one that doesn’t count is a Junior ISA.

  • If your partner died on or before April 5 2018
    Your inherited ISA allowance will be the value of your partner’s ISA(s) at the date of death.

  • If your partner died on or after April 6 2018

    At the time of applying, you can either:

    1. inherit an ISA allowance that is the value of your partner’s ISA(s) at the date of death

    OR

    2. if your partner’s ISA(s) remains open and continues to earn interest, you can inherit an ISA allowance that is the value of your partner’s ISA(s) at account closure. Your partner’s ISA(s) can remain open up to three years after the date of death.

    You will be able to use the higher of the two values as your inherited ISA allowance unless, under option 2, you start using this allowance before your partner’s ISA(s) is closed. When this happens, you will inherit an ISA allowance that is the value of your partner’s ISA(s) at date of death (the same as option 1).

You’ll need to complete our Inheritance ISA pack. You can do this online or pop into a Nationwide branch to pick one up.

This will ask you for information, including:

  • the date of your marriage or civil partnership
  • your partner’s date of birth and the date they passed away
  • your partner’s address at the time they passed away
  • yours and your partner’s National Insurance numbers
  • if this will be your first Nationwide account, you’ll also need to show us some ID, such as your passport or driving licence

Once we receive the pack, we will register your total inherited ISA allowance based on the ISAs your partner had (with Nationwide and, if relevant, with other providers).

We will be able to register your inherited ISA allowance from an ISA(s) held with Nationwide within 5 to 10 working days. If we need to contact other ISA providers, this may take up to 30 working days.

Then we’ll write to you to confirm your total inherited ISA allowance.

At this stage, you’re registering the inherited ISA allowance, not moving any money.

You can register an inherited ISA allowance:

  • with multiple providers
    (in separate accounts with separate inherited ISA allowances)
  • with a single provider
    (in one account where all of your inherited ISA allowances are combined)

You can make your first deposit:

  • By cheque (the money will be available once the cheque has cleared, which is usually within six working days of when we receive it).
  • By paying in from another Nationwide account that’s not an ISA.
  • By making a request to move money from a non-ISA account you hold with another provider. You’ll need to ask your provider how to arrange this.

After that, whenever you make deposits, you’ll need to complete an Inheritance ISA paying-in slip. You will receive paying-in slips when you open your Inheritance ISA account.

Every time we receive deposits from you, we’ll write to you to let you know how much of your inherited ISA allowance you’ve used.

If you pay in more than your inherited ISA allowance, we’ll send the excess money back to you by cheque or pay it into your existing Nationwide current or savings account (depending on the account terms and conditions).

You can choose how you make deposits into your Inheritance ISA. For example, in a lump sum, or every now and again.

You can request more Inheritance ISA paying-in slips online, by calling us on 0800 30 20 11, or by popping into a branch.

You can move your money into another Nationwide cash ISA in branch or, if you’re registered, using our Internet Bank. This can take up to 5 working days after we receive your request.

You can transfer your money into a cash ISA offered by another provider. This can take up to 15 working days after we receive your request.

You can take out the money, but this means it’ll lose its tax-free ISA status.

If you close your Inheritance ISA before you have used your inherited ISA allowance, you can register for a new Inheritance ISA.

The allowance is available for 3 years after your partner has passed away, or 180 days after the administration of the estate has been completed (whichever is the later date).

Inherited ISA allowance: FAQs

FAQs

Important documents