Premium Bonds for children under the age of 16 can be purchased by anyone. It’s acceptable if the youngster already has some Premium Bonds; they can hold up to £50,000 worth.
If you are not the child’s parent or guardian, you must notify them before purchasing Premium Bonds, since we will contact them directly for things like giving proof of identity and address.
- Please double-check that the parent/guardian is willing to take after the child’s investment and that you have their permission to give us their information.
- We’ll verify everyone on your application’s identity and address, and we may need to request documentation to prove it.
- Please inform the parent/guardian that we may contact them to request proof of identity documentation.
We’ve put up a quick guide on how to top up a child’s funds, whether you’re a parent, grandparent, or family friend:
How do you get a child a premium bond?
Premium Bonds might be a unique gift for a child under the age of 16. Regardless of who purchased the Bonds, the parent or guardian specified on the application is responsible for them until the kid turns 16.
Until the child turns 16, we’ll email confirmation of any transactions performed, prizes earned, and payment for cashed-in Bonds to the selected parent or guardian.
Parents or legal guardians can apply online, by phone or by post. If your child currently owns Premium Bonds and you want to purchase more online or over the phone, you must first register. While we set up your registration, this could take a few days.
You have the option of applying online or by mail. You can ask us to send you an electronic or paper gift card for you to pass on to the youngster. We’ll also give you a confirmation of your purchase. The Bonds can only be managed and cashed in by the nominated parent or guardian.
- Please double-check that the parent/guardian is willing to take after the child’s investment and that you have their permission to give us their information.
- We’ll verify everyone on your application’s identity and address, and we may need to request documentation to prove it.
- Please inform the parent or guardian that we may contact them to request proof of identity documentation.
Can I buy Premium Bonds for my 16-year-old son?
Premium Bonds can be purchased by anyone who is 16 years old or older. On behalf of their kid or grandchild under the age of 16, parents, legal guardians, and (great) grandparents can invest.
No interest is paid on Premium Bonds. Instead, your Bonds will be entered into a monthly prize draw to win tax-free gifts.
Premium Bonds – the prize draw
Every month, almost two million awards are distributed to lucky Bond holders whose numbers are determined at random.
For every £1 you invest, you will receive a unique Bond number. Every month, each number has a separate and equal chance of winning a prize.
On the National Savings and Investment (NS&I) website, you may learn more, apply online, and check if you’ve won if you have Premium Bonds.
Can I purchase Premium Bonds on behalf of someone else?
To purchase them for yourself or someone else, you must be at least 16 years old.
If your child is under the age of 16, you can purchase Premium Bonds online, over the phone, or through the mail, or by transferring funds from another NS&I account in the child’s name.
Can I purchase Premium Bonds for my grandson on the internet?
Grandparents can purchase premium bonds for their grandkids just as they can for themselves.
They can purchase them online, over the phone, or by mail, but they must first register with NS&I.
Once grandparents have created an account, they will be responsible for it until their grandchild reaches the age of 16.
How many Premium Bonds may a child have?
The person in charge of the Bonds can be the parent or guardian who purchased them, or a parent or guardian recommended by the person who purchased them.
According to the NS&I brochure, a kid can have more than one nominated parent or guardian managing Premium Bonds on their behalf, with each person having their own holder’s number.
How can I purchase UK government bonds starting in 2021?
Investing may be a risky business, and how you choose to invest will be determined by your risk appetite. Government bonds are generally thought to be a safer investment than stock market or business bond investments. UK government bonds, often known as gilts, can be purchased through UK stockbrokers, fund supermarkets, or the government’s Debt Management Office. Governments sell bonds to raise money and they are often fixed interest securities meant to pay out a regular income.
Is it safe to purchase Premium Bonds over the internet?
Premium Bonds have no risk to your capital, so the money you put in is completely safe; the only risk is the ‘interest’. And because Premium Bonds are managed by NS&I, which is backed by the Treasury rather than a bank, this capital is as safe as it gets.
Can I place my Premium Bonds in the name of my son?
Anyone over the age of 16 can purchase Premium Bonds for a kid, but they must name someone to manage the bonds until the child reaches the age of 16. This is the’responsible person,’ and he or she must be a parent or guardian. The person filling out the application should inform their designated responsible person that they are purchasing Premium Bonds on behalf of a youngster. This is due to the fact that this person will be required to show proof of identification and residence for the child.
If you’ve been designated as a responsible person for your child’s Premium Bonds and have supplied proof of identification and residency, you can manage their Bonds online using your online account.
Is it possible for me to transfer my Premium Bonds to my son?
You’ll have to cash in the bonds you want to give her and send her the money so she may put them to use. “If your niece is under the age of 16, she won’t be able to buy them for herself, but you can give the money to a parent, guardian, or grandmother, who will be able to buy them for her.”