theworriedwell
I never buy children premium bonds since a friend had real problems. GPs bought them for both children, they won the odd £25 all good. One child suddenly won a big prize, six figures. Parents thought OK we will share it between them, GPs said no it is that child's money, you have no right to split it and we will report it if you do.
So one child has alot of money and the other child doesn't, parents and GPs have fallen out.
I know the chances of a big prize are pretty small but it did make me think.
Only a parent can buy PB's for a child and the Parent is then solely responsible for managing the childs account until they reach 16. Parent can with draw money m choose to reinvent wins in PB etc.
All GP's can do is give money to named account holder to invest for the kids.
We have EXACTLY this situatiON Two GC each have an PB account initially founded by us, set up and run by their dad, and various relatives and the kids themselves sometimes add gift money to it. . We ALL have PB accounts and announce the months winnings in family whatsapp every month, geat exceitement to the teens.
If GC#s have a small win (25) their dad matches same to the other childs account. If one kid has a larger win, he moves half to the oher account. The children are perfectly happy with this, so are we.
They are having a valuable lesson in savings, risk, and
what sharing and mutual support really means in a family . The latter has always been an important theme in our particular family ( sharing time, help, skills, tools meals, responsibility) we and our sons try to role model it for the grands; they are taking it on board.