I've seen adverts telling me that grandparents can now open premium bond accounts for grandchildren. It appears this is actually not true.
When I tried to do it for each of my three grandchildren I discovered that the parents were still asked to provide identification documents for both themselves and the child. Fair enough you might say. But then I discovered that after the initial payment that opened the account there was no way a grandparent can then top it up without going through the parents. I had hoped that I could make regular payments so that my grandchildren would have a little nest egg when they are older.
I know it's an awful thing to say, but I am reluctant to pay over regular amounts to my own children because I fear it will not actually be used to buy the premium bonds. Not because my children are dishonest but because they are very busy people and rather lackadaisical.
Has anyone else had this problem?
How do other gransnetters give gifts of money to their grandchildren? Is there a way of making regular savings on their behalf?
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