Has anyone tried to buy premium bonds for grandchildren?

I opened Halifax accounts for each of my 4 grandchildren when they were born. I needed their birth certificates to do it. My name and theirs is on the accounts. My brother usually sends them a cheque for birthday and Christmas and they are all added to the accounts along with whatever I can contribute.

The accounts are still in my possession but I’ve given their parents the details. I was told the children could operate the accounts when they are able to sign their name. But I don’t intend to hand them over till they are finished school. If I pop my clogs before then it’s up to their parents.

Doodledog

I considered getting Premium Bonds for my children when they were young, with a view to paying in birthday money and so on.

I didn't in the end, as small though the chance may be, there is a possibility of one of them winning, and I din't like the idea of having one millionaire child and one pauper?. In the end, I opened a TESSA, or something like that which was available at the time. I made sure that equal amounts went in for both children, and split the money when the first went to University, leaving the balance for the other to get when her turn came.

Sorry I missed your reply and I've said pretty much the same thing about one millionaire and the others left out.

I have premium bonds in my name for GC, I have six and I'd hate one to win a million and the others get nothing. I realise it isn't likely that they will win big but if it did happen I'd be able to share it out.

Mamardoit

I have a slight concern over PB. I wouldn't want just one DGC to win a large amount of money and the others to get just the odd £25. Can winnings be split between brothers and sisters?

No, which is what i was getting at in my post three up from yours ?.

The point of PB is that they are in the name of the child for tax purposes (hence the issues with adults opening them), so the money, and any winnings belongs to the named child. As I said, the thought of having one millionaire and one pauper under the same roof was enough to put me off getting them for children.

At least with PB’s you have a chance of making something out of them. We have just closed a junior savings account that we had been paying into for GS for some years because as soon as it went over £5,000 the interest rate dropped from 2% (when it was opened it was 5%!) to 0.01%. The money will go into something hopefully more productive that we can continue to invest in.

I have a slight concern over PB. I wouldn't want just one DGC to win a large amount of money and the others to get just the odd £25. Can winnings be split between brothers and sisters?

We buy and top up the Grandchildrens Premium Bonds online and without any difficulty.

Yes GrannyRose15 and it was a right pain in the wotsit, I had both birth certificates scanned in, the shortened one was rejected. So I had the forms sent to my daughter, as the parent, they got to her too late for her to return them in the timeframe (Covid post slow). The monies I was paying ping ponged in and out of my account. When I rang to inquire about status they wouldn’t speak to me as I’m not the parent, my daughter works f/t, easier for me to call. I’d just thought with interest rates so low they might win a prize with 2k each in bonds. I’ve given up now, I understand they’re cautious because of money laundering. I’m awaiting DD opening a savings account for the youngest and I’ll pay into both their accounts instead.

I considered getting Premium Bonds for my children when they were young, with a view to paying in birthday money and so on.

I didn't in the end, as small though the chance may be, there is a possibility of one of them winning, and I din't like the idea of having one millionaire child and one pauper?. In the end, I opened a TESSA, or something like that which was available at the time. I made sure that equal amounts went in for both children, and split the money when the first went to University, leaving the balance for the other to get when her turn came.

GrannyRose15, I bought Premium Bonds for all 3 of my grandchildren. I top them up-online birthdays, christmas etc without much problem, you even get the option of a postal/e-gift receipt although the parent does get notification regarding the gift and the option to 'vet' it
I also opted to have any winnings they may receive to be automatically re-invested
Hope this helps

I tried to open a savings account in my DGD's name and was told I needed her birth certificate and parents' permission.
Instead, we just put money by in a savings account in our name.

When our granddaughter was born, we opened a savings account for her and put regular amounts in. It was opened in my name as trustee of our granddaughter. So it was 'Mrs K Bloggs as trustee of Miss P Bloggs. She was not allowed access to it until she was 18. Her parents had no access to it at all. It helped her get through university.

Then why not opening a savings account under your name?

You can always make the deposits you want and still give the money to the gc when ready

I set up accounts in my name and my GCs names with NatWest, when they were first born, not exactly sure how they will access them later, but until then I can pay money into the accounts and if they are sent cheques they can pay the money in with their paying in books.
I might have specified an age that they can access the money when I set the account up, not sure, but I’m not able to get to the money, just pay more in.

I would be interested in this too.