Anyone aged 16 or over can now invest in Premium Bonds on behalf of children under the age of 16, meaning these gifts are no longer restricted to parents and grandparents.
Premium Bonds can be bought as gifts online at www.nsandi.com/gift or by post and the purchaser will need to nominate one of the child’s parents or guardians to look after the Bonds until the child turns 16 years old. The nominated parent or guardian will then be sent the Bond record, any prizes won and any payment for cashed-in Bonds. If the customer has chosen to have prizes reinvested for a child then prizes will be paid to the child’s Premium Bonds account.
This latest improvement to Premium Bonds follows the reduction of the minimum investment to £25 and NS&I being one of the first adopters in the banking sector in the UK to use voice applications as customers can now use their voice, through Alexa, to see if they have won any prizes in the Premium Bonds monthly draw. Since allowing grandparents the ability to gift online last August, over 43,000 have bought Premium Bonds on the internet as a gift.