A parent asks about a plan involving UK Premium Bonds. The grandparents, who are in their 70s, want to open Premium Bonds accounts for their grandchildren and invest £50,000 for each child. The proposal includes keeping the bonds in the grandparents’ name or managing them during the children’s childhood, then banking any winnings and giving the money to the children when they reach age 18.
The query focuses on whether grandparents are allowed to purchase Premium Bonds on behalf of grandchildren, and what practical and legal steps are needed for the winnings and account ownership until adulthood. It also raises questions about how the prize money would be handled, and whether the arrangement affects the timing and method of transferring the funds to the children.
The articles present the scenario as a reader’s question about eligibility and administration of Premium Bonds in a family arrangement, rather than reporting a confirmed outcome.
