Premium Bonds

chellshoc

hi, another question we have £250 of premium bonds that i got for my daughter when she was born 6yrs ago, they are in my name for her am i allowed to keep them or do i have to cash them in? thanks for your time and answers

adecor

It's up to you. You can either cash them in or keep them until you want to let your daughter decide what she want to do.

Addicted2Chocolate

Do you have any paperwork from National Savings showing that you are trustee only for the bonds, on behalf of your daughter? If not, and the actual certificates show you are the bond holder, they will def be realised as an asset in the bankruptcy.
BTW, i am not aware if premium bonds can be held by an adult for a child. Arent they a form of gamblng, so i would not have thought that would have been allowed. i dont know for sure.
If you have no paperwork to support they are your daughters, but you tell the OR it was your intention they be hers, I think OR would not accept this and would realise them.

Addicted2Chocolate

sorry just googled and found this:
Investing for a child

If you are a parent or guardian buying Premium Bonds for your child under 16, you'll need to give the child's details and your details on the application form. If you're the child's grandparent or great grandparent, you'll need to give the child's details, the parent's or guardian's and your own.
The parent or guardian will be responsible for the Bonds and will receive notification of the purchase. The Bond certificates will be sent to the purchaser to confirm their purchase. Any prizes will be sent to the parent or guardian.
Please note that Bonds cannot be bought for children under 16 years on-line, over the phone or by monthly standing order. If you would like to apply by post click here for an application form.
Back to top

so if you have paperwork showing they were registered for your daughter you will be fine.

chellshoc

thanks think safest will be to cash them in and put money in to her savings account, bye the way they cannot touch this can they????????

fiveyearplan

Is her savings account in her name only? If not, I'd open a new one for her. My children were about 5 and 6 years old when they opened their own bank accounts and I have never been a signatory on either of them.

A2C - I don't have any premium bonds myself but how would the OR know if someone didn't declare them?

tigerfeet2006

Chellshoc if they are in your name and not as a guardian then the OR will not be happy if youare appearing to dispose of assets. If you are down as a guardian then you will have no problems.

fiveyearplan

There shouldn't be a problem if you needed them for BR fees though.