Help!! Do child "savings" affect JSA?

Dunroamin

Sky_ wrote: »

I read it as the grandparents still owning the bonds but using the children's names/identities to increase the amount they (the grandparents) have, over and above the amount actually allowed per person.

If that is the case (I hope I've misunderstood), then it is a very sticky situation indeed!

If the bonds are in the children's names then the grandparents don't actually own them.

shop-to-drop

Don't think you need to worry for JSA though as since your husband has worked for 15 years he will qualify for non means tested/contribution based JSA for 6 months. If he finds himself out of work for longer than 6 months you may start having problems but if you work he probably wouldn't qualify anyway.

Dunroamin

silvercar wrote: »

I read the OP as child of the parents ie the husband's name has been used to put the grandparents excess premium bond stash.

Happy to be corrected, OP needs to clarify.

I read it the other way but, on rereading, I think you're right.

bestpud

cattie wrote: »

It won't matter who made the deposit, if any child has over £3k in a savings or similar account, it is taken into consideration & counts towards any parents savings limit if they claim a means tested benefit.

I used to think that too but it's not the case.

If people can prove the money was deposited for the children then it is theirs and it can't be used.

There has been threads about it in the past.

Dijor

Thanks everyone for your comments. These are indeed bonds invested by my children's grandparents in my children's names as the grandparents have reached their limit (and no - they don't claim any benefits as they are very elderly....). They do not receive any benefit from holding the bonds (apart from being slipped the odd £20 here and there) obviously. I guess if my husband is isn't receipt of contribution based JSA for six months it gives us time to close the ?national Savings accounts.

xylophone

These are indeed bonds invested by my children's grandparents in my children's names

Then the children are the beneficial owners and have a right to any prize money? http://www.nsandi.com/savings-premium-bonds?tabid=c#buyingforchild

SkyeKnight

Dijor wrote: »

Thanks everyone for your comments. These are indeed bonds invested by my children's grandparents in my children's names as the grandparents have reached their limit (and no - they don't claim any benefits as they are very elderly....). They do not receive any benefit from holding the bonds (apart from being slipped the odd £20 here and there) obviously. I guess if my husband is isn't receipt of contribution based JSA for six months it gives us time to close the ?national Savings accounts.

You probably can't just "close the accounts" and give the money away - that would be "deprivation of capital" - wouldn't it?