Premium Bonds - ok as a deputy?

Freds_2

Hi,

I have finally got though a deputyship to manage my granddads finances, affairs and property.

He has approximately 40k in bank accounts.

My plan was to invest the majority of this into premium bonds; given all savings accounts have such low rates at the moment they are borderline pointless IMO.

He already had some, so at some point in his life must have thought they made a bit of sense.

The question is, will this investment be seen as ok by the courts?

In my eyes it is, but as there is a chance the 'winnings'/interest could be zero for the year is it seen as gambling rather than investing?

Thanks for any advice.

Fred

Mojisola

3% on £20,000 in Santander 123 and 4% and 5% in other accounts on lower capital amounts.

Archi_Bald

What do the terms of your deputyship say? As you you need to make regular reports to the Office of the Public Guardian, I would think asking them beforehand what is acceptable would be a good idea if you are uncertain.

Premium Bonds aren't an investment, they are a gamble. In all likelihood, you will lose money as the average win rate is below inflation. I doubt any conscious investor would put all, or even any of, their money into Premium Bonds.