Ns and I question

himalshelat

I plan on investing in the ns and I childrens bond.
What happens at maturity? My child will be 11. Can I move the money back to my bank account or does it have to stay in some account in his name?
Also what happens if he was 16? I need his permission/signature?

xylophone

http://www.nsandi.com/changes-childrensbonds

http://www.nsandi.com/files/asset/pdf/cash-in-childrens-bonus-bonds-before.pdf repayment is made to the bondholder ( the child).

himalshelat

Thanks for the reply
My question is after 5 years can I move the money to my bank account?
I got a reply from NS and I but that wasnt clear so I have asked them again.
My child has no account. will I be required to open some account in his name to get the money out?

himalshelat

NS and I have confirmed that I.can move the money to my account as long as my child is less than 16.
Or I can reinvest.
Anyone knows if I reinvest in childrens bond if I have already invested the max for that particular issue? probably not.

Notfarfromtheborder

If your question is 'can I reinvest on maturity when he is 11', then I believe so, just leave it rolling, we got some when our son was 1 and reinvested at 6 and 11. It matures in 6 weeks again, then it will be paid to him as he is 16.

xylophone

The money in the bond belongs to the child.

Surely logic would dictate that you should open an account for him to receive monies that are properly due to him?

himalshelat

xylophone wrote: »

The money in the bond belongs to the child.

Surely logic would dictate that you should open an account for him to receive monies that are properly due to him?

The money is for him yes. But we are not UK residents and I think opening a UK account in his name will be a hassle.