Can we tell our child's benefactors which account to put cash in?

digital

nikki299 wrote: »

Can you not just cash in the premium bonds and pay the money into the isa yourself?? No hurt feelings or awkwardness that way, and i can't see how they would ever know.

Whether they found out or not, that would be deceitful.

The grandparents have chosen how they want to give and that should be respected. A quiet conversation may change that, but it's their choice.

JayD

I am afraid that this depends entirely on your relationship with your inlaws. If you are a very close knit family, who spend a large amount of time talking with these grandparents and are open about things with each other about semi-personal matters, then of course you can make that request.

However, if your relationship with these inlaws is not so close then I would advise you to let them continue to do their own thing and be grateful that they care enough to be investing in your child's future - even if it is not as efficient a way of doing so as you would like.

In short, don't risk offending these considerate and caring people for the sake a few pounds in interest. Don't taint what, to them, is a loving generous and thoughtful gift because you know a better way of giving it.

Teacher2

Can you tell your in-laws what to do with their money? You can try...

Possibly best not to ruffle their feathers as they might desist from giving anything at all.

It might be a small consolation to think that with interest rates as pitiful as they are at the moment your child isn't losing much anyway.

Lawlesswasp

MSE Joanne
I noticed your posting purely by chance after opening my MSE regular email newsletter and stumbling across your posting.

So I incensed was I that I had to sign up and join the forum so I could reply!
Pardon me for saying this but I have never ever witnessed a more selfish self centred question before.

Your child's kind hearted generous Grandparents have chosen to give a generous gift to your child and all you can think of is getting the best return!!

What about the feelings of these nice Grandparents and as others have mentioned they may indeed take great pleasure in watching to see each week if the bonds have provided a win!


You chose to come onto a forum! To ask everyone what you should do, again as others suggest "Grow up" and speak to her Grandparents adult to adult although I know what I would do if you were to approach me!

Sorry but you seem like a fine example of what is wrong with our society today... Greed & Selfishness!

This is indeed a Moneysaving website, and we are all here to save money, but feelings matter far more than the odd few saved £'s

Arthog

My Aunt had 2 Premium Bonds and won a considerable sum with them both!

vickydj

My son has never had any presents from his grandparents and he is now 24! Don't be so ungrateful!

Fruit_and_Nut_Case

MSE_Joanne wrote: »

Can we tell our child's benefactors which account to put cash in?

We have a small child and we opened an ISA for her which has a decent savings rate. However, every Xmas and birthday her paternal grandparents invest money in her name into premium bonds, which have a much lower chance of a return than we can get with the ISA. We would prefer they pay the money into the account we set up as we feel it's our duty as her parents to get her the best return on her money while she is young. Is it right for us to request the money they give is paid into the ISA?

I saw the title and had to reply, even if only to agree with the others. You can, naturally, tell the grandparents anything you like. That's not necessarily the best course of action to foster a smooth-running relationship.

Then I saw the actual post where the word request is used. Much better, although the expression Don't look a gift horse in the mouth comes to mind. Personally I'd leave well alone.

Engleburt

I think it is kind of you look out for what is best for your daughter, and to want to ensure your in-laws are getting the best return, however I do think you risk offending them if you talk to them about it.

winston_1

Why an ISA for goodness sake? Children rarely earn enough interest to pay tax so the tax free status of an ISA is irrelavent. Much better to look into children's accounts and do sign the form to not pay tax.

JimmyTheWig

Are you planning on having any more children?

If so, how would everyone feel if one child won a fortune on the premium bonds and the other child(ren) didn't?
Maybe that would be a good way to approach the subject with the grandparents.

As to what you do depends greatly on your relationship with the grandparents and their attitudes.

It's a gift. So it's up to them.
If they wanted to buy her £100 of lottery tickets they could.
If they wanted to buy her nothing they could.
But if they've got £100 and want to do what's best for their granddaughter then why not point out that the ISA would be better?