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

Mojisola

Fujiko wrote: »

Just what I was thinking! The bonds will be in the grandparents' names who will receive any winnings and presumably pass on the money to the child.

No, they won't.

Mojisola wrote: »

You’ll need to nominate a parent or legal guardian to look after the Bonds until the child is 16. We’ll send the nominated parent the Bond record, any prizes won and any payment for cashed in Bonds.

When you’re buying for your (great) grandchild, we’ll send you an acknowledgement of your investment. But only the nominated parent will be able to manage and cash in the Bonds. [/I]

...........................

acidcat

If the present wasn't premium bonds - this wouldn't even be an issue. You wouldn't think of selling a normal gift for the child.

This is a well meaning present - just accept gracefully and keep funding the JISA with your own money. You can teach the child what premium bonds and JISAs are and they can act appropriately when they are 16.

flossy_splodge

Interesting thread.
I have a similar problem in that I have a new and so far only grandchild and would like to start putting something to one side for her but am absolutely adamant I will choose the where and what and I know if there is any chance at all my SIL will change whatever I set up as he has to know better on everything.:mad:
So I'm looking for a sensible place to put some money where he will not be able to interfere and definitely will not be able to change my choices.
Why am I so adamant? He's made a number of absolutely *carp* decisions financially about his (and my DD's) own life but won't listen to other people's thoughts.!!:eek:

Eco_Miser

Lawlesswasp wrote: »

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

You are addressing your vitriol to a member of the site's staff, who as part of her job posts MONEY MORAL DILEMMAs in the weekly email and here. These MONEY MORAL DILEMMAs are designed to be controversial, and designed for you to read in the weekly email, and respond to. Congratulations! You've done exactly what Martin wants you to do.

duchy

It might be the grandparents are fully aware that PBs are "a gamble" and have deliberately chosen to do so as they are aware the parents are already doing the sensible thing and there will be safe savings and this is an extra so they feel it can be a more lighthearted investment.

chocky

Why don't you just gratefully accept the generosity of your child's grandparents in buying PBs and suggest that any winnings be invested in a JISA? Surely, everyone would be happy with that?

laidbackgjr

A slightly different take on it, our child's grandparents were delighted when we said what savings / investment plans we had made and how if they wished to contribute they could. Main reason being that for their other grandchildren they had made all the saving / investment decisions and found the responsibility and decision making quite stressful.

commandomum

I think you should leave the premium bonds where they are. They are protected and should your daughter decide to cash them in at a later date they won't have lost any money and there is always the chance of a win which is always tax free. Check the premium bond calculator which will tell you what the potential winnings could be and compare that to the amount that is earned in the ISA.

You shouldn't put all your eggs in one basket and should be very appreciative of the fact that your in-laws want to save some money for your daughter. If you feel that strongly about it, put extra money in the ISA yourself equivalent to the value of the amount of the premium bonds.

scottiemac

This E-mail is so wrong on so many levels and I think you should heed the advice given by many, be grateful for what your daughter gets.
This must the worst statement I have ever seen especially regarding a Christmas gift,
"as we feel it's our duty as her parents to get her the best return on her money while she is young".

Lawlesswasp

Eco_Miser wrote: »

You are addressing your vitriol to a member of the site's staff, who as part of her job posts MONEY MORAL DILEMMAs in the weekly email and here. These MONEY MORAL DILEMMAs are designed to be controversial, and designed for you to read in the weekly email, and respond to. Congratulations! You've done exactly what Martin wants you to do.

Its pleasure if thats indeed true then I'm really pleased I have in some way been able to repay Martin for all of his excellent advise over the years.
I do think maybe he could just be sending out a very negative message with this kind of selfish self centred theme, and a "moderator" too but theres no accounting for morals is there!

If it wasnt for Martin though I may not have been successful in my claim for a miss sold endowment
Thanks for making me aware of this.. You've made my Christmas
Anyhow I need to sign off now as I'm just about to jet off abroad for the holidays so no internet access for ages
Happy Christmas to all