Buying Premium Bonds for a 16 year old

Spanishomelette

Hi,

Apologies if this has been answered elsewhere, or if it is just a daft question.
My 16 year old son has been give £250 by his Grandma to buy Premium Bonds. The form states that it must be accompanied by a cheque drawn on the applicant's bank account. My son is 16, still at school and with only his paper round income and pocket money, so obviously does not qualify for (or need) a bank account with a cheque book. I have phoned NS&I dozens of times over the last few days and keep getting the message that they are busy, would I like to call back?

Does anyone know how you buy Premium Bonds for a 16 year old, please?

Archi_Bald

Give him the cash and send/accompany him to a Post Office to apply if he hasn't got his own Youth current account yet (available at Santander, Lloyds, TSB etc)

SavingPennies_2

Might be good time for him to get a bank account! I got mine at the same age because I wanted one, even though I only had a paper round too Its good to get in the habit of handling/ saving money young.


Edit: just saw you said he didn't qualify sorry

windup

put cash in your account or grandma's account, buy them for him

it's a rubbish gamble, inflation will eat away at the 250 until it's worthless.

Archi_Bald

Spanishomelette wrote: »

My son is 16, still at school and with only his paper round income and pocket money, so obviously does not qualify for (or need) a bank account with a cheque book.

I don't think any of the Youth accounts come with a cheque book. They do come with VISA cards so it would be possible to purchase PBs with the debit card.

I don't think a 16 year old does not need a current account just because he is still at school. Learning how to use a current account should be part and parcel of what kids learn before they leave school.

Totton

Bought mine online with a debit card, is that a possibility for someone to pay for them with their card but buy the bonds in the sons name?

Spanishomelette

Thank you for all the advice. I wasn't very clear: he does have a bank account, but not one which offers a cheque book, just a cash machine card.

Windup, the form says you can only buy PBs as a parent or grandparent if the recipient is under 16, so unfortunately that we can't do that as he is 16 rather than under 16.

I think I will have to toddle off the Post Office with cash in my hand, although I hate carrying that much cash on me. Funnily enough, the NS&I application form makes no mention of getting PBs at the Post Office now.

They really don't make it easy!

I have just phoned again, because the website says they are open all day, every day in the UK. They still tell me they appreciate my call, but are very busy and I need to phone back. Really? At 9.45 at night? :rotfl: Think I might try that one myself at work tomorrow.

windup

http://www.moneysavingexpert.com/savings/premium-bonds-calculator/

colsten

Spanishomelette wrote: »

I think I will have to toddle off the Post Office with cash in my hand, although I hate carrying that much cash on me.

They will take a debit card or a cheque from you.

Spanishomelette wrote: »

Funnily enough, the NS&I application form makes no mention of getting PBs at the Post Office now.

Their brochure confirms you can apply at Post Offices: http://www.nsandi.com/files/published_files/asset/pdf/premium-bonds-brochure.pdf

How to apply
• Visit our website or call us
• Use the form in this brochure to apply by post
• Or you can apply at a Post Office® counter

But your son needs to be there as you can't sign the application form for him now. He also needs to prove his ID.

Spanishomelette wrote: »

I have just phoned again, because the website says they are open all day, every day in the UK. They still tell me they appreciate my call, but are very busy and I need to phone back. Really? At 9.45 at night? :rotfl: Think I might try that one myself at work tomorrow.

Have you not heard of the other PBs, the Pensioner Bonds? A million (literally) over 65s have been ringing NS&I non-stop since last week.

Spanishomelette

Just for devilment, I thought I would ring again. Eventually the call got answered. I explained the problem, to be told that in the eyes of NS&I he is an adult and has to apply himself ....... which he cannot do without a cheque book or debit card. I asked if we could take cash to the Post Office. No. 'fraid not. I think these PBs will be going in my name with an IOU in case of any winnings!

xylophone

He could open a Santander mini with a decent interest rate and a debit card...
http://www.santander.co.uk/uk/current-accounts/123-mini-accounts/123-mini-current-account