best way to transfer premium bonds to my child

medias

Hi, I have an NSI premium bonds account in my name and another one in my child's name, both are visible when I log in. I would like to transfer £1000 from my premium bonds to my child's bonds (as a gift). How do I do that? The NSI website does have a "make a transfer" button but it's not clear what it does, does it transfer my old bonds directly (i.e. my child gets to keep the same bond number)? Or perhaps I need to cash in £1,000 of my old bonds first, then buy £1,000 worth of new bonds for my child? And if I do the transfer now, are the £1,000 new child premium bonds eligible for the 1 December draw? I guess not? Thanks. 

NottinghamKnight

I believe premium bonds are non transferable so you would have to sell and buy again. Any deposit now will not enter the draw until 1st January.

steampowered

I know it's not the question you asked - but have you considered other options?

The Junior ISA offered by NS&I - the same providers as premium bonds - has a better interest rate.

If the child is below the age of 8, meaning that more than 10 years until they are 18, it would probably be best to invest into a stocks & shares investment (perhaps through a Junior ISA) rather than into premium bonds or a savings account.

Alexland

steampowered said:

If the child is below the age of 8, meaning that more than 10 years until they are 18, it would probably be best to invest into a stocks & shares investment (perhaps through a Junior ISA) rather than into premium bonds or a savings account.

Depends as popular S&S JISA products from friendly societies etc are dire and if nothing changes seem doomed to underperform the best Cash JISA rates which can be so good that at current asset valuations a S&S JISA would need to be invested very adventurously at low cost to stand a fair chance of doing better which can only be done for a short time before the derisking leading to withdrawal would normally begin.

medias

Thanks all for the suggestions. 

wiseonesomeofthetime

The transfer process looks dead easy, from their website.

What I cannot find, as neither could you apparently, is the what actually happens answer.

I tried to use the Chat feature to clarify but, after filling in boxes, it lamely said that agents were not available and closed chat 🤷‍♂️

medias

What actually happened: I tried the "make a transfer" option with £25. My oldest 25 bonds were sold and 25 new ones were bought for my child. The new bonds are eligible for the draw starting 1 January.