I'm annoyed with NS and I

csgohan4

HansOndabush said:

jaybeetoo said:

If only you’d invested the money instead......

In Buy2LetCars perhaps? Premium bonds are not such a bad choice for a children's investment.

it's not a bad choice if you are not wanting to invest in making your money work harder, but would you rather leave it to lady luck every month.

Even a defensive portfolio would have yield more than 1.5% a  year and tax free if in a tax wrapper. My portfolio after 1 year investing is up 20%, not including individual shares. No I don't invest in Cyrpto. 

xylophone

What's done is done, the money is in the Son's name and he's aware it exits.

Freudian slip?

steampowered

It could be time to sit your son down and have a chat with him about money?

He is old enough to start learning about how to look after money responsibly. 

If you chat to him and educate him you might find that he is more responsible than you expect.

Madeinireland101

I agree with others this is an excellent time to educate your son about money.
i have recently given both my daughters large sums but I trust them completely to use the money wisely and have suggested it should be only used to help fund their first house purchase and that a good thing to do would be to invest every year in LISA to help with that objective. That’s exactly what they are doing but they are both acutely aware that if they fritter the funds given to them they can no longer expect any form of inheritance 😀
They are not stupid and realise this sum would be considerably more than anything already given to them.

Familyguy1982

Firstly I appreciate I'm replying to a 4 year old post, but the topic is still relevant.
This has just happened with our daughter's premium bonds account after she turned 16.

I'm surprised by most of the responses on here, they seem to be attacking the OP for not knowing the finer details of NS&I's T&Cs.
How many people can honestly say they read and understand all the T&Cs of all the accounts they own?

It would have been fairly simple for NS&I to send an email or text or even a message through the website that a significant change was about to happen to the account, plenty of other companies seem to be able to manage this (Google, Apple, etc).

The reason for a parent needing to know about this change in advance is so they can make the decision whether to transfer the money into another investment or not, rather than having to now jump through hoops to take back control of the account and bonds from NS&I.

eskbanker

jamesgibbons1 said:

The reason for a parent needing to know about this change in advance is so they can make the decision whether to transfer the money into another investment or not, rather than having to now jump through hoops to take back control of the account and bonds from NS&I.

But the whole point of the earlier posts was to emphasise that the parent can't 'take back control' once the child reaches 16, as the money is within the child's control from then on?

Eyeful

jamesgibbons1 said:

It would have been fairly simple for NS&I to send an email or text or even a message through the website that a significant change was about to happen to the account, plenty of other companies seem to be able to manage this (Google, Apple, etc).

The reason for a parent needing to know about this change in advance is so they can make the decision whether to transfer the money into another investment or not, rather than having to now jump through hoops to take back control of the account and bonds from NS&I.

It is also simple & easy for you to read the "Key Facts" information that NS&I send you when you open one of their products.
It is also simple & easy for you to set a reminder to yourself, for when the child reaches 15 years old.
If you had done that you would not have to jump through hoops to take back control. 

Kim_13

jamesgibbons1 said:

Firstly I appreciate I'm replying to a 4 year old post, but the topic is still relevant.
This has just happened with our daughter's premium bonds account after she turned 16.

I'm surprised by most of the responses on here, they seem to be attacking the OP for not knowing the finer details of NS&I's T&Cs.
How many people can honestly say they read and understand all the T&Cs of all the accounts they own?

It would have been fairly simple for NS&I to send an email or text or even a message through the website that a significant change was about to happen to the account, plenty of other companies seem to be able to manage this (Google, Apple, etc).

The reason for a parent needing to know about this change in advance is so they can make the decision whether to transfer the money into another investment or not, rather than having to now jump through hoops to take back control of the account and bonds from NS&I.

I agree that NS&I ought to send a reminder - 16 years is a long time, and it is common if not required for banks to advise you when a product of a much shorter duration is reaching the end of its term. It could be automated for them, yet it’s easy to see how parents would forget. In the case of the OP, a reminder made to move the money when the child was 15 could easily have been missed given that would have been the height of COVID. NS&I are handing potentially large amounts of money to minors with no reminder that this is about to happen when it would be perfectly legitimate for the parents to move it elsewhere so that it would only be under the control of their child when they turned 18 (which is probably how the average person would expect it to work.) 

poppystar

Kim_13 said:

jamesgibbons1 said:

Firstly I appreciate I'm replying to a 4 year old post, but the topic is still relevant.
This has just happened with our daughter's premium bonds account after she turned 16.

I'm surprised by most of the responses on here, they seem to be attacking the OP for not knowing the finer details of NS&I's T&Cs.
How many people can honestly say they read and understand all the T&Cs of all the accounts they own?

It would have been fairly simple for NS&I to send an email or text or even a message through the website that a significant change was about to happen to the account, plenty of other companies seem to be able to manage this (Google, Apple, etc).

The reason for a parent needing to know about this change in advance is so they can make the decision whether to transfer the money into another investment or not, rather than having to now jump through hoops to take back control of the account and bonds from NS&I.

I agree that NS&I ought to send a reminder - 16 years is a long time, and it is common if not required for banks to advise you when a product of a much shorter duration is reaching the end of its term. It could be automated for them, yet it’s easy to see how parents would forget. In the case of the OP, a reminder made to move the money when the child was 15 could easily have been missed given that would have been the height of COVID. NS&I are handing potentially large amounts of money to minors with no reminder that this is about to happen when it would be perfectly legitimate for the parents to move it elsewhere so that it would only be under the control of their child when they turned 18 (which is probably how the average person would expect it to work.) 

The product is not reaching the end of its term, the childhood is. Also why would a financial institution want to remind people to withdraw money from its products when there is no need to other than the parents own choice? How could NS&I know that’s what the parents wanted? I’m sure there are parents who buy premium bonds for their children who don’t want to prevent that child now having the money when they reaches 16. 

masonic

poppystar said:

Kim_13 said:

jamesgibbons1 said:

Firstly I appreciate I'm replying to a 4 year old post, but the topic is still relevant.
This has just happened with our daughter's premium bonds account after she turned 16.

I'm surprised by most of the responses on here, they seem to be attacking the OP for not knowing the finer details of NS&I's T&Cs.
How many people can honestly say they read and understand all the T&Cs of all the accounts they own?

It would have been fairly simple for NS&I to send an email or text or even a message through the website that a significant change was about to happen to the account, plenty of other companies seem to be able to manage this (Google, Apple, etc).

The reason for a parent needing to know about this change in advance is so they can make the decision whether to transfer the money into another investment or not, rather than having to now jump through hoops to take back control of the account and bonds from NS&I.

I agree that NS&I ought to send a reminder - 16 years is a long time, and it is common if not required for banks to advise you when a product of a much shorter duration is reaching the end of its term. It could be automated for them, yet it’s easy to see how parents would forget. In the case of the OP, a reminder made to move the money when the child was 15 could easily have been missed given that would have been the height of COVID. NS&I are handing potentially large amounts of money to minors with no reminder that this is about to happen when it would be perfectly legitimate for the parents to move it elsewhere so that it would only be under the control of their child when they turned 18 (which is probably how the average person would expect it to work.) 

The product is not reaching the end of its term, the childhood is. Also why would a financial institution want to remind people to withdraw money from its products when there is no need to other than the parents own choice? How could NS&I know that’s what the parents wanted? I’m sure there are parents who buy premium bonds for their children who don’t want to prevent that child now having the money when they reaches 16. 

Indeed, it could pose some risks. For example if the parent was only using the child as a mule and always intended to take the money back for themselves. At least by not tipping off that the parent will soon lose the ability to do something like that they can stay out of any disputes that follow.