I'm annoyed with NS and I

Familyguy1982

Section62 said:

jamesgibbons1 said:

eskbanker said:

jamesgibbons1 said:

eskbanker said:

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?

I'm not talking about the parent taking back control, I'm talking about the child having to prove to NS&I who they are so they can have control of their own bonds and online account.

OK, but if you re-read what you posted (as quoted above) you'll see that there's only reference to the parent, not the child (who couldn't take back something they didn't have in the first place)!

I know what I posted, it is you who have misinterpreted it.

1) I don't have a problem with the account coming under my daughter's control.

2) I do have a problem with NS&I for not notifying/reminding the Responsible person (me) that the change was being made, regardless of what is in their key facts document.

I read your comment the same way eskbanker did, but if it is any comfort, those hoops your child has to jump through to 'take control' would have to be jumped through at some point regardless, if they want to keep saving with NS&I, and would be the first of many hoop-jumping experiences they will have in life (even if they stick to just the one financial services provider).

If you don't have a problem with the account coming under your daughter's control, then why are you so upset with NS&I for doing what they said they would do?  There are reasons why reminding parents what will happen when their child reaches 16 would be a bad idea, in effect it could be viewed as a reminder "If you want to defraud your child out of their money then remember you have to do it before they are 16"... which obviously isn't true in your case, but NS&I have to think about other situations as well.

Ok, having thought about this a bit more, I've realised I did have a bit of a knee-jerk reaction to this, as there's actually not a lot I could/would have done, even if I had been notified about the change in advance.

Firstly her bonds will continue to be entered into draws and prizes awarded if she wins.

Secondly she couldn't have sent off the online registration form prior to her 16th birthday anyway, so advance notice wouldn't have changed this.

Finally the main reason for my frustration was wanting to invest some more money (birthday money) into buying her more bonds, but I can no longer do that via my online account. I understand she might be able to do a direct bank transfer to purchase more, but I don't want to risk doing this before she has her login/account details in case anything changes with her details, such as her NS&I number.

Apologies for some of my heated earlier replies before I had understood all the facts.

akm2018

In (actual) OP's defence, sure, these days there are a thousand and one "saving / investing for children" guides on the internet, all including the clear pros and cons of the various options. But in 2005? Maybe not so much.

This defence works less well for the thread restarter who started paying in in 2010, but maybe still a bit.

 

Ash_Pole

Is Rdwill still watching this? I can't be the only one wondering if the son blew it all on a new cricket bat / trainers / mobile phone or not.

badger09

Ash_Pole said:

Is Rdwill still watching this? I can't be the only one wondering if the son blew it all on a new cricket bat / trainers / mobile phone or not.

Was active today on another part of the forum. If you’re really interested, you could send a PM

VNX

Tell him you are having his log in details until he is 18/21 your choice 

masonic

VNX said:

Tell him you are having his log in details until he is 18/21 your choice 

That is what is known as financial abuse and is a criminal offence.

Section62

masonic said:

VNX said:

Tell him you are having his log in details until he is 18/21 your choice 

That is what is known as financial abuse and is a criminal offence.

As well as forcing them to breach the T&C's of the account and setting a bad example.

You'd think teaching children never to share passwords/login information with anyone (even people you trust like family and 'mates') would be what mattered the most to all parents... not the ability to exert financial control to that degree.