We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Buying premium bonds for an adult

Options
NS&I have just bounced my application to buy premium bonds for someone as a gift. I thought they might, but it seems odd that I can instantly transfer money to their bank account but can't buy them this savings product. I wanted it to be a surprise gift. Does anyone know why this is?

Comments

  • El_Torro
    El_Torro Posts: 1,851 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I don't know why this is the case but it might be to make it easier to track who has how many Premium Bonds. Since you are only allowed a maximum of £50k Premium Bonds in your own name this might make it easier for NS&I to enforce the rule.
  • lr1277
    lr1277 Posts: 2,139 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 29 November 2024 at 1:50PM
    This is a guess. Could be because of anti-money laundering (AML) rules? I don't know how NS&I implement AML rules but NS&I may want to know that the owner of the bonds obtained the funds to pay for the bonds legitimately?

    Edited to add: when buying premium bonds for a child where you are not the parent or the guardian, NS&I will contact the parent/guardian for identity checks etc.
    So not sure if my reasoning is correct and if my reasoning is correct why it would be different for adults and children.
  • poppystar
    poppystar Posts: 1,632 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    AIUI premium bonds can only be bought as gifts for children not adults. 
  • IanManc
    IanManc Posts: 2,444 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    NS&I have just bounced my application to buy premium bonds for someone as a gift. I thought they might, but it seems odd that I can instantly transfer money to their bank account but can't buy them this savings product. I wanted it to be a surprise gift. Does anyone know why this is?
    NS&I are being perfectly reasonable. No other institution would allow you to open a savings account in another adult's name without power of attorney either.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.