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Buying premium bonds for an adult
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david_goodwin
Posts: 1 Newbie
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?
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Comments
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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.0
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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.0
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AIUI premium bonds can only be bought as gifts for children not adults.0
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david_goodwin said: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?4
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