Advise on cashing in Premium Bonds from a Grandparent

PParka

Hi,
My kids have some premium bonds that were bought by their grandparents.
I don't think premium bonds are a good investment, so want to cash them in and put the money in a high interest account.

My question is, would their grandparents be told if the Premium Bonds have been cashed in?

I don't really want to tell the grandparents my plans, as they think Premium Bonds are a "great investment". If only they were MSE fans!

Thanks

p.s. I've been given the actual certificates to look after.

Paul_Herring

I don't think you should be hiding this from the grandparents.

Either leave the money in the bonds as per the grandparents wishes, or explain to the grandparents why you think that the PB's are so bad.

dunstonh

Neither premium bonds or a high interest account are good investments. They are not investments at all. They are cash savings.

Premium bonds are rubbish. Ask your parents if they would put the money in a savings account then with the interest paid each month, would they then pop down the local shop and buy scratch cards with it?

Almost certainly they will say no. In which case you respond; why are you doing it with the Premium bonds then?