CashNews.co
NS&I has warned Premium Bonds customers there are certain situations where they cannot buy Bonds.
A person contacted the provider over X to ask: “Am I able to buy Bonds for my adult child with out them knowing?”
People sometimes buy Bonds for a relative as a gift. The group said in response: “Due to money laundering regulations we’re required to follow, we don’t allow for Bonds to be bought as a gift for another adult.”
However, you can buy Bonds for a child under the age of 16 with the option to buy Bonds for someone else’s child.
Parents or legal guardians of the child can apply online, by phone or by post, while another person can buy Bonds for the child online or by post.
“Each time the documents to his parents take so long to arrive, you keep refund the money back to me. Is there anyway such documentation requests can be sent via email?”
The provider said in response: “There isn’t currently a process where we can receive the documents via email.
“However, if you were to send the funds to the parents, they can open the account for their child online and upload the documents online.”
A saver can hold up to £50,000 in Premium Bonds. Each time you buy more, you have to buy at least £25 worth.
Prizes in the monthly draw range from £25 up to the jackpot £1million, with two jackpot prizes in each draw.
Many customers choose to reinvest their winnings in buying more Bonds, so increasing their chances of winning again.
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