Premium bonds

Bri1975 said:
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One of this months millionaires has £100 invested !
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I've been thinking about this since I saw the high value win. I'm guessing this is a premium bond bought for a new born child, maybe by parents or grandparents. So guessing the child is now maybe 2 years old and a millionaire.

As the bond is under the childs name, what do the parents do? Spend, spend, spend and don't tell the child? Leave the money for child until they're 18?. Even a 3% return would be circa £1.6m when the child is 18.

Grandparents saying it's their £100 invested for the child so they want a share.

I won £100 this month, so I'm not going to have this problem :-)
 
rowarta said:
I've been thinking about this since I saw the high value win. I'm guessing this is a premium bond bought for a new born child, maybe by parents or grandparents. So guessing the child is now maybe 2 years old and a millionaire.

As the bond is under the childs name, what do the parents do? Spend, spend, spend and don't tell the child? Leave the money for child until they're 18?. Even a 3% return would be circa £1.6m when the child is 18.

Grandparents saying it's their £100 invested for the child so they want a share.

I won £100 this month, so I'm not going to have this problem :-)
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Only the nominated guardian or parent can access the money and are required to manage the holding in the best interests of the child.
Claiming a % as theirs would not be in the interests of the child and as such could be challenged in law.
 
Bri1975 said:
What happens in those situations , do they try and find the holder or their relatives ,
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No it’s up to the ticket holder , there is a link on there page to type the number in to see if it’s ever been drawn.
 
city2 said:
Probably dead or have forgotten they had them.
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Premium bonds owned by people who have died only qualify for further entry into draws for a year after death, after which they are frozen until executors claim them for the estate.
 
£100 for me this month . A costly MOT on the other half`s car yesterday means i won`t be going on a spending spree this month unfortunately ;-( £450 for this year so far .
 
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That's right. The executors are given the cash value of the bonds and any prize money won since death to distribute to the beneficiaries.
 
flook said:
True, but it's constantly losing value if the return doesn't keep pace with inflation (and if you don't reinvest, compounded inflation)
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Oh yeah, the '57 £ is probably worth the best part of ten pence.

Just checked: it's worth three pence, but yer Three Pence Premium Bond could make yer a millionaire next month! Don't cash it in!
 
Dave Ewing's Back 'eader said:
Oh yeah, the '57 £ is probably worth the best part of ten pence.

Just checked: it's worth three pence, but yer Three Pence Premium Bond could make yer a millionaire next month! Don't cash it in!
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Thats why I'm hanging onto them, has to be my turn soon :/
 
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