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Grandparents buying premium bonds(4 Posts)
I already have a premium bond account for my DD. Her grandparents now want to add to this. Is there an easy way for them to buy them without them having to do a whole new application?
When i last bought my son premium bonds it was just a BACS transfer, can't see why this couldn't be from a grandparent's bank account, should be easy enough. They've reduced the minimum spend too which is helpful
You can do it online. I bought some for some of my younger relatives at Christmas. I paid by debit card.
They ask for name and date of birth of the child and a postal address for the parent and can find existing holders on the system, I knew they'd found the right ones because it came back with all their middle names even though I didn't give that information.
Sorry, I've just realised that you're the parent.
For the grandparents to buy them they just need to go through the steps on the website - there's an option to buy for someone else's child and they enter your DCs name and date of birth and your address and make the payment by debit card. They'll then write to you with details of the investment.
Although when I did it, it seemed to process each child differently in terms of what will happen with prizes, I wanted any prizes to be reinvested and I'm sure it asked for bank accounts for some of them, but not others.
But I didn't need the holders number, it found them from their name and DOB. But I don't know what would happen if there are two holders called with exactly the same name born on the same day, fairly unlikely but not impossible.