Can I withdraw this?

[onggrwas]

I have 50k in DS’s premium bonds account. I have saved this since he was a few months old. He’s now at private school age 12 and I want to use some of this towards fees. Can I? Am I allowed to? I don’t want to do anything wrong…

No it's fraud. The bonds have been gifted to your child and belong to them. You can manage them for your child as in reinvest them but you can't use them. The premium bond website is clear that any funds invested in a child's name are gifted to them.

Presumably you've already used your limit if you've utilised an account in your child's name? You'll need to use money in that account

@StudioCreate the money in my own account is slightly less, but that’s for general stuff not school fees.

The information online is conflicting but I really need the money towards fees at the moment

There's no law against a child paying for their own private education.

I think if you’re struggling to pay then maybe it’s best to move to a none private school.

From what Iv read there is nothing stopping the responsible guardian withdrawing money from childs account.

But there is for avoiding tax.

Yes, you can withdraw the money and do whatever you like with it.

Previous posters trying to scare you with talk of fraud are clearly clueless. 😂😂

Here we go again! Yes you can use them, much to the horror of MN

https://www.mumsnet.com/talk/am_i_being_unreasonable/5174889-told-i-cant-use-this-premium-bonds-money-for-our-house-deposit-as-its-illegal

There's no expectation that savings for a child will be left untouched until they're an adult. And while they're still too young to handle their own finances it's up to adults to decide what to do with the money. So yes, of course you can withdraw some and spend it on their behalf.

Yes, you can withdraw it and use if for school fees.

I think it's fine if you are using the funds for the child's benefit - the other thread had a less obvious benefit in some ways