Buying Premium bonds for your kids

[user1471519931]

Hi all, is this too good to be true? I already own the max amount of bonds in my name...can I buy more for my kids and then feed any prizes back into my own bank account? Isn't this just a way to increase tax free savings??

No, any prizes they win will be paid to them and belong to them.

But I mean if the money goes into their bank account what is stopping me transferring it over to mine at a later date?

Physically, nothing; morally, theft.

Oh! Right...

Slightly older thread but wanted to correct: Parents can have the winnings paid into their own account and cheques will be issued in parent’s name.

Thank you!!