Premium bonds and children advice pls

[hastalavista]

Hello. I know this sounds bad, but I have inherited around £150 k from my parents who died this year. I want to keep the money in cash because I want to buy a house in the next year as my family are bursting at the seams. I know I can put £50 k in my name, but would it be legal to put the rest of the money in premium bonds in their names? I just want to keep the money safe and also have a chance at winning some money as property is so expensive and we cant quite afford a bigger house. My kids also inherited a few grand from my parents which I will invest. Is the premium bonds plan legal? What's the worst that could happen?! Thank you. Opinions welcome.

Sorry that was NOT clear, I mean put the money in my kids names!!!!!!!

Probably not a good idea. Premium bonds pay a piddling 'return' anyway. If safety is your prime concern just stick it on another NS&I product as I'm pretty sure the £85,000 limit safety net per institution doesn't apply as it's underwritten by he government.

Interesting question. I don't know if it is legal or not, or what happens if you are found out to be doing it. Would the solicitor when you buy a house have to report that some of the money came from a child's account? Would your child have to sign something to agree to be a part owner of the home? How would that affect a mortgage?

Lots of questions could come up. I think I would avoid it, keep the money in your name.

NS&I have Direct Saver which you can put £2million in, in your name.

There js a Temporary High Balance protection for 6 months with your own bank.

Why would you put the money into your children's names, when you want to spend that money in the near future?

If you are eligible for a Lifetime ISA and can comply with all the rules, especially the house value rule and timescale (has to be open for 12 months), then I would use that to put £4k in now and £4k in on 6th April 2022. You would get £2k of bonus (£1k per financial year) which is not much on the overall of £150k but it's something.

I think the problem with this is that once money is put into a child’s name it’s their money so you would have trouble accessing it again when you need it.