Premium Bonds - access at age 16

[JamMakingWannaBe]

I'm considering investing £3k in Premium Bonds for each of my primary school aged DC.

What is putting me off is that they can access the money from age 16. I've been reading horror stories of 18 year olds spending £££ in their Child Funds when they come of age so will access at 16 be even worse (no alcohol spends though)?

They have S&S ISAs. Should I just put the £ in them?

Oh no, is it 16? What age could they access the ISA you mention? I worry about the same thing, so I've stopped saving in DS's name 😄, but he does have a decent amount of PBs.

I think you should be able to move them so could you put them into your account for a while until you're sure they need the money?

I would save them in my own name with a view to transferring when you deem the children mature. The thing with premium bonds and more than one child is, are you able to remove and split prizes equally? What if one child wins 25 quid and one wins 25K in the whole time? it's too random to know they will be helped anything like the same.
I've saved a few hundred in PBs for my only child, but I didn't realise he would have access to the money at 16 so thanks for bringing that to my attention. I will probably save more in my name for him. Maybe PBs in my name.

PB were bought for me in the 1970s by my Grandparents (to the grand value of £20!) and my parents didn't pass on the certificates until I was well into my 20s. I don't know if the age rules have changed or I just wasn't aware they existed.

I'm pretty sure I've never had a big win but I need to check what mine are worth now.

It certainly would be challenging if one DC won "big" and another didn't.

DC1 took over their premium bonds at 16 and adds to them regularly from Saturday job wages. They don't have tens of thousands though and the occasional £25 win has been sufficient to convince them it's a decent vehicle for saving at the moment.

Just keep them in your name until they are of an age you want to pass them on

Dd has just got access to hers.

I just offered to keep topping them up every month while I have the log on details and she leaves them alone. The intention is that its to help towards a house deposit in future.

We sat down, talked it out and she is happy with that. Her winnings are reinvested as well. Ds has the same agreement but he is only 10 so a while before he has control of them.

Oh and between the time dd turned 16 and actually got her own account and took control, her winnings were sent as cheques in her own name, rather than reinvested. So I would imagine you would have known if you won.

I have premium bonds for my children. Not much just £1000 each but if one wins about £50 or £25 I spread it between the three and I am not planning on telling them until they are older. You don't have to tell them when they are 16. Or you can take it out at 16 and change the type of account it is in?

@1winterblues

I have premium bonds for my children. Not much just £1000 each but if one wins about £50 or £25 I spread it between the three and I am not planning on telling them until they are older. You don't have to tell them when they are 16. Or you can take it out at 16 and change the type of account it is in?

If you want to keep them in their names, they have to write and sign a document (it's in the website) and have it witnessed, to say that signed it.

Otherwise, I guess you would have ro withdraw it before they turn 16.