PREMIUM BONDS - august onwards !!!

[Blondeshavemorefun]

Know other thread is near the end

So this is for when previous one is full

Yes, parents can decide, but it's the child's money and must be managed in the child's interest. My DD has 100 in PBs (recently started putting away 25 per month). It would be slightly annoying if she won big instead of me because we wouldn't be able to use any of that money. However, if I hadn't bought those bonds, we wouldn't have those particular numbers at all, so I guess that's the way to think about it.

How would this work if there was an account in a child's name but the vast majority of the cash in the account belonged to the parent (because the parent already had a FH account of their own?). Would it be enough to prove actual ownership of the money, do you think?

It's illegal to save your money in a child's account due to potential issues around interest. So, the money in their account has to be their money.

I think if your child won a million - it would be sensible to pay off the mortgage to avoid interest and know have a forever roof over their heads

Unless of course mortgage is £500k plus

Each month you don't pay the mortgage you transfer money into childs account to start paying it back

The house would be left to kids

It's a tricky one

I don't have anywhere near £50k so I only have pb for me and not mini blondes but if I did ever win enough to make it to £50k would I then save pb for her or put into high interest account

Really not sure

But as it never likely to happen to have £50k guess my child will never have own pb so can't win

I’ve halved my investment and put in £25k to a one year fixed saver at 6.05% it’ll be interesting to see how the other £25k in pbs performs over the year

Thread derail (apologies): Can anyone recommend a good children's savings account? MIL left money for the kids which they've not to have access to until age 21, kids are 13 and 8yo so not getting their hands on it for a while. It's been put into kids savings accounts with our own bank but tbh the rate is a bit crap (2%).

The problem with paying off someone else's mortgage is that it doesn't guarantee the child anything. Will it be theirs when they get to 18 and need a home - not if the parents are still alive. Will they inherit it - not guaranteed because it might go in care home fees.

I have a feeling that NSI offer advice for big wins so they would no doubt be able to access the right advisor for parents where children win big.

@InTheCludgie

Join the money saving expert forum and see what they say. I've seen 2 year bonds over 6% recently but we wanted better access so have gone for 5.35 90.day notice.

There isn't an account you can open easily / simply that the children won't have access to until they're 18 - they'll get access to it at age 16. I'm not sure what you need other than proper advice though I'm afraid.

Sorry, I think I mucked you all of the ages there - I meant 21 and 18 years old I think.

Hmm maybe we could just open a savings account in DHs name and put it in there, seeing as he was executor of MILs will. Then there's no danger of the bank writing to the kids before they turn 16. Thanks guys

I think a trust or something similar is needed to give access at age 21.

I'm sure there are ISAs you can't access till 18

I'm curious... does anyone play the Postcode Lottery?

I do - I've won £10 twice since Jan, and a £10 M&S voucher

I've just (yesterday!) signed up. Very intrigued!

Yes. Been with them maybe 6yrs. Keep meaning to cancel

Esp now gone up to £12 a month

Think won 2 x £10

Yet advert shows people winning cheques of £100k plus

@mrsbyers what account is that? I’m considering the same.

Do you get emailed if you win the Postcode lottery?

This article says the Postcode Lottery is pretty much a waste of time:

https://www.comparethelotto.com/click.php?co=Postcode-Lottery

£12 a month seems a bit steep and I don’t like the subscription model.

Better link:

https://www.comparethelotto.com/postcode-lottery

Thanks @benfoldsfivefan - I'd suspect the same thing too. I think one of my relative plays it though.

Yes, and then it's paid in within a couple of days

I do Mcmillan Lottery but more for the charity than the chance

I'm always considering it but never actually signed up. There are two things that I have been thinking over, the first is that it only gives 33% to charity. Seems low. But also that feeling that if you don't join and your postcode comes up, you'd be so peed off. With the National Lottery, if you play the same numbers every week then you have to play every week just in case. But if it's random numbers or you never buy a ticket, there isn't the same feeling of having to play, even if you can't afford to. And £12 a month is relatively quite a lot. But yet I still keep considering it...