premium bonds & under 16's

[nicojo]

I have just received some money from the sale of my house which I gave to my Dad to look after. He suggested investing it in premium bonds in my son's name. If I need the money before my son turns 16, then as his parent am I able to take the money out myself?

[kempie]

http://nsandi.com/products/pb/cashin.jsp

[dzug]

In practice I think you can but technically it would be stealing from your son.

I suggest you ask at a Post Offfice for a repayment form and see what it actually says though - whether it requires your son's signature or not..

Why does it have to be in your son's name anyway if it's your money?

[Ethel]

dzug - it's either to avoid paying tax on the interest, or to continue claiming means tested benefits.

More than �16,000 and you can't claim many benefits.

[nicojo]

Thanks for all your replies. It's a complicated situation but Ethel, it is not for either of those reasons!

Thanks again.

[Nether Edge]

Just buy Premium Bonds in your own name- it's your money, isn't it?
No tax to pay on prizes, you can hold up to �30 000, and you can always withdraw your money later- better deal than National Lottery and better odds too! And it doesn't count as gambling, if you have religious scruples.