So if you want to open a cash Junior ISA with NS&I and you already have a Child Trust Fund (CTF), you'll need to transfer it to NS&I as part of your application. You can invest from £25 up to £50,000 in total. Once they've done this then they will be able to sell the bonds as they wish. Talk about hyperbole. That nominated person will be sent the bond record, any prizes won and payment for cashed-in bonds until the child turns 16. Premium Bonds. But of course it could pay off lol. According the the Premium bonds website if a child wins the jackpot it goes to the parent/guardian. Let's start by simply using the Premium Bond prize fund rate of 1% – even though, as explained already, … Each month about 55,000 people turn 18, and eventually a total of about 6.3 million people will be able to redeem the money, or continue to save, according to HM Revenue and Customs (HMRC). The child is a) under age 19 at the end of the tax year, or b) a full-time student under age 24 who does not provide more than half of their own support. Yes. Instead your Bonds enter a monthly prize draw for a chance to win tax-free prizes. However, 2018 Budget documents revealed that NS&I is looking to make buying Premium Bonds for children “even more accessible”. A child cannot have a Child Trust Fund and a Junior ISA (of any type) at the same time. When the five-year term was up, you could either cash in or reinvest the bonds for another five years at a new interest rate. ... *want to buy a money gift for a child. I will tell them they have them when they win a prize ;-) You can buy Premium Bonds … I'm sorry, but I really can't see what the big issue is here. You could keep reinvesting until the child turns 16. [edit] Just checked and it's pretty clear-cut that bonds held in a child's name, and any prizes they generate, are the property of the assigned adult until the child is 16. After that, the bonds … Anyone aged 16 or over can buy Premium Bonds. I haven't even told the boys (16-20) they have them. See the "Buying for Children" section on NS&I's Premium Bond page. So get the children to write a letter then. The child’s unearned income for the year is greater than the tax filing threshold of $2,200. Yet money made from Premium Bonds, like cash ISAs, is always tax-free and does not count towards the personal savings allowance, so it's almost like an extra allowance. The person who buys the bonds is nominated to look after them until the child is 16, but the bond is owned by the child. FIL bought some for our dd's and I keep checking the numbers online just in case they win. "Premium Bond Nightmare!!". The bonds finally mature when they reach the first five-year anniversary on or after the child’s 16th birthday. But you will need to nominate one of the child’s parents or guardians to look after the Bonds until the child turns 16. The parent or guardian who's been nominated on the application will have to look after the bond until the child turns 16. Parents, legal guardians and (great) grandparents can invest on behalf of their child or grandchild aged under 16. Either of the child’s parents is alive at the end of the year. Once the child reaches the age of 16, NS&I will send a letter detailing how the bonds can be managed. Premium Bonds don’t pay any interest. If they are fit to be in charge of a potentially lethal car then they should be capable of writing a brief letter! but don't worry I will invest it for them if they win the jackpot, honest I will after maybe buying a nice big house with some of it well, the dd's need somewhere to live after all. To be honest, we try to save a lot in cash, investments and pensions and consider the 52+/yr spent on lottery, and the 500 premium bonds a bit of fun and don't consider it really an investment. 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