Buying Premium Bonds for a child is a popular present. Children under 16 cannot buy their own but a parent or guardian, grandparent or great grandparent can buy them as a gift. They are in the child’s name, but all communications come to their parent.
Once the child reaches 16 they can cash them in or keep them in their own right.
Premium Bonds are no longer sold at the Post Office. The easiest way to buy them is online but only parents and guardians can do that.
Grandparents (and great grandparents) must buy them by post. They are the only relatives who can buy Premium Bonds for children.
Other adult relatives, such as uncles and aunts, cannot do so — neither can friends.
The minimum purchase is £100, but that is unlikely to win anything soon. On average £100 will win a £25 prize once every 22 years.
More information at nsandi.com or call 0500 007 007