Can You Buy Premium Bonds as a Gift for Adults in the UK?
A thoughtful present for someone you care about is always appreciated. And a premium bond is one good idea. Everyone knows they are among the safest investments in the UK and are easy to buy. But can you purchase premium bonds as a gift? However, this depends on so many variables. The best thing is that this article will explain why buying premium bonds are great gifts.
How to Buy Premium Bonds
If you’re thinking of buying premium bonds for a family member, there’s good news! You can buy them as a gift, and you don’t have to be in the same household. The person you’d like to buy them for must be aged 16 or over, have a UK address, and hold only one premium bond account, including those held on their behalf by another person.
Can You Buy Premium Bonds As a Gift for Someone Over 16?
Buying premium bonds as a gift is a popular choice. If you’re thinking of gifting premium bonds, then the good news is that they are easy to buy and make wonderful gifts for family and friends. You can purchase them online or by post, whichever you prefer. If you’d like to buy premium bonds as a gift, you can do so on behalf of someone else. This is also known as buying them in trust. However, you cannot buy premium bonds in trust for someone under 16 years old. You must also be 16 or over to buy them for yourself. Ultimately, the person you’re giving the gift to will receive any prizes won in their name and not yours.
Can I Buy Premium Bonds for Someone Over 18?
Ultimately, you can buy Premium Bonds for someone over 18. When they reach 16, they’re eligible to win prizes and will be able to claim them. If you buy Premium Bonds as a gift, you’ll need to complete the investor’s details on the application form and choose a gift card from our online range. You can also buy a gift voucher from any Post Office branch and exchange it for Premium Bonds on behalf of anyone aged over 16.
When is the Best Time to Buy Premium Bonds?
The best time to buy Premium Bonds is when you’ve got some money you want to save. Of course, people have their own individual savings plans and goals, so the best time to buy them will always be different for everyone. The decision is also very much based on personal preference as there’s no set term for how long you should hold them.
Can I Buy Premium Bonds for Someone Else Online?
One of the great things about Premium Bonds is that they can make a fantastic gift. Whether you’re buying for a young person or an adult, you can buy Premium Bonds online, in-branch, or over the phone. You’ll need to provide details of the person you’re buying them for, even if it’s for yourself. This includes their name, address, and national insurance number if they have one. It’s the same process if you’re using a paper application form or applying with a bank-nominated agent. If you’re buying Premium Bonds for someone else on an ongoing basis, such as through payroll giving, you may wish to set up standing orders. This way, your chosen amount will automatically be invested in the bondholder’s name each month.
Can I Buy Premium Bonds for My Wife?
You can buy Premium Bonds for your wife. However, it’s important to note that the name on the bond doesn’t have to be the same as yours, but you will need to know your wife’s National Insurance number and address. Also, these bonds will be held in your name only, and any prizes won will be paid into your account. If you want to hold the bonds in your wife’s name so she can receive any winnings, you’ll need to set up a new account with her details and make any future payments into this instead.
Can I Buy Premium Bonds at the Post Office?
You can buy premium bonds at any post office. However, there are several other places you can buy them from, including National Savings and Investments (NS&I), and participating banks. Buying them through the post office is always free, but some banks and NS&I charge a fee for buying premium bonds this way. However, they will only issue application forms and accept bond sales in person if you have a National Insurance number and proof of your name and address. This is because of money laundering regulations.