Oct 30, 2018

Budget 2018: Premium Bonds more 'accessible' for children

NS&I More family and friends will be able to buy Premium Bonds for children - giving them a 24,500 to 1 chance to win a tax-free prize of up to £1m. At present, only parents and grandparents can buy Premium Bonds for children aged under 16 from National Savings and Investments. Premium Bonds operate by pooling the money that would have been made in interest for savers into a prize fund. No date has yet been set for when anyone, such as aunts, uncles, godparents and family friends, can buy Premium Bonds for children. "Ian Ackerley, NS&I chief executive, said:"Premium Bonds have helped tens of millions of people to save since their launch in 1956 and these new improvements will make Premium Bonds more accessible. Tom Adams, from independent website Savings Champion, said Premium Bonds were popular and it made "Complete sense" to open the opportunity to more people.

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