melonfool wrote:Quick question - if you have the max in PBs (£35k per person?) then wins presumably have to be collected in cash, not buying new bonds? … I was going to offer to sort out PBs for them. Be nice if they didn't then get a load of cheques they'd need to take to the bank.
Some of the detail is in the link I gave earlier but more here:https://www.nsandi.com/system/files/ass ... iendly.pdf
The max per person is nowadays £50,000.
The prizes can be paid direct to a nominated bank account but setting that up might involve your assistance. You can also choose to reinvest prizes automatically to buy more Premium Bonds. You can only invest in whole pounds. Each person can hold up to a limit of £50,000. Any Premium Bond numbers that go over the £50,000 limit are not eligible to win prizes. ...
Oh, also, if they buy PBs for their grandchild, presumably that is another £35k limit? And counts as a gift for potential IHT purposes?
£50,000 and yes.
The pdf includes Giving Premium Bonds as a gift. Keep it in the family. … You can now apply online. Parents and guardians can buy for their child online or by phone, as well as by post. However, grandparents can only apply by post. … What about grandparents? When you’re buying for your grandchild, we’ll send you an acknowledgement of your investment. But only the nominated parent or guardian will be able to manage and cash in the Bonds.
If they want to go down the NS&I route generally, there are other "products" but the Guaranteed Income Bonds and Guaranteed Growth Bonds are online only:https://www.nsandi.com/our-products