Premium Bonds provider NS&I has explained an important restriction for those buying Bonds.
The savings giant issued the update after they were contacted by an individual who wanted to buy Bonds for their relative.
The person asked: “I want to buy Bonds for my grandchildren in Australia. How do I do this?”
In response, NS&I explained: “To open a Premium Bonds account for your grandchildren in Australia, the responsible parents of the child will need to hold a UK current bank account.
“This is because we can only make payments to, and receive payments from, a UK account in pounds sterling.”
The group also asked the person if their grandchildren’s parents have a UK bank account that can be linked to the child’s account.
At the time of writing, the customer had not responded to this question. When buying Premium Bonds for a child under 16, the parent or guardian named on the application will look after the Bonds.
Once the child turns 16, they will then take over managing their Bonds. Parents or legal guardians can buy Bonds for their child online, by phone or by post.
An individual person buying Bonds for another person’s child can do so online or by post.
Another Premium Bonds saver recently contacted NS&I concerned as they had received a message saying their account had been closed.
They asked: “I have received a Premium Bond prize cheque and the attached slip says the account is now closed. What does this mean?”
A representative said in response: “Is this an unclaimed prize you’ve received? This could have been an unclaimed prize we have found from a now closed Premium Bond holding.”
NS&I went on to inform the person that if they had their holder’s number, they could register for the online and phone service.
They sent them a link to a webpage where they could do this. New customers opening an account with NS&I are automatically registered for the service.
