NS&I has issued advice about how the process for buying Premium Bonds for a member of one’s family.
Twitter user @raythechemist contacted the provider to ask: “Can I buy Premium Bonds for a God child or does it have to be one of my children?”
The provider responded to ask how old the godson is and the person then said their godson is nine years old.
NS&I then said: “Great! You can indeed purchase Premium Bonds for them in that case.”
The provider then asked the person if they already have an NS&I account or if they would need to set up a new one to buy the Bonds.
They said they would need to check with the parents to clarify this but were almost sure they would need to set up a new account.
A person can set up an NS&I account online or can use the Tracing Service to find one if they think they already have one set up.
People often buy Premium Bonds as a gift for a child or relative so they can have a chance of winning a prize in the monthly prize draw.
Each monthly prize draw includes two life-changing jackpot prizes for £1million as well as other large prizes including £100,000 and £50,000.
An individual can check for any unclaimed prizes using the prize checker tool, the app or an Alexa-enabled device.
A mum recently contacted NS&I trying to track down a Premium Bond she bought for her son 37 years ago.
The provider directed her son to try and trace the account using an online tracing form,and included a link to this form entitled ‘Request to trace dormant savings or investments’.
Each £1 Bond has an equal chance of winning and the odds of winning recently increased with the prize fund rate now at four percent.
But savers should note the winners are chosen at random so a saver may go a long time without winning anything.
For the latest personal finance news, follow us on Twitter at @ExpressMoney_.
