Can I Buy Premium Bonds For Someone Over 18? NS&I Rules, Exceptions & Gift Alternatives
Buying Premium Bonds for someone over 18 is not possible in most cases. NS&I only allows Bonds to be bought for yourself, for a child under 16, or for another adult if you are registered as their attorney or deputy. As of September 2026, there is no other way to gift Bonds directly to another adult.
Key takeaways
- NS&I permits Premium Bonds purchases for yourself, for a child under 16, or for another adult only if you hold a registered Power of Attorney or a Court of Protection deputy order.
- The Premium Bonds prize fund rate rose to 4.35% tax-free from the September 2026 draw, with odds of 21,000 to 1 for each £1 Bond.
- Premium Bonds cannot be held jointly, in trust, or transferred between two adults once purchased.
Can I Buy Premium Bonds for Someone Over 18?
No, you cannot buy Premium Bonds for another adult unless you are legally authorised to manage their finances. Anyone aged 16 or over can buy Premium Bonds, but only in their own name in most cases. NS&I sets out three ways a new Bond holding can be created under the Premium Savings Bonds Regulations 1972.
- For yourself: Anyone 16 or over with a UK bank account can register with NS&I and buy Bonds directly.
- For a child under 16: Any adult can buy Bonds for a child, regardless of family relationship, by nominating a parent or guardian to look after them.
- For another adult: Only possible if you are acting as their attorney or deputy, which most people looking to give a gift will not need or know about.
Gifting to a partner, sibling or friend over 18 falls outside all three routes, which is why many people find they cannot complete the purchase online.
Why Can’t You Gift Premium Bonds to Another Adult?
NS&I has never published a single official reason for blocking adult-to-adult gifts. The restriction does, however, appear to be linked to two other rules in the NS&I customer agreement.
NS&I links every Premium Bonds account to the holder’s verified identity, in line with anti-money-laundering rules used across UK financial products.
Restricting purchases to the account holder, a child under 16, or an authorised attorney or deputy keeps that identity link intact and makes the £50,000 per-person holding limit, set under the National Debt Act 1958, easier to enforce.
This is the clearest explanation based on NS&I’s published rules, although NS&I has not confirmed this as the reason.
The Attorney and Deputy Exception: How It Actually Works
If you hold a registered Power of Attorney or a Court of Protection deputy order for the person you want to buy for, you can apply to manage a Premium Bonds account on their behalf.
Power of Attorney
An Ordinary or Lasting Power of Attorney lets an appointed attorney manage another adult’s savings. According to NS&I, a Lasting Power of Attorney must first be registered with the Office of the Public Guardian before it can be used, and this step alone can take up to 20 weeks.
Court of Protection Deputy
Where an adult lacks the mental capacity to manage their own money, the Court of Protection appoints a deputy instead. Regional terms differ: Northern Ireland uses “Controller”, and Scotland uses “Guardian” for broadly the same role.
Once your authority has been confirmed, the process is as follows:
- Register your authority with NS&I by sending the original Power of Attorney document, or confirmation of deputy appointment, by post.
- Wait for a Lasting Power of Attorney to clear the Office of the Public Guardian before NS&I can act on it.
- Apply for the Premium Bonds account using NS&I’s general application form, since Bonds don’t have a dedicated attorney or deputy form.
- Enclose identity documents and, where possible, a cheque drawn on the account holder’s own bank account, completing the application under your registered authority.
A common claim is that you cannot buy Premium Bonds for another adult, with many gifting guides and forum discussions overlooking the exceptions.
The correct position: NS&I’s published guidance confirms that an attorney or Court of Protection deputy can buy and manage Premium Bonds for another adult, although this is often missing from online gifting guides. Source: NS&I, “Managing savings for another adult.”
Why Was Your Premium Bonds Application Rejected?
A rejected Premium Bonds application usually means NS&I has identified an attempt to buy for another adult without the required authority. Some buyers report that their application was returned with little explanation because the person making the payment was different from the person named on the account.
If the intended recipient lacks the capacity to manage their own finances, a deputy appointment under the Mental Capacity Act 2005 is usually the lawful route forward, rather than a standard gift application. Rejected payments are returned to the buyer, not retained by NS&I.
Make sure the application matches the name on the account and that the correct authority is registered first, as a mismatch between the buyer and account holder can lead to rejection.
Can You Buy Premium Bonds for a Child Instead?
Yes, anyone can buy Premium Bonds for a child under 16, regardless of family relationship. This is one of the main gifting options NS&I offers, and you do not need any legal authority to use it.
- Nominate a responsible person: A parent or guardian must be named to manage the child’s Bonds until they turn 16, whoever actually bought them.
- Get their agreement first: The nominated parent or guardian needs to consent to sharing their own identity details with NS&I.
- Expect identity checks: If the family isn’t already an NS&I customer, proof of identity for both the child and the parent or guardian is required by post.
- Allow processing time: The gift typically reaches the child only once identity checks clear, which can take up to four weeks.
Grandparents, aunts, uncles and family friends can all use this route, as NS&I widened eligibility beyond direct family members in 2019. A Junior ISA is a comparable option worth considering for locking money away until the child turns 18, though only a parent or legal guardian can open one.
Common Myths About Buying Premium Bonds for Adults
| Myth | Reality |
|---|---|
| You can buy Premium Bonds for an adult as a gift, the same as for a child under 16 | Only possible if you’re their registered attorney or Court of Protection deputy, there’s no general adult-gifting option |
| Power of Attorney lets you buy Premium Bonds for someone immediately | A Lasting Power of Attorney must first be registered with the Office of the Public Guardian, which can take up to 20 weeks |
| You can only gift Premium Bonds to children if you’re a parent or grandparent | Since rules relaxed in 2019, aunts, uncles, and family friends can buy for any child under 16 |
| Rejected Premium Bonds payments are lost or held by NS&I | Rejected payments are returned to the buyer, not retained |
| Premium Bonds can be held jointly by two adults | Bonds cannot be held jointly or in trust; each Bond belongs to one named person |
| The 4.35% prize fund rate is what every holder earns | It’s an average rate; MoneyHelper notes many holders with modest savings win nothing in a given year |
Alternative Ways to Gift Money to an Adult
If you want to help someone over 18 save with Premium Bonds, the simplest approach is to give them the money directly and let them buy the Bonds themselves.
- Gift cash directly, as a note, card, or physical cash, so the recipient can log into their own NS&I account and buy Bonds themselves.
- Transfer funds directly to their bank account, with a short note explaining the money is intended for saving, so it isn’t mistaken for an unrelated payment.
- Encourage them to compare their options first, as a prize-based return will not suit everyone. Those looking at Premium Bonds alternatives with better returns may find that a fixed-rate savings account or ISA is more suitable if they want a guaranteed return rather than a monthly prize draw.
Whichever option you use, the recipient keeps full control over how and where the money is saved.
Current Premium Bonds Prize Fund Rate and Odds
The Premium Bonds prize fund rate is currently 4.35% tax-free, with odds of 21,000 to 1 for each £1 Bond held every month.
| Before September 2026 | From September 2026 | |
|---|---|---|
| Prize fund rate | 3.80% | 4.35% |
| Odds per £1 Bond | 22,000 to 1 | 21,000 to 1 |
| Estimated monthly prizes | 6,224,837 | 6,533,031 |
These figures were confirmed by NS&I in its September 2026 prize fund announcement. The rate is backed in full by HM Treasury and is reviewed periodically, so it can rise or fall in future draws.
Anyone who already holds Bonds, including those bought through the attorney or deputy route, can check for a win using a Premium Bonds prize checker instead of waiting for a letter.
Conclusion
NS&I restricts Premium Bonds purchases between adults to help enforce its £50,000 holding limit and meet anti-money-laundering rules. Gifting to someone over 18 needs registered Power of Attorney, a Court of Protection deputy order, or simply transferring cash so they buy their own Bonds.
For UK savers in 2026, buying Premium Bonds for someone over 18 means either giving them the money to buy the Bonds themselves or using the registered attorney or deputy route.
FAQs
Can I buy Premium Bonds for adult children?
No, adult children are treated the same as any other adult. Unless a parent holds registered Power of Attorney or a Court of Protection deputy order for that child, once they turn 16, Bonds can only be bought in their own name.
How long does it take to register Power of Attorney with NS&I?
Registering a Lasting Power of Attorney can take up to 20 weeks, since NS&I first needs confirmation from the Office of the Public Guardian before an account can be managed on someone else’s behalf.
Can I buy Premium Bonds for someone over 18 online?
No, NS&I’s online application only offers options for buying for yourself or for a child under 16. Attorney and deputy applications must be made by post, with the original legal documents enclosed.
Can grandparents buy Premium Bonds for adult grandchildren?
No, grandparents have no special standing once a grandchild turns 16. The same attorney or deputy rules that apply to any other adult buyer apply equally to grandparents.
What is the current Premium Bonds prize fund rate?
The current Premium Bonds prize fund rate is 4.35% tax-free, effective from the September 2026 draw, with odds of 21,000 to 1 for each £1 Bond held.
Disclaimer: This article is for informational purposes only and does not constitute authorized legal or financial advisory services.
