Can I increase the Bonuses for both of my children to increase their chances of winning?

I am lucky enough to invest in my two children. I am also trying to save for myself in investments and pensions.

I have a surplus of money to spread around, have exceeded my £50,000 cash flow allowance, and have an Income Tax and NS&I.

If I put £50,000 into Bonds for my two children (under the age of 4), what happens to the assets? Has it been paid into my current account?

Ideally, I don’t want them to have access to £50,000 when they turn 16 as they have investments elsewhere. So, will I be free to pay money in bonds when they are 15?

In summary, I use their Bonus Bonus to increase my own chances of winning a big prize, but I want to be in full control of the money.

Helen Kirrane of This is Money replies: Earnings Earnings loved by millions of savers for their monthly bonus that will win two £1million savers, plus millions of other cash prizes from £25 to the £100,000.

Prizes won are tax-free, unlike a standard savings account where you have to consider your Personal Savings Allowance – so many wealthy investors turn to Annuities as they increase their Isa and other tax-free allowances.

Your question presents a moral and ethical dilemma. When you start Personal Loans for your child under the age of 16 you become an ‘authorized person’ and can manage their obligations online.

There is nothing to stop you from opening bonds for your children, raising them and making payments before they turn 16 – they can protect the bonds on their own terms.

This may be considered wrong or bad by some, but it is not a rule that an expert says.

For expert advice on your situation, we spoke to two financial planning experts, Aaron Banasikan independent financial advisor at Ascot Lloyds, a Arthur Child is a certified financial planner at Flying Colors.

Aaron Banasik replied: It’s great that you are taking a responsible approach to securing your own finances and that of your children.

Comparing investments across different products, such as Bonds and Bonds, with a long-term perspective is fascinating.

Your question about using your children’s savings for the benefit of you receiving a large gift raises some important considerations.

When purchasing Bonds for your children, keep the bonds in their names.

The prizes are legally theirs, and the winnings are paid into the bank account you choose when setting up the account.

Until your children reach the age of 16, you can manage these obligations on their behalf, including regular payments.

However, it is important to note that any money deposited into their Cash Money account is considered a gift to them. As a responsible adult, you must act in their best interests.

Ethically and morally, it is not appropriate to use your children’s Bonuses to increase your chances of winning or to protect your bankroll, since the money is theirs.

If keeping control of your finances is important to you, there are other easy ways to explore.

Arthur Childs replied: It’s great to hear that you’ve managed to save money for yourself and your children.

And it’s even better to hear that you’ve done your homework; you have already invested in your Fixed Income budget and invested in high income bonds.

Are you looking for other places to invest, even in Fixed Income? Mutual Funds are the UK’s largest savings product and currently have over 24 million people saving £127 billion in them.

Money bonds are very easy. You can put money into them and withdraw them at will. The interest paid is tax-free and is determined by the monthly payment.

When you win with Cash Bonuses, instead of withdrawing money, you can also arrange for the money to be reinvested (as long as you keep the maximum £50,000).

It can be held for a person under 16 years of age by parents or guardians, and becomes an adult when the holder reaches 16 years of age.

You state that you are seeking to hold bonds in your child’s name in order to potentially receive an income. For that reason, you don’t want your children to have access to invested money.

In this case, if you are the owner of the Cash Money, you can close the account before reaching the age of 16 to access your money.

Although we question the morality of this approach.

And for the rewards, there is also, as the person appointed to manage the account you are free to do as you choose with the winnings.

But remember, assets above the investment limit of £50,000 must be withdrawn before anything below can be reinvested.

It’s also worth noting that the average return from Bonds is lower than the rate of inflation, and as a result, the purchasing power of your savings will decline over time.

Therefore, it is worth checking if the average gains are greater than the loss of the purchasing power of your currency.

Where else can you save?

Aaron Banasik replied: In your personal situation, it’s best if you use NS&I products such as Fixed Income and Fixed Income.

However, have you ever thought about using up your Isa allowance? You already have, but just a reminder… for the current tax year, you can contribute up to £20,000 into an Isa, protecting the money from income and capital gains tax .

An extra £20,000 can be added every tax year after 6 April, meaning over 12 months, you could save £40,000, and over two years, £ 80,000, using four annual budgets.

This way you can maintain full control over the finances while making sure that they are dedicated to your children’s future, and ensure that the money is easily accessible and accessible. .

If your goal is to save for your children, you might consider contributing to a Junior Isa).

The annual allowance for a Junior Isa is £9,000 per child per tax year.

Funds in a Jisa grow tax-free unless the child who joins them reaches 18.

Opening a pension for your children is another forward-thinking strategy. You can contribute up to £2,880 per child per year, and the government will pay this in tax on a total of £3,600.

These funds last until the age of 57 at least, making this a long-term option to ensure financial security later in life.

If maintaining control of finances until a later date is a priority, you can look into setting up a trust for your children.

A trust allows you to decide when and how the money is released and accessed by your children.

However, it’s important to remember that putting money into a trust is considered a gift, so you give up ownership of the money.

Setting up a trust involves legal paperwork and associated fees, but you can have peace of mind knowing that the money is being held and managed according to your wishes.

It’s a good idea to speak with an independent financial advisor to determine the best type of trust for your situation and ensure it meets your family’s needs.