Anyone can now buy premium bonds for children, including aunts, uncles and family friends.
Previously, only a parent, grandparent or guardian could buy premium bonds in a child’s name.
This change to premium bonds was first announced in the October 2018 Budget and is aimed at creating a stronger savings culture.
This latest improvement to premium bonds follows the reduction of the minimum investment from £100 to £25 in February this year. The maximum that you can spend on premium bonds is £50,000.