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…