Hello everyone. Reading through numerous posts about POF, I think I may have a rather unusual question. So here it is:
Are government issued savings bonds acceptable as proof of funds when the bonds themselves do not carry the name of the owner?
If you know what I am talking about then please go ahead and answer this question. You may not need to read the background info below.
Here's a bit of background info about these bonds:
So, in many Commonwealth countries like India, Pakistan, Ireland and even Britain itself, there has been a popular instrument in use called "prize bond". In some countries, it has also been called premium bond and national savings bond etc. It is highly liquifiable and transferable i.e. you can sell it for cash instantly or return it to the issuer and get a refund. Besides that, you are automatically entered into a mega lottery scheme which may have smaller prizes than EU and US lotto but the odds of winning are way higher. Yet, they can't be classified as lottery tickets because lottery tickets can't be resold or refunded, while these bonds can be.
Senior citizens are hooked on these for some reason and for many, these are the preferred form of saving. My 76 y.o. aunt is one of those people. She gifted me a few bonds when I went to UK for studies about 15 years ago. It wasn't a lot of money (~ 600 GBP) but it was cute, and meant a lot to me. I always bugged her for it being so little though and lo and behold, last year, she gifted me her stash of 22 bonds @ 25k each, 10 of 40k and many smaller ones. Total worth of them all: ~11,000 CAD. The catch: 1) she has forbidden me to cash/sell them before the birth of my second child (expected). She thinks that with new baby's luck, we might win some big prize in next draw!
Anyway. The point is: I was wondering, if I can't cash or sell them, perhaps I could use them creatively for something else i.e. partial proof of funds for Express Entry?! That will free up my other savings for use elsewhere. What makes me hesitant in using them is that these bond do not carry any name. So really like cash, whosoever holds them, pretty much owns them. How do I prove that they're mine now?
What I can do though is, get them certified in my name from the issuer (it's like a government bank), or get them exchanged for newer ones from the issuer (bank) with a request to add sale invoice or cover letter in my name on top of all the bonds. Would that work?
Thanks for reading.
I found a specimen image of prize bond online:
Are government issued savings bonds acceptable as proof of funds when the bonds themselves do not carry the name of the owner?
If you know what I am talking about then please go ahead and answer this question. You may not need to read the background info below.
Here's a bit of background info about these bonds:
So, in many Commonwealth countries like India, Pakistan, Ireland and even Britain itself, there has been a popular instrument in use called "prize bond". In some countries, it has also been called premium bond and national savings bond etc. It is highly liquifiable and transferable i.e. you can sell it for cash instantly or return it to the issuer and get a refund. Besides that, you are automatically entered into a mega lottery scheme which may have smaller prizes than EU and US lotto but the odds of winning are way higher. Yet, they can't be classified as lottery tickets because lottery tickets can't be resold or refunded, while these bonds can be.
Senior citizens are hooked on these for some reason and for many, these are the preferred form of saving. My 76 y.o. aunt is one of those people. She gifted me a few bonds when I went to UK for studies about 15 years ago. It wasn't a lot of money (~ 600 GBP) but it was cute, and meant a lot to me. I always bugged her for it being so little though and lo and behold, last year, she gifted me her stash of 22 bonds @ 25k each, 10 of 40k and many smaller ones. Total worth of them all: ~11,000 CAD. The catch: 1) she has forbidden me to cash/sell them before the birth of my second child (expected). She thinks that with new baby's luck, we might win some big prize in next draw!
Anyway. The point is: I was wondering, if I can't cash or sell them, perhaps I could use them creatively for something else i.e. partial proof of funds for Express Entry?! That will free up my other savings for use elsewhere. What makes me hesitant in using them is that these bond do not carry any name. So really like cash, whosoever holds them, pretty much owns them. How do I prove that they're mine now?
What I can do though is, get them certified in my name from the issuer (it's like a government bank), or get them exchanged for newer ones from the issuer (bank) with a request to add sale invoice or cover letter in my name on top of all the bonds. Would that work?
Thanks for reading.
I found a specimen image of prize bond online: