the bond may not be required - check the insurance first. If you trust your parents, then why leave the money sitting in non-interest bearing account.
I took out full Landlords insurance for a relative who is also a tenant because of other things like public liability also if the unit is not ok to live in due to flood or fire, will your policy cover loss of rent while relatives live elsewhere? I trust my relative enough not to ask for bond but I wouldn't expect them to keep renting my place if they have to move out while repairs are being carried out.
I took out full Landlords insurance for a relative who is also a tenant because of other things like public liability also if the unit is not ok to live in due to flood or fire, will your policy cover loss of rent while relatives live elsewhere? I trust my relative enough not to ask for bond but I wouldn't expect them to keep renting my place if they have to move out while repairs are being carried out.