Do you have savings accounts for your children?

Don't be embarrassed, anything will be a bonus for them at 18.

We both put a direct debit into our kids savings accounts each month. DH puts a small amount in from his salary and I do the same but using the child benefit money. We were over the child benefit threshold last year, so what's left after I've put away what will need to be paid back at the end of the tax year goes into the savings accounts. It's money we were never expecting so rather than it being lost amongst household expenses I move it immediately over as soon as it comes in. Of course birthday money goes in there from relatives too. I also use cashback websites, Vinted and the likes. What I make from that also goes into the kids saving accounts. Basically I add money that's not really accounted for in daily income.

They wont get much at 18 but it's money they won't have expected.

Really is better late than never. I'm never going to be able afford a lump sum payment for my children when they are adults to help with uni house or whatever, but I can stick away a standing order every month for what I can afford, and that will be something, which is better than nothing!

Must depend on the child. Both mine have savings accounts in their own names. Neither are particularly big spenders. They haven't frittered their money away (are 18 and 21)

In their own names- absolutely not.

I have saved for them and happy to fund them with gap year, driving lessons, car, univeristy and flat deposits etc.

My friend also saved for her DS, at 18 he spent the lot (28K) on holidays, tattoos and booze. He spent all the money in 6 months.

Be wary of how you save- if in their name then at 16 or 18 they may be able to take full control of the funds and spend how they like- without your permission.

Any cash gifts to our son get added to our spending account for him - classes, special trips etc, unless they'll giver specifies savings, in which case it goes to his Premium Bonds.

Then we have a Junior SIPP (he can only access when 55), and then savings for him for different points in his life - e.g. uni years, house deposit etc.

Same.. £10 for my son who can access it when he's 18..he's 16 now.. and £30 for my daughter as there's 10 years between them..it'll be a nice amount to buy a car, travel or help with uni but obv won't be life changing as in enough to buy a house etc but you do what you can for your kids. Only worry is will.they blow it at 18 and with ours it's only them who can take access it and take it out..we haven't let them know 😉 x

My son had the Child trust fund so we just kept adding to that ..it's in a stocks and shares one and been fine so far and not lost.. he can draw it out when he's 18 .. he doesn't know about it but hfully it will go toward uni, travelling or a car! He has a part time job alongside college (worked from 14)and i dont want him thinking oh its ok ..i have money coming !My daughter was born 10 years later so opened a junior Isa for her with a certain rate ..but we put more into it monthly as obv everything will be more expensive 10 years later. It won't be enough to set them up buying a house etc but something for them. My parents never did it for me and I never missed it but just wanted to do it for our kids .. just hoping they don't blow it on silly things ! Won't let onto our daughter about her saving account either.. so yes if you can afford it try and set one up from birth..but if you can't then you can't and nothing to be ashamed of.

I opened accounts for both when they were born, but only started paying in regularly when the youngest started school (and we didn't have nursery fees.).

If the savings accounts are in my kids names, can I change them into my name before my children turn 16, if I don't want them to have the money straight away?

I would not have spent the money wisely when I was 16

I opened accounts for mine as soon as I had their birth certs.

Any money they’ve got for birthdays, celebrations, from grandparents etc have gone in there along with £100 a month each.

They both have big and little purses. The little purses have £5 on change in so they can purchase the odd thing themselves. Anything over £5 goes into the big purse. Big purses are maxed out at £25 and then it goes into their accounts.

Tbh they don’t need much cash as they’re 3 and 5! However they like paying for things themselves. We were out a while ago and I refused to buy yet another cuddly, so the 3 year old said she’d use her own money, and became the proud owner of a grandad pig cuddly toy.

I am going to open a sipp soon actually.. As I face retirement soonish... Rather than later ish I wish I had a lump sum to access!!

Also putting it into a sipp now gives it so much time to grow and they can then be encouraged from a young age to pop £10 in each month or into the isa etc.

I couidnt afford to save for the for years and years.

Then I was able to do £10 a month then £30.

I stopped once that built up to a few £100.

They have a cash isa which has dropped in rates from about 3% to 1%. And we have stock's and shares isa which is tearing along.

Running between 10 and 20%.

I've kept the cash one as a buffer for a new car... Lessons... Money at uni that sort of thing. The second one is capital.

We opened ours when they were just born, all money they are given goes in there.

DD was born early and in the middle of lockdown last year. Very few shops where open so most people gave money instead of gifts we ended up with over £1k. I've invested it in premium bonds for her, at least until the interest rate in ISA / Savings accounts improve a bit and I quite enjoy checking the app each month to see if she's won anything.

Mine have had savings accounts since birth.
Imo if you want them to spend wisely, invest and look after their money then teach them about money. The popular opinion on here seems to be to deny access which is ridiculous imo.

My 2 and 4 year olds don’t have their own savings accounts. We just have a family savings pot that it all goes into. Their birthday or Xmas money gets spent on days out or things they want to buy.

Everyone is different I suppose. But most people I know save the child benefit. I save the child benefit for each of them as we earn over 100k between us so I don't actually need it for know. I aim to use it for university or as a house deposit for them.

Yes, they have accounts all over the place, but it's an occupational hazard for me. I've always been determined to have saved enough to make a difference to them when they need it.

The only savings I had when I left home were the few hundred I'd saved from my Saturday jobs during 6th form. I went to university with people whose parents had thought ahead which really opened my eyes to the possibilities. Not that I think my parents owed me anything - I was 18 and left home with the intention of never asking them for anything, but then nether did those friends ask for or expect anything.

We couldn't save much when they were young because I didn't work, but even then I used saving as a little learning tool. Get a building society book for them to look at and see how interest is earned, compare their balance to the cost of things they'd really like, set a little target to get to etc. I think it's important for children to have their own pocket money (including money given to them as a present) savings that they can access, instead of putting it all in bonds or ISAs.

Established the week she was born. The grandparents have the account info and just add money directly when they want to give a long-term financial gift. We have an automatic transfer set up every month out of our own account. Dd also started her own savings account once she was old enough. That money she is allowed to access if she chooses. She puts most of her allowance and cash birthday gifts into her savings because she is frugal by nature and prefers to save for a few big purchases.

Sorry in answer to your question yes we started at birth but under 4 is still brilliant!

We invest £100 per month, per child in an ISA in my name. This is just because with my eldest we opened a child trust fund which grandparents contributed handsomely to, it's grown well and now it looks like she will have £40k or so by 18 which will legally be hers to do as she pleases. We are trying to educate her on finances but I'm nervous about it! The others will have money ringfenced which we can then use to help with uni/housing/whatever as we see fit but at least I know it won't be spent on something frivolous.

We started JISAs for ours when they were born, but my own (very high earning) parents never saved for us! I believe there will be some in trust when my surviving parent dies, tbf, but think that came about much later, when we were already adults.

We have accounts for both since a few months of birth (in reality opened just before the end of the the tax year in each case when reviewing tax allowances!)

But we are on a high income and have spare cash for this, I know many people who are on ok incomes but for various reasons just don't have the cash spare, I think that's more the norm.

We opened accounts for them when they were born but specifically not Junior ISAs because you can’t access them then they get access to them at 18, which may or may not be a good idea depending on what they’re like at 18.

I have account for my children that I put any money gifts into. I used to save £10 a month for my daughter but that stopped when I was on mat leave with my first, planning to restart when I'm not paying nursery fees anymore.

Its in accounts in their names at the moment because the interest rate is better but I plan on moving it back into my name when they are 15 so it doesn't get blown when they turn 16 and the account is in their control.

They are both young enough to not understand when there's money in a card, but my oldest will soon catch on and then I'll take a different approach and try and encourage her to save some as well as spending it, whilst carrying on privately with the savings I've already started.