Do you have savings accounts for your children?

If we’re given cash in cards for their birthdays or Christmas, we let them go to the shops and decide what they’d like to buy (now they’re 3 & 4). When they were smaller we’d choose something for them. Then they have a photo taken while playing with it and a thank you note written on the back to give back.
We don’t put gift money in their accounts unless the person giving it requests that specifically.

They have accounts, not much in savings though, in the next few years we will be back on our feet and start saving for them

I opened a JISA up for my daughter as soon as we had a birth certificate but got cold feet when she was 20 months and I opened a savings account for her and her newborn brother in my own bank.
I don’t want them to have access to it at 18. Ideally, I’d like to continue paying into it until they’re 25 and they can use it to buy a house.
The thought of them accessing at 18 and blowing it on a freshers week and a trip to Amsterdam breaks me out in a cold sweat! While it’s in my bank, I can continue adding to it and give it to them when the time is right. My husband and I agree that if they live with us as adults paying board, their board money will be added to it.
We don’t plan on telling them they have this nest egg.

We have savings accounts for each of the children but in our names as it's us contributing and it's not a random gift that comes without strings when they're 18.. it very much will need to be spent on a car or a house deposit or another agreed upon expense rather than being pissed up the wall.

We also have a savings account with them each as they beneficiary for education, which in my country we put in about £1,500 per year and the government adds about £300-500 per year until they're 16 if you've contributed. Again, it's in our names and if they don't go to uni then it's released back to the parents and the government grants are returned. But in theory even if they didn't go to uni they could have the lump sum minus the grants.

Both accounts are invested rather than just in "savings" though as that doesn't grow much.

My husband's grandmother gave us a generous cheque in DS's name when he was born so we were forced to open a bank account in his name 😂.

We just put his birthday and Christmas money in there though, he's only 2 so he doesn't want to spend it yet, not sure what we'll do when he actually wants money to buy things.

My mum has a regular savings account in his name though, just like my grandfather did for me and my sister.

We don’t as have too much debt, but if I could save I would save in my name only, to be handed over for uni fees/house deposit - something sensible. I had quite a few friends who got money when they were 18 that they just wasted. Tbh I would have wasted it too.

My DD has had 2 accounts from a small baby, she has an ISA that my Dad pays money in to regularly and we will add to when we are able (not at the moment) and an everyday savings account where we have saved her money for bigger presents eg we want to get a big climbing frame/swing/slide so are saving up her money for that.
I couldn’t imagine ever spending any of her money on ourselves though!

DD has about £5k in her ISA and £1500 in her savings (she’s 2). But almost all of that is gifts from grandparents.

I put between £500 and £1000 a month in DS' savings account but I'm very fortunate to be able to do so

I understand people not wanting the money in their child’s name but I think even if they fritter it that’s a teaching moment for them.

I wouldn't worry about 'frittering' but I would worry about smoking/drinking/snorting it!

I save in an ISA in my name (not a JISA) - I used to work at a stockbroker and heard some horror stories of parents livid that their child had withdrawn their cash on their 18th birthday (we send a letter to the child before then so they know how to access it) and it had all gone.

It also means if an emergency happens we can spend it before they turn 18 (unlike a JISA which can only be touched if the child has a terminal illness).

I don't save much (£40 a month for both of them at the moment) - but I figure every little helps!

I opened accounts for both mine a few months after they were born (when I got round to). I set up a standing order at the same time to pay a small amount in each month. We get money gifts from a few relatives, if it's larger amounts (£50+) we pay it into the account but just spend lower amounts.

We have one relative who sends £20 a couple of weeks before their birthdays, so I usually buy a toy for them to open on the day. Any other money gifts that arrives on their birthday gets pooled, and we usually get passes to an attraction.

We have a few savings accounts. One that we put their Christmas and birthday money in if they get any and another that we have a standing order to each month intended for them to spend at 18 either on university or travelling or whatever they want to do. I understand people not wanting the money in their child’s name but I think even if they fritter it that’s a teaching moment for them. It’s not a huge amount we’re saving but should be £6-8k when they’re 18. We’ll try to put some aside for House deposit in our name if we can but that will likely depend on inheritance.

I opened a junior isa when daughter was 1 month old.

I agree with you @Frankley

We've opened savings accounts for both our DC when they were born & have put their birthday & Christmas money into them as well as paying in a small amount into each account each month too.
We've also got Premium Bond accounts for both, & are thinking about either an JISA or Pension account for them both as they get older & the amount in their savings accounts reaches its max amount.
I know a few friends who are doing similar, & some who aren't/can't. I never had one, but I'm hoping it will give them a bit of money towards a car/Uni/house/flat etc when they're older.

I preferred not to save money for my children in their name. When they are 18 they can spend it on whatever they want to. They are not all sensible at that age and l have heard that some of them just waste it. Much to their parents dismay. By keeping it the parents name it is there when needed.and spent on sensible stuff wanted or needed. I have heard of one child spent loads on takeaway meals for her and friends.
Save birthday money etc in their name, but not any regular savings.

I opened one for my daughter when she was 1 as my grandad died and she was left some money. We have added birthday and Christmas presents since. I probably wouldn't have opened it so early if I didn't have a reason to.

My eldest (13) is old enough to have a Child Trust Fund (put in place by the Labour Government and abolished by the Tory/LibDem Coalition) and my youngest (9) has a Junior ISA.

We have saved into these since they were born and they will both have about £25K each by the time they turn 18. Hopefully enough for a deposit on a flat for university.

Anything is better than nothing and starting now is better than not starting.

My eldest now has a separate account for birthday money and pocket money that he can access himself.

We have a savings account for DD. I put her child benefit into it and family have the details so transfer in birthday/Christmas money, and my mum often puts in amounts from time to time. She'll have a good chunk for a house deposit/travelling/whatever she wants to do when she reaches 18.

I opened a savings account when my son was four months old.

But, I never had one from my parents. They aren't a necessity. Any time you start one is a massive bonus.

I have savings for them. I put 150 a month in for each of them. I'm lucky to be able to afford it, and it gives me a little buzz knowing they'll have a good base when they are starting out as adults. No one else I know does this, and generally they think I'm mad because we are not rich but I budget and it's worked so far ...

I don’t think you’re too late, but it’s good you’ve started! We set up an account for our baby as soon as he was born and we pay in money monthly. That means that when he turns 18 he’ll have a house deposit / uni fees / whatever.

He hasn’t had a birthday yet so hasn’t been given any money but if he is we’ll put it in his account.

At 11 they can get a current account with debit card too

I think it’s definitely necessary to save for them if you possibly can.

Doesn’t sound like you’ve left it late though - from now sounds fine!