Children's Bank Accounts

[SleepingStandingUp]

So I want to set up savings accounts for DS.

One which is possibly locked for X years or until X age or at least can't be accessed easily. One for birthday money etc that he (I) can dip into if he wants a specific present (so saving for a bike etc) but that generally won't be touched a lot.

My thinking is that MIL saves for him which would go into account 1. Any gift money would get split into three - one saved longterm, one saved for bigger toys, one to spend as he wants now.
Child benefit split half for spending now (it covers magazines, mcd treats etc) quarter long, quarter big.

He's 3.5. Doesn't get tons of money for gifts (75 for Christmas this year is a lot)

Does this seem worth it? Or should everything go into one account for when he's 21 for a deposit and a decent chance at life etc?

Any recommendations for good kids accounts?

So a few regular payment in to both accounts but not high (think it's about £10 a week from Gran and £7 from me in one and just £7 a week in the other, plus potentially too ups twice a year of small amounts)

Halifax do an isa that is linked to a current account. You put money in the current account and from there it can be transferred to the isa which cannot be accessed. Money you need out of it is a game of 20 questions and sign that form, after which it is transferred to the current account where they can get it.

Ah that could work, so long as there isn't a minimum amount I can't reach. I don't really want to use the long term account but just don't want it obliged to be stuck til he's 18 or 21

Minimum to keep the account open is a tenner

www.mumsnet.com/Talk/telly_addicts/3269413-Flamin-Spoilers-you-big-galah

10 a week etc is decent amount it all adds up.

I would do basic normal bank account for his spending money, bikes etc.

And for the 40 a month and 7 pounds etc.. Put into stocks and shares isa. Look up money saving expert on it, Google stocks and shares junior isa, tables and growth rates.

Dripping in 40 + a month means you will buy when stocks high but also when they are low. By far best way to save long-term.

And you still have basic account for spends.
We have nationwide cash books for the dc.

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Thanks Burps, I'll have a look when my head is less full of quantum mechanics