Do you have savings accounts for your children?

[drizzleabit]

I have 2 DC under 4 and have only just opened junior ISAs for them both. Are we a bit late starting this? It seems we are in mine and DH's family, as most of our family members (cousins etc.) have been saving for their DC since they were born.

We were getting a bit embarrassed as we kept on being given money for our DC's bday/Xmas gifts, but weren't able to actually put it in their own accounts and ended up spending it (especially cash as it's just gets put in a purse). We've now put all this money into their savings accounts. Is this a thing for other families? Most of my friends don't do this, they save for their DC but don't gift money or get given money as presents.

Guess my AIBU is,
YABU - this is totally normal and can't believe you've only just started saving
YANBU - this is not normal

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.

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.

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)

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!

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.