Children's savings which they don't automatically access at 18

[Scottishmumofgirls]

We are due to pay off our car loan next month. As well as increasing our own savings we plan to save a bit more for our children. My dad already pays £50 a month into their child trust fund and I have a bond that I pay £25 a month into for both of them. The bond is in my name, so they will get this at an appropriate point.

I want to save another £10-20 a month each, but for them to not necessarily be able to access this at 18. I may also like to increase the amount we will save in the future, dependent on our circumstances. Our children are 6 and 4. What products are out there?

Santander have a new kids 123 account that I'm looking at for my son but it's only in trust until they're 18....

Are you maxing out your own NISA's?

You could use a discretionary trust and make growth investments, that way you retain control. TBH the amounts you're talking about at the moment would not be easily invested. I would suggest something other than cash over this time frame.
You could open a pension for them (but I tend to think unless you max out other options this is not flexible enough)

There aren't products that transition from child to adult.

Not sure. But my dparents had accounts for us in building society that amounted to a fair wack. We never had access to it. Even at 18. It was definitely in our name-I have the book. But they had to 'sign' it over.

I used mine for a deposit on a home when i was 25.

Halifax all the way for us - I intend to wip out before DS turns 18 and will re-invest then - Im not telling him about it as saw what my nieces did with there's - clothes, holidays and booze - what a total waste

I've always been worried about the access at 18 thing as you don't know what they will be like but my friend said just don't tell them about it until you want to, suppose it will be an issue if they get annual statements

Yes def dont tell them or whip it out just before, in the next 8 years my DS will have a decent amount and no way as I letting him squander it. I want him to have his own house and this is the reason I am putting away now,