Children’s savings. Advice please-state bank of India?

[Mathsisfun]

Any advice on decent children’s saving accounts welcome. Not necessarily regular savings,they might get a little bit to put in each month but mainly birthdays and Christmas money.

I see that the State Bank of India are offering 4.55% which seems really good. But their reviews are awful. Does this mean it is a no go? Or does it not matter so much since the money is locked away?

Hoping for it to be a few thousand each to start with which will hopefully go up over the years by a few hundred a year.

Reading the reviews lots complain about the KYC processes so bearing in mind the accounts will be in your name but at some point have to transfer to the children it may come down to whether you think they will improve their performance in that field by then.

May be worth seeing what alternatives you can get for slightly less favourable interest rates if it's only a small difference

Thanks @wobytide . I’ll have a look at other accounts too and see what’s out there.

So can I not open an account in their name,does it have to start in mine?