Saving for DC

[ThatGutsyHedgehog]

I want to save money each month for my child so when he is older I have money to help him with the big things ie uni, wedding house etc

Im not keen on a child’s ISA as I don’t want him getting automatic access at 18 as I wouldn’t want it wasted - I wouldn’t be able to give him that amount again

I don’t know if I would have to pay tax
What account is best?

Hi. I totally get your concerns about automatic access at 18; DD1 went off the rails big time 2 years ago, stuffed up her GCSEs, got into trouble with the police, smoking weed, all the usual stuff. She's 17.5, no interest in work or anything apart from a very toxic relationship with her GF, stands to take control of an ISA with about £16k in 7 months, and there doesn't seem to be anything we can do to control it.

My advice would be to open an ISA in your own name, whether cash or stocks & shares depends on how you feel about risk & how much you feel you need to understand if it's a S&S ISA. That way it grows tax-free and you still have complete control of it, so can release as much or as little as you think is appropriate when they're 18 or later, or earlier to pay for big important things, e.g. moped/ car so they can travel for work etc.

You just have to be fairly sure that you won't draw on it yourself in advance unless for very good reasons. I have seen other threads about this if you haven't already had a search.

Is it really a risk? If you keep all the paperwork and tell them it's for a house deposit (or whatever) then what are they going to do? I mean it's legally theirs but are they going to take you to court to make you hand the paperwork over? Or don't even tell them it exists if you're that worried, if there are any letters from the bank just open them yourself.

DS has a house deposit in savings and is an adult now. There are no issues, he's aware of it and what it is for and has no problem with that.