savings accounts for children

[tomatoandcheese2009]

I have a chunk of money that my grandparents very kindly gave me for my newborn son. I want to find a savings account that will give a decent interest rate on the limp sum but also allows me to add regular small amounts from mine and dh's salaries. I'd also like tokeep control of tthe account until ds is at least 18. Anyone have any suggestions?

*lump sum even. Damn autocorrect

A link for you to do some research. I personally hold a Lloyds Savings account for my DD. She gets around £18 a quarter interest on just over £2K.

I would avoid the 6% ones as you have to feed the money in each month, and overall the interest comes out the same as having it in a 3% one, as I found out. or else open 1 3% one for the lump sum and just use the 6% one to save a regular amount, as you are not allowed to make withdrawals, then just start a new one each year and transfer what you have saved into the other account.

www.moneysupermarket.com/savings/search/results/?goal=SAV_CHILDRENS&wom=true

put it in your own ISA (as the allowance is now £15k) and give it to him when he turns 18?

You can open an account in DS name but remain signatory until he is 18. He will get gross interest on the money. The children's accounts generally pay a lot higher interest than you could get yourself.

There is also the Junior ISA which you could put it in, but then nobody is allowed to access the money except him when he is 18.

We have junior ISAs for the kids with nationwide and they get a book so they can see the amount going up and up whenever they put money in.

Thanks all. Junior ISA sounds like the best option as long as he can't access it before he's 18. Would rather not be able to withdraw from it myself to avoid the temptation of using it to cover stuff for him now, when it is his money not ours.