Saving for the kids

[fassbender]

Ok, so I am sure this topic has been done to death but I am still a bit confused!

We save £20 per month for each of our two children in a regular savings account and GPs put in £10 a month. I would like this to be THEIR money but I would prefer to have access over it until they are a bit older than 18. They each have about £2000 in their CTF accounts which they will be able to access at 18.

Is there a way of saving where they don't get automatic access at 18 or would it mean saving under my own name? I was thinking premium bonds might be the answer, under my own name but just don't touch them? Is it possible to open up two premium bond accounts under one name so I could save for the kids under one and myself under another?

Sorry for all the questions!

Sorry for the funny typos

Anyone? Or is everyone as unsure as me as to what the answer is?

Just set up one with your own bank and don't tell them until you are ready for them to know about it. That's what we do.

...and that way you can get the better rates available for children's accounts.

Halifax childrens account is best , and yes just don't tell them about it.

Thank you. We already have the Halifax children's accounts for them, I was just conscious that they will be sent information about the account when they turn 16/18 and so could then access the money. I just wondered if there are any options for accounts that would not be accessible by the kids until they are older (eg 25).

Hopeful bump for more info

Not sure how helpful this is, but DH was a bit reckless with money when he was young, and so has been reluctant to save in our child's name. What he has set up, though, is a 21 year investment bond with a building society, which, although our son will receive information about when he is 18, he can't (very easily, at least) release the money until 21. We set the age as 21 on the basis that it might help towards postgrad study costs, or getting set up for work after university (assuming he chooses that route). Alternatively, we hope they might be nature enough by then to understand. The value if the money.

GoHenry - app for parents and children- minimum age 8. It is run by Coop and you activate the cards and kids can earn money for tasks or pocket money etc. parent can see what kids are spending money on and where. They can only take out £10 max via cash machines. It tells them what tasks need doing and it's basically a brilliant idea for teaching children how to budget and manage money. I recommend . My cards are on their wAy but the app demo is fab!

There many ways you can save for your children
Many banks n building societies offer special saving accts for children
If you are not already using your annual ISA you can use that to save for kids.
Many fund managers offer many opportunities for parents and grandparents who want to save for children.
Bare trust will be ideal as you will hold them in trust on behalf of my child.
Investment trust children's saving schemes can also be a useful way for parents to capture the LT potential of the stock market.