Help me out - savings account for a child

[AnotherOriginalUsername]

1st baby is due in about 2 weeks (argh!). Generally speaking, our family give money to young children for Christmas/birthdays whilst they're too young to understand. We'd also like to put a small amount (£50 ish per month) away regularly for him, so would like to open a savings account ASAP.

What we would like is an account that....

1. Doesn't automatically get signed over to the child when he turns 18 years old, for obvious reasons.

1. Can have withdrawals at any time (giving notice wouldn't be an issue, doesn't necessarily need to be instant access).

My husband and I both grew up in single parent families (his father estranged, mine deceased) and were both disadvantaged at some stage in our teenage years due to our single parent/low household income upbringings. I have a long term health condition which could result in me being unable to work etc. in the future so would like to be able to access the money prior to 18 years old (first car, travelling etc.) of necessary.

Any suggestions? We'd like to open an account before Christmas, probably around the time we register his birth, so would welcome any suggestions of accounts to look into.

Thanks

If you don't want them to access it, then you obviously can't open an account in your child's name but in your own name.

I have a kids account for DS’s Christmas and birthday money and I have a savings account in my name for the money I’m putting away every month for uni/car/wedding etc so that I can decide when he can have it. That seemed to me to be the easiest way to make sure it’s not handed over at 18 and possibly wasted.

It used to be that only kids accounts were tax free and had higher interest rates. As that is no longer the case, it matters less (to a point) whose name it's in.

One thing I would ensure is that I don't keep it in the same account forever. Interest rates are not really our friends. I'd have an account in the child's name that family can add to but ensure that the bulk of the money is in an account that is a higher interest rate (Highest I can find at any given time).

Thinking about it, whilst their under age keep it in their names, if you die that money becomes part of your estate. At least if it's in baby's name that money can be accessed by either parent.