Savings account for children

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I have a 8 week baby and a 22 month toddler. I'd like to start saving money for them and have 2 separate accounts I can control. I'm not necessarily looking for a children's savings account that they then access at 16/18.

I will be putting money into it and will decide when they are older if I give them the money or if it goes towards eduction/ housing/ wedding etc

What would you recommend?

Over the last two decades, I've consistently found Nationwide to have good accounts for children.

Probably be worth you looking at Martin Lewis's Money Saving Expert website for the current best accounts though.

There are lots of different children's savings accounts out there. The only thing to be aware of is if you open a children's savings account in their name with a lot of them once the child reaches a certain age they automatically operate the account.

So say for example once they're 18 if the T&C's of the account dictate they will be the only ones to be able to use the account that will be the case and you won't be able to close/move/withdraw any funds.
That's why the children's savings have a higher interest rate as the adult who opened the account has restrictions in place to what access they have to the funds.

Nationwide has 3% kids saving accounts at the moment. Restricted to 1 withdrawal per year. Best option I could find when we don't add to them regularly.

Nationwide. I bank with them as well

I had this dilemma a while ago as most savings accounts for children do automatically give them access at 18 and lots of people at that age aren't awfully money responsible. So I've now got a savings account in my name but I know it's for my son and when I decide he's ready for the funds I will loosen the purse strings. I'm with Nat west

Nothing pays much interest at the moment - definitely look at MSE website

Open your own isa, cash or sticks and share and save for them under your name