Kids bank account/savings

[Hardlyworking]

Hi, I want to open some kind of bank account or savings for each of my kids. Something I can pay a set amount into each month, but they can't touch until they are 18.

Separated from their other parent, who isn't particularly financially trustworthy so I'd need it to be protected from withdrawal!

Is just a kids bank account OK or are there better options?

Nsi have a good rate at the moment

A junior isa is a good option depending on ages of kids ages either choose investment or cash isa. It would transfer to kids at 18 so make sure you happy for them to have control. Best kids account is halifax regular saver see Martin Lewis kids bank accounts

Agree - best bank account & savings account is with Halifax.
You pay into a high-interest (4% up to £5k) savings account through the year (which you can't withdraw from) & at the anniversary of the account opening it dumps down into a lower interest (2%) savings account (which you can withdraw from). You have control of it through the duration until the child is 18.
We also have Premium Bonds for our children, & next year will be looking at ISAs - thinking of moving some of the money from their low-interest accounts into ISAs if the ISA has a higher interest rate & more Premium Bonds.

Have a look here (for junior ISAs): www.moneysavingexpert.com/savings/junior-isa/

Or here (if they already have junior ISAs): www.moneysavingexpert.com/savings/child-savings-tax-free/

How much money are you talking about saving? If a significant amount then I would advise you to think carefully about how you'd feel if, when they get access to the money at 16/18 (there's no way to stop this, savings made in their name legally become theirs at 18), they spaffed it all away on clothes and alcohol!

I am currently pregnant with our first child, and think I have decided that we will save any money given directly to the child, such as birthday or Christmas money, in a junior ISA/kids saving account (as it is legally their money). That money will become theirs at 16/18, and they can spend it as they wish. But any savings we wish to make on their behalf will be saved in our name (and so remain our money) so that we can give it to them as and when we wish to (such as for a wedding, a house, university). I'll also invest the money we save on their behalf, as we have a minimum of 18 years and over that time, the stock market should comfortably out perform savings.

My DS has a Halifax one and its great. His had it for 5 years and its building nicely. He has more savings than me! It was 4.5% at the time I opened it (not sure if its changed now - got letters on all my accounts to say interest was going right down to virtually nothing - but think its still 4.5%). You can only save £100 a month but that's fine for me. Once 12 months is up it transfers to a lower interest account, but a new 12 months begins on his 4.5% account. I can manage it online too. Not that it gets touched but its so much easier being able to see it online rather than go in branch or call about it.

I recommend it.

I’ve opened a stocks and shares JISA for my DTs this month and an isa which guarantees to give back at least what I’ve put in in 10 years time in my name as savings for them with Scottish Friendly. I got topcashback on the three accounts as well as an added bonus.

I’m only paying in £10pm to their jisa as I don’t want them having access to all the money I’ve saved for them in case they go and blow it on a luxury piss up and it’s all gone in a weekend!

Wow, thanks for all the input! I'm not talking huge figures. Literally 40 - 50 pounds per month per child.

I'll do a bit more reading, but a junior isa looks the best option. I'm happy for them to have full control at 18. I received similar at that age and it was a fantastic way to learn how to manage money. Think I splurged most of it on a motorbike though 😂