Are there any alternatives to Child Trust Funds for older kids (but with same benefits?)

[NormaSnorks]

DS2 just missed being eligible for the £250 CTF payment.
We save for the kids in children's savings accounts, but I've become aware that the benefits of the CTF may be better (rates of interest higher/ tax free or something?)

I know when CTF were launched there was a lot of dissatisfaction amongst the parents of kids who 'just missed it'. Were any alternatives for older kids established, with similar benefits?

We save into a Maxi ISA for our two children. Carries some risks, but as we are saving long term we hope the peaks will outweigh the troughs.

The company we put BabyDragon's CTF with (er, The Share Centre I think!) offers "sibling accounts" which are meant to be the same kind of thing. I never got round to setting them up for DS1 &2 though.