Saving for children

[nailsathome]

I have been saving for my children a set amount each month since each of them were born. I've got it across 2 ISAs and 2 savings accounts in mine and my husband's name but I'm thinking there must be a better way to do it. Please help! 2 of the kids are under 7 and I don't want them to have access to it yet.

Junior ISA can be used, but child gets control from age 16 and access from age 18. So you need to educate them about financial matters, so at age 18 they move their Junior ISA to their own adult ISA and maybe take a little out to buy something useful. At that time the Lifetime ISA may still exist, so they may want to put some in that for use towards first home deposit.

If you want to retain control, then using your ISA allowance is all you can do. You could have a separate fund within your S&S ISA, so you know what is theirs compared to yours.

We decided not to save for the children due to poor savings rates. Instead, we overpay the mortgage. The aim is to be mortgage -free when they're 18 and to give them a generous monthly allowance.

My friend scrimped and saved. Gave her very pleasant and nerdy 18yo ds the lot. It was gone before he was 19 with not a jot to show for it.
Except prob liver damage..

I don't save for mine either. Its too much responsibility for them at 18 to be handed 1000s and "hope" they are sensible.

I save for us as a family to use, this may mean university/ driving lessons/ first car/ insurance etc.

They have their birthday and Xmas money that they've chosen to save although now they are teens, they prefer to save half and spend half. Given them the choice since they were young.