Investing money for teens that I don’t want them to have access to for a while

[scaredfriend]

Kids are mid teens. I have been given £5000 for each of them. I’d like to put it in an account in each of their names but one that they (ideally) won’t know exists and can’t access until they’re 25 ish. Maybe 21 at a push.
They each have JISAs with around £5K in which I’m happy for them to have and do with as they wish. They also have around £3K of premium bonds each which they take charge of at 16. Hopefully they’ll be sensible but I like the idea of this extra £5K being there to put towards a house deposit or something if they need it a bit further down the line should they have spent their other money.
Any ideas?

I think you will need to keep it in your name until they are 25 / when you decide the time is right. Much less risky than giving a 16/18 yr old control of thousands

I'd stick it in my own ISA and try to track it's growth to make it fair, then give to them when you / the gift giver think they are ready for it?

You can now open as many ISAs with different providers as you wish during a year, so long as deposits across all your ISAs don't exceed the £20k annual threshold.

So you could open two separate s&s ISAs in your name with different banks (or you and their father could each open an account with the same provider and pick the same investment funds for parity) but earmark them in your head as being for your children.

This keeps them separate from your own savings and investments but still under your control.

I would keep the money until they are 18 and open a LISA.

you either need to keep it in your own name or you can put it into a pension (SIPP) for the kids which means they can't access it until they are 55. but that is a bit excessive.

^ This. Instant 25% added.
Of course you an only use it for house purchase (below £350k iirc) or retirement.

Thanks. Some food for thought here. I’m slightly reluctant to keep in my name as I am due to have major surgery soon and will be unable to work for months. Sadly my company doesn’t pay sick pay beyond SSP (and I cannot keep us going for months on £118 a week!) so I’m looking at having to fall back on means-tested benefits at some point. Having the kids’ savings in my name may prevent me from being able to claim.
I may pop them in Premium Bonds and hope the kids don’t notice, then move to a LISA when they’re 18.

Trouble with leaving the miney in premium bonds is they aren't going to grow in value which is a shame as in 10 years (I'm thinking one child 15 and you keeping it until 25) whereas if you get it in an ISA or even a high interest current account at 4% a year it would be worth £7200 or so. Inflation is not coming down so the value of your £5k now is worth a lot less in 10 years.

What are your children like with money now? They might not blow it. My kids inherited money at 17 and 19 and been very sensible with it. Used as house deposits

Open up a savings account for them and don't tell them? You can put it in a 5 year bond perhaps so it is locked up.

I’ve not yet found a savings account for a teen that you can open without their knowledge. Most need them to sign once they’re over 11. Do you know of any?

Yes this is very true. They may get lucky and win something along the way but they may not.

One is very good with money, the other spends quite easily. I fear he could get through a few thousand quite easily at 16-18. I’d like them both to be in a position to put down a house deposit at 21-25 if they’ve left home. This is achievable if they continue to save what money they have / we have for them.