I know the whole child savings thing has been done before, but I've just searched the archive and can't find what I'm looking for.
I have money which I've been putting away for my children since they were babies. It's not a huge amount of money, but I hope it will continue to grow into a reasonable sum.
My children don't know about this money and I would like it to stay that way. My parents saved money for me when I was young, but I knew about it from about age 14 and once I knew it was there, despite being a reasonably sensible teenager, there was the temptation to spend it. And I did, age 16 it was frittered away.
Anyway. Does anyone know how I can put the money away, in their names, but without them having access until they are 18+.
Is a trust fund the answer? If so, how do I go about setting one up? TIA