Can someone tell me about saving for children?

[bitofadramaqueen]

I'll be opening a child trust fund for my new DS, but not too keen on investing other money in it, in case he turns out to be a rebellious 18 year old and spends it on sex, drugs and rock 'n' roll!

I'd like to build up some savings for him to be used for Uni or a deposit on property or something similar but not sure best way to go about it. I want somewhere I could put ad hoc money from family etc and would like to put money away each month once I go back to work.

It looks like regular children's savings accounts come under the child's control before 18 so would have the same problem as the CTF.

Any suggestions? I'm a bit clueless when it comes to savings/investments etc and my cranky newborn is making it difficult to have the time to do proper research.

Have a read of this: www.moneysavingexpert.com/savings/child-savings-tax-free

We regularly put money into a high interest savings account for them, rather than the CTF. I am also worried about my DCs wasting all their money on fast cars and loose women. Also I can also withdraw from it if I need to.

A friend was telling me that they were considering a proper trust fund restricting child access til 25. I'm not sure if you need mega bucks to do that (I only save £10 per month for mine) but I shall be looking into it.

We ahve a small amount in CTF and another savings account. CTF did quite badly, so am glad we save regularly in other account. Same reasons as Freshprincess.

I would like to be able to give dc money for uni and don't want them blowing it either. My parents gave me some money towards my first car (had to earn alot of it), for uni and for my first flat. They never told me that we had savings accounts in case we asked for money for shoes and clothes and CD's.

The other benefit of 2 accounts is that you can increase or decrease payments if you need to. I also borrowed some money from ds account (would not advise this as I have not paid it back fully yet!!) Will give him interest too.

Get a piggy bank too. Ds has loads in his ( does not understand money at all yet) and when he's been especially good he gets a treat from the funds. We just whack our loose change and the odd £5 when feeling generous.

Sunday newspapapaers give onfo on best performing saving accounts and moneysupermarket.com
Someone told me yesterday one of the safest is HSBC, they have an internet account that has good rates as long as you already have another account with them.

RR - like your style!!

Thanks everyone. So, essentially to keep my DS squandering any of our hard earned cash that we save for him we can either keep his savings account secret (like your thinking rubyrioja or consider a proper trust fund to restrict access until he's older.

I wonder whether we might be best just putting any money in an ISA and then we've got complete control over when we give it to him? Could open a normal children's account too for pocket money, piggy bank money etc?