Best savings account for baby

[Cinnamon84]

Anyone have experience of setting up a savings account for a baby? We would set up a standing order of say £20 a month and wouldn't need access for 18 or so years.
Is there anything out there that rewards you for not taking money out over a long period of time?

Bumping as am interested in this myself.

Also, what's the difference between a savings account and an insurance policy? MIL mentioned that I should set up an insurance policy for DD and I'm not quite sure what this means!

Watching with interest. I know there are some you can get in baby's name but it means that they will have full access to all funds from 18, so maybe not ideal! Does anyone know if there are any you can get in your name and baby's name so you can control it?

I just opened Santander child accounts in trust for DDs. You are in control until they are 19, 3% interest up to 2k.
Watching with interest for any other suggestions!

Halifax did (April 2016) a frequent saver you could pay into by SO every month for up to 1 year that did 6% interest. No initial deposit just the monthly SO. But if you had a sum in mind you could simply divide by 12 and deposit over the year. Long term I think you'll need to move the money about while interest rates are so low and worry about their access later

I opened a junior ISA for DD with Hargreaves Lansdowne. You can leave it as cash or invest it in £500 chunks of shares. It's v easy, all online and anyone can put cash in there for her birthday, Christmas etc. I recommend having a look at that!

PotatoBread did mil mean life insurance in the tragic event of your death so partner (or gardian if you died together) would have the means to care for your child? Not something we like to think about but children can really buck up our ideas and get us into gear. off to do something about those quotes now