Best bank account for children?

[iamaworrier]

Posting here instead of Money Matters for traffic.

I want to open my kids a bank account each that I can put into until they're about 23.

Whether it's used to help them with uni, house deposit, or a car etc I don't know but want to start building up now while they're little, even if it's end up being only a few thousand pounds in the end at least they can use it for something.

I however don't want the account to transfer into the child's name when they're 18 and then just use it on whatever they want. I want some sort of account that allows the parent to 'control' the account with the child's name attached until they want to pass it over.

Obviously I can just open a general savings account and just transfer when they are old enough but thought I'd check here for more options I may not be aware of.

I know some banks pay for such account to be open, incentives etc..v

We’ve set up junior ISAs for them on Vanguard.

DH likes to show the kids periodically how how much interest they’re making 😅

What about setting up a trust for them?

We have junior ISAs for ours. If you want it for stuff that they don't need until 18 it will make a lot more money. And no temptation to take from it for whatever reason. Oldest child's is a nutmeg on a high risk setting and it as made so much money!

But it automatically transfers into the child's name when they turn 18 right?

Do you have more info on this? I'll have a Google too.

We got screwed over a bit by the tax man doing what we thought was the right thing and opening a child’s saving account when ours were small. Recently transferred it all into a regular ISA account in my name.