childrens savings accounts

kevandkeira

We want to set up savings accounts for our 2 sons, our 3rd son qualified for a child trust fund (so we will continue adding to this account for him).
We want a similar account for the other 2, so that the money cannot be accessed until they turn 18 (this is how the trust fund works).
I have had a browse online & as far as I can see the childrens savings accounts allow the children to have access to their money from an early age. I know when I was young & my mum set up a savings account, myself & brothers withdrew our money at the 1st oppertunity (around 12 i think) & wasted it.
Does anyone know of a bank/building society that will hold the money until they turn 18?

Crabman

Hi kevandkeira, I've moved this to the Saving & Investing Board

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

AllTheKs

Have a look at the Yorkshire BS One Day account - it is a trustee account for children that I used for an inheritance.http://www.ybs.co.uk/savings/childrens/one_day/index.html
Currently at 3.22% so not too bad a rate.