childrens savings acoounts

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?

opinions4u

You should be able to open accounts as trustee for the children.

This means that while the money belongs to the children, you will have appointed yourself as the person who can withdraw on the accounts. You have the power!

Halifax offer an 8% Regular Saver for kids that can be operated this way, as can most of their other accounts.

I don't doubt their competitors also operate Trustee accounts that give you the level of control you require.

book12

Moneysupemarket.com is a good site to see a range of savings accounts. Lots of providers are listed on there, just pick one that you like. http://www.moneysupermarket.com/savings/