Account for our 2 years old god-daughter/niece

Freddie_Focus

My hubby and I want to open an account for our niece (soon to be god-daughter also) but not sure of the best thing to do. Bank account or saving accounts and who offers the best? Can we do this as her god-parents/relatives or does it need to be in her parents name? It is going to be her christening gift - along with the usual obligatory christening silverware.

The plan is to put money in on birthdays, easter, christmas etc (nothing substantial just c£50 per time) but we want to do this until she is 16 or 18 (not sure which I suppose it depends on whether she is good with money when she's older lol)

I have found a Halifax account but someone led me to believe that this has to be changed/amended every year.
We pretty much want one where we can just transfer funds i without having to worry about re-applying or changing things.

Any suggestions?

Thanks :A

ESKIMO

Ok some basic maths

£50 for Birthday, Easter, Christmas so 50 x 3 = £150 (call it £200 for 'odd' pocket money here and there.)

200 x 16 = £3200
200 x 18 = £3600

£3200 @ 1% compound x 16 += £512 (approx ROI)
£3600 @ 1% compound x 18 += £648 (approx ROI)