Managing infant/kids Spending Money

WeeBubz

My kids (3 and 5yrs old) receive £1200+ per year from grandparents for their birthday.
I am currently banking £100/mnth (max deposit allowed) into a high earning savings account, I want to put the surplus into an account that will also ideally earn interest but equally i can easily spend from - I'm thinking of using this pot for their extra curricular clubs etc. Spending could be in cash or online.

As much as I can easily just keep this money in my own current account, I would ideally like to have it sitting separately for each child so i have a clear 'budget' without having to do calculations before/after every spend.

Any ideas as to the best type of account(s) I should get to manage this?
Many thanks

xylophone

https://www.thisismoney.co.uk/money/saving/article-1583863/Best-savings-rates-Junior-Isas-children-s-accounts.html

Malthusian

My kids (3 and 5yrs old) receive £1200+ per year from grandparents for their birthday.

Before anyone jumps on your head, you may want to be clear that you receive £1,200 per year for spending on the kids.

Taken literally, if the kids were being given the money, it would need to be kept for them until they are 18 and not comingled with your own money. 

Any ideas as to the best type of account(s) I should get to manage this?

Since this is your own money, just open a different savings account. It could be worth asking the existing bank whether they can just open a second account for you and transfer half the existing balance in. 

xylophone

Taken literally, if the kids were being given the money, it would need to be kept for them until they are 18 

Not necessarily.

If the children are being given money by their grandparents, it can be deposited in a child account for each of them and the parent may access the money to spend for the benefit of the child to whom the money belongs.

Example (and this one can be operated on line)

https://www.halifax.co.uk/savings/kids/kids-saver.html

ZeroSum

Malthusian said:

Taken literally, if the kids were being given the money, it would need to be kept for them until they are 18 and not comingled with your own money. 

That's only true if put in a JISA, there's none ISA accounts that allow withdrawals