Savings for Children

j83man

Hi, I've been putting money aside for my children for when they grow up, currently ages 7 & 4. I'm not sure how to save this for them. Would it be safer in my name (In trust for them) when they get older. I know there is the option of a Junior ISA, but I am also aware that the money is theirs when they are 18. I would like them to use it either towards a car/house when they are older so they don't have to worry about those pressures. 
If I have ISAs in my name, how many can I have? What would be the best options please? Is it only one per tax year? 

Thanks

eskbanker

If you don't want them to have control of the money at 18, to do what they want with it, then yes, you'd need to keep it in your name until you're prepared to gift it to them.  If you wish to do so within ISAs, you can have as many of them as you want (except Lifetime ones), subject only to an aggregate annual contribution limit of £20K.

Albermarle

Also due to their young ages, the money should be invested rather than in a savings account.