Long term child savings

filigree_2

What would be the best place to save a £3000 lump sum for an 11 year old child, to mature when he leaves school? Ideally something where the money is locked away and no-one can spend it.

I hope to open (in my control only) a regular savings account, probably that new Halifax 10% one and seek similar products in future years. However in the meantime Son has about £3000 lump sum that I would like to lock away for five years, when he will be 17. The very long term plan is to save this money for college.

I have no idea what sort of product is suitable, he isn't eligible for the new Child Trust Fund (too old) or an ISA (too young). I've looked at the comparison sites but it's a bit hard to compare products when you don't really know what you're looking for in the first place! Once I know what type of investment I need, I can shop around for the best rates.

Ideally I'd want something safe, inflation-proof and tax-free, because security is more important to me than high returns with risks attached.

Many thanks for any tips.

deemy2004

The child cannot earn more than £100 in interest on money invested in the childs name by a parent.

£100 interest at say 5% equates to £2000 ... The 10% account would generate about £65 on £100 a month.