Savings Account for Kids

[Harbuzi]

Hello

Any thoughts on best savings accounts for children. Have a 1 year old and one on the way. Would like an account that we the parents control should they be into cocaine and hookers when the reach 18! I think this rules out an ISA where the funds are locked into and become theirs on turning 18.

Would like facility to manage online too.

Cheers

[SunsetZed]

The Halifax regular saver for kids pays 6% (you can save up to £100 p/m per child) and you can close the account to take the money out so you retain control of it.

Can't manage it online though so depends on how important that is to you but it's by far the best rate I could find, let me know if you find better though!!

[TokyoRich]

Halifax is good but you have to close and re-open every year, Santander also do a similar thing which is much easier to follow online.

What I do is max out one of these for a year then tip them into an ISA that is managed separately in my name (so if you are already maxing out your ISA's this will not work) and put that into the index. Then start again with the online accounts.

All tax free and diversified in terms of cash and equity.

[C0ffin D0dger]

Also had the Halifax one for our first born. Would've done the same for our daughter but as the wife gave up work we don't have much spare cash any more

[Harbuzi]

Thanks for the suggestions all. I'll look into the Halifax accounts.