Accounts for children

[DKL]

I need to set up accounts for my children. I'm aware of JISAs or using a SIPP but I'm sure I read about a scheme where you pay in and the government contribute as long as the fund is used for a major purchase - houses mainly I think. It can only be access after 21 or maybe 25.
But I can't find anything like this now.
Am I making it up?

[C0ffin D0dger]

The Lifetime ISA is like what you describe but whoever's account it is needs to be over 18: https://www.moneysavingexpert.com/savings/lifetime...

Not aware of any kid's savings with government contributions.

[JulianPH]

Obviously the SIPP gets your kids the same government contribution as the Lifetime ISA you read about.

[williaa68]

Yes, if you put up to £2880 a year (£240 a month) into a SIPP for a child, you will get basic rate tax relief taking the total to £3600. Not all providers off SIPPs for children - I will let Julian confirm whether he does or not. I do mine via HL and invest into the cheapest global tracker i could find. Of course they can't access it until they are 55 but that's not necessarily a bad thing...

[Jockman]

Remember the tax relief is paid at the child's rate, not yours.

As for later life access being a good / bad thing I can see a plausible argument either way. I just choose long term. Quite content that my grandkids will never understand what I'm doing in my lifetime. Hell, I struggle myself sometimes

Oh, and judging by my IM Account drop down menu Julian does indeed provide a full plethora of young accounts. Just need to get all the adults sorted first !!

[DKL]

Thanks all, I'll have a look through.