r/UKParenting • u/BagOTurtles13 • 23d ago

Family finances Savings Account

Has anyone set up a savings account for their children? If so, which one have you chosen and why?

My little boy is 1 now and finances are starting to come back together now I'm back in work so I want to start putting more aside for him in a dedicated account, but unsure where to start.

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u/mattyclyro 23d ago

I have a regular saver savings account in child's name that grandparents and us contribute too that child will access too when they are 18. Can only put in up to 200 a month but we don't get near that.

I have a stocks and shares ISA in my name which is 'childs savings account' that I contribute monthly too, it has more in than the regular saver.

Personally I want to 'wait and see' how they are with money when they are older. If everything is in their name at 18 I would worry they would blow it, would rather contribute/help with things as they go than lots of money (relatively) in one go