Opening a savings account for your child is a great way to put some cash aside for their financial future, and also get them into the habit of saving themselves. The account can be in the child’s name but would typically be administered by you. How old the child has to be to take full control of the account will vary between products and providers, so it’s important to read all the small print.
Once the account is open you can pay in as much as you want, whenever you want (within the account limitations). You may want to set up a standing order for a set sum each month, or simply top it up around their birthdays or Christmas.
If you do want to open a savings account, you’ll need to consider which type. An easy access account would mean money can be deposited and withdrawn as you wish. However, notice accounts, where you have to give notice before making a withdrawal, or fixed term accounts, where the money is locked away for a set period, typically offer better interest rates.