Inheritance - ?childrens savings account or into their jnr is a/trust acc't?

[buggie]

Each of the kids has been given a small legacy in my grandfather's will.

The solicitors acting as executors have sent a cheque for each child, and while we could send them back

get the sum made out to me & pay it into their isa/trust accounts, I'm wondering if it would be nice for

them to have a savings account each/have something more tangible that they could be involved in paying into.

Anyone got any ideas of which to go for/experience of kids saving accounts? I recall lots being advertised when I was a kid, but nothing seems to be advertised anymore.

[nunheadmum]

When I opened simple savings accounts for the kids with Barclays a couple of years back, I had to open them in my name (with the kids name noted) - which seemed to defeat the whole point. Would be great if anyone knows of any more child friendly options? If it is in their name, I think the interest (if there is any these days!) comes tax free - so just the same as the ISA, although the latter may have better rates of interest if you shop around.

[monniemae]

MSE is good for info - we opened a savings account with a tiny amount for our daughter a couple of years ago, in her name, with Skipton. Think I'm named as account executor or something.

http://www.moneysavingexpert.com/savings/child-savings-tax-free

http://www.moneysavingexpert.com/savings/junior-isa

[vch]

You didn't say how old your kids are. I think there are more options for kids 7+. For our 3 year old, we opened accounts with banks nearest us, so we can physically go into the branches to make deposits. Currently, Barclays offers 1.5% and Lloyds offers 2.25%. I'm sure there are better rates for irregular deposits, but that's where we've opened accounts for him.

Would actually love to hear more about where else people are banking for their kids, cuz the rates are pretty dismal.