My toddler has a bank account in the UK which has steadily had money paid into it since he was born. We're thinking of moving it over to Australia as the exchange rate is pretty good so he will get a few grand out of it, and it's probably better for him to have it here than there.
We'd like to put it in a bank account for him. We plan on continuing to add to it every fornight throughout his life and give it to him at 21/25/when he leaves home/goes to uni/backpacks the world....not sure exactly when yet as you can see, but not for a long time, so he should have a good stash in 20 tears from now. We want something he can't touch. A good interest rate. I'm not sure where to start. In the UK they have ISAs (a savings account where you don't pay tax on the interest)...is there anything like that here? What sort of long term savings do you have set up for your kids?