I want to start saving some money regularly for when my children turn 18.
What options are available to me and what are some things I need to consider when choosing the right approach?
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Without knowing your specific goals, I'd suggest you review the choices at Children's savings schemes and accounts. This site discusses the accounts for children and tax benefits for UK residents.
I am interested in this idea too, and though I don't know anything about bringing up children and the costs associated with it, I would guess a good heuristic would be to assume that:
you want to keep a separate account that you don't withdraw from (much), but deposit a certain percentage every now and then
possibly have that account as interest bearing with a good yield-vs-risk ratio (is there a term for this in economics?)
CURRENT savings accounts, that do not require you to be engaged in the process, have yields anywhere from 0.05 - 3%.
I must ask: is that a good yield for you?