There are different types of accounts for children. Most young people’s and gift savings accounts are held in the name of the child. There are, however, gift savings accounts that can be held under the name of the person who opened the account – the child’s grandmother, for example. The money in such accounts still belongs to the account holder.
Another option is the so-called “investment fund account” – this combines the advantages of a savings account with those of an investment, allowing the child to benefit from high returns over the long-term.