Get your children into the savings habit by opening an account for them. Children's accounts may share the same features as ordinary savings accounts but in practice you will run the account for them. Some offer free gifts as an incentive to sign up to the account.
Depending on when your child is born, you may receive payment from the Child Trust Fund, which is a savings and investment account for children provided by the Government.
You can buy Premium Bonds on behalf of children under 16.