It will depend on how much you have available, as to whether you can start up a Managed Fund, as most of them have a minimum amount that can be invested. Like Sherie said, they can be a great thing though as they have the ability to diversify the money across a number of asset classes (depending on what type of fund you invest in and there are hundreds available), as opposed to bank accounts where your money is simply invested in cash/fixed interest. Managed Funds give you access to shares and property, without you having to do it directly.

Before you launch into the world of managed funds, or indeed any kind of investment, you should definitely seek advice so that you are going in to something entirely suitable for your circumstances (you may want something that is on call rather than locked away for example), and are well advised as to the fees. Managed Funds incurr costs (management fees) and there may be a charge to go into the fund (an initial brokerage fee) as well as ongoing fees, and perhaps a fee to see someone about these kinds of things.

There are a number of fairly simple bank accounts out there that are pretty good however, and you should be able to find one that suits your needs. We have accounts set up for both Jacob and Ruby and they are National i-saver Accounts. They earn a higher rate of interest than their normal accounts, but we don't have ATM access or anything like that (which we don't want or need anyway). We deposit money via internet banking and can do the same to withdraw if we like (i.e. transfer funds to another account that has ATM or cheque book access and withdraw that way). We have never withdrawn money though.