My kids have had bank accounts since their births. They get $10 a fortnight transferred into them. It was a high interest account with no fees, but as soon as they hit $2000 in their bank they started getting slugged $4 account keeping fees each month, so I really need to look into changing their accounts to something else. Yes the interest they earn covers that $4 a month but that is not the point.

We are considering waiting until they are 25 before they receive their money. We would hope they have settled a bit by then and know what they want from life, instead of giving it to them at 18 and having them blow it iykwim. At the age of 25 and just based on the $10 a fortnight with no interest at all they would have $6500 minimum. We're still not sure if we will give them the actual cash or say "We have $6500 for you what would you like to buy or put it to"