my parents had one for their three kids... I used by $8000 when i was 20 for a 6 week european trip! best spent money ever! My brother invested his and my sister bought furniture/whitegoods etc for her first home... So not all teens waste lump sums.

We opened a term deposit with high interest in DS's name when he was born. He's 14 months and has more tah 5500K already! my brother gave him $2000 straight off tho instead of buying a baby present and we put all his various bits of money into it, and gave it out when various family members wanted to give him money when he was born and on his christening we also put in $10 per week. We plan to give it to him when he turns 21.

We also pay the tax on it as we worked it out as being better than putting his money into a "children's account''.

We will do the same for the next bub... wonder if uncle money bags will be so generous again?? lol.