My family is big on giving monetary gifts to my kids. So is DH's. DD has a substantial amount of money in her bank account. I'm not talking she rec'd $25 and should I save it or let her pick a toy. It's quite a bit of money. DS was just baptized this weekend and now his bank account is also steadily growing. If your children receive a lot of monetary gifts, what are you planning on doing with the money in their accounts?
I will not be writing Mini a check for XXXX.XX when she turns 18 to do what she wants with the money. I don't even think she needs to know what is in the account. Obviously when she gets older and sees the checks from her grandparents she can pick something out at the store and I will bank the rest. And eventually she is going to be a teenager and want to spend the whole check on something, but if her bank account continues to grow, it will be a decent chunk of money.
So...if your kids have money in the bank, do you have any plans on how you will be using it for them? Education, first car, just letting them spend it on what they want?