We have a savings account for each of our children (6 adn 11) which we opened when they were born in their names which is for them to use in teh future.

We would like to open a second account in their names which we wish to use to save up for their College or University Fees. We would be putting a small amount away each month for them so the interest is tax free

Are we allowed to do this in a seperate account for them and are their any tax restrictions we have to be aware of?

Is there a limit to teh number of accounts we can have in their name?

Many Thanks

T Salt