Hi alfie16,

Firstly - what a great idea to save some money for your kids for their future. Good for you and well done for having the foresight and commitment to do it.

I'm no savings expert - and some of our other forum members may have some much better advice - but I would start by looking at what sort of return you're expecting over the next x years. You then need to look at things like the security of your savings, how often you want to be moving the lump sums around (the best rates at the moment are often with limited 1, 2, 3 and 5 year accounts or have introductory 'bonus' periods). What sort of access do you need to the money? etc.

Our editor - and former deputy editor of the Sunday Times money section - Clare Francis' latest article 'How to beat low interest rates' may give you some pointers on where you could look in the current low interest rate environment.

I hope that helps. It would be good to get some other opinions on what you could do from our other community members - does anyone have any thoughts?

I have 2 police mutual accounts that i have been running for a few years with the intention of cashing them in when my kids turn 18 / 21. The interest rate at PMAS is so poor. I have roughly 1.5 k - 2 k in both accounts and pay £ 20 per month into each. Can you advise the best product to transfer the balance of both policies to , continue my monthly payments and maximise the interest in order to get the best lump sum down the line.