Best account for children's savings?

You'd optimally sign a contract referencing the will where, for example, your mother is held in trust to invest and later distribute the money. The �1100 would be collected and deposited into an account. I'd personally suggest you have the money invested in a mutual fund, so to grow the money over the next 13 years. If you just deposit it in the bank, you'd be lucky to make �150 in 13 years. Instead, in a decent mutual fund, they stand to make �1900 in 13 years (and hopefully beat inflation).