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You can use a trust fund or you can purchase them in your own name (pretty sure you cann't buy them in the child's name). DH and I are going to buy them in our name, not even sure if we we will tell them about the shares - we want to retain control over them, so the money is spent / used in the...

shares in a bank (like CBA, or one of the other big four) are a good idea. I am actually looking at doing this for my own kids. Have the dividend automatically being reinvested, so they have a tidy little sum built up by the time they are adults and wanting to dip into it.