ISA in child's name or yours? Risk of savings being wasted?

[Gen35]

My dc's child ISA pays a whopping 6% AER. Before the rate changed, I had stopped transferring money in and have been saving it in my ISA because my family has a comprehensive history of going off the rails in teen years and I'd be very upset if the DC got to 16 and blew our hard saved money on rubbish and not university tuition fees. I know I could say if they do that, they don't get another penny, but in reality, teenagers do make silly mistakes. Does anyone else worry about this? WWYD?
The AER on the children's ISAs are so much better than the adult ones.

[MaxsMummy2012]

We've set an ISA up for our son,my intention is simply not to tell him about the account / money until I think he's responsible enough to spend it wisely be that 16, 18, 21, 25 because I want him to spend the money on something important like a car, uni or put it towards a deposit for a house and not just fritter it away on drink.

[Gen35]

Yes you just hope at a certain point they don't see a letter addressed to them, open it and blow the lot...

[MaxsMummy2012]

Ah yes, forgot about the letters. We have a book for the account (and he cant access the money without the book) which he won't be given until we think he's ready so I guess if / when he finds out about the account we'll just have to explain that although it's his account it's our money until we choose to give it to him ;)

[tequilacream]

MaxsMummy2012, the ISA you set up is it in your son's name? Who did you go with?

[JaneParker]

My children's savings are in their names but I am the signatory and I hope they use the money at university as their older siblings did. I think they will - everyone in the family is very careful with money and real savers.