When Lachlan was born we received only gifts.
When I went back to work when Lachlan was 4 months old, we opened an account for him with Savings and Loans credit union, offers great interest and bonus interest, plus we would have to have a pretty good reason for the bank why we needed to use his money before we would be allowed to touch it - good rules if you ask me. Each fortnight $25 of my pay goes into his account. Plus his grandparents contribute towards the account when they can, so he currently has a nice tidy sum.
We don't plan on telling Lachlan that we are saving this money for him, we've forward projected what he should have in the account when he is 21 and then we shall give it to him as a 21st birthday present, however it'll come with instructions on how we want to see him use it, ie tertiary studies, purchase house.
Personally, my hubby & I are on good salaries, so we can afford to buy Lachlan stuff with our own money, rather than dipping into his account. Its not like you need to buy toys or clothes for them everyday. But this is acceptable for our circumstances, whereas everyone else has a completely different situation from us, so what works for us won't work for everyone.
Michelle,SA, Lachlan & Holly