He wants to open accounts to save money for each of his children
Question

                I have some funds with me. I have four children and I want to save some money for each one of them and have tentatively  planned the saved funds to be used towards their education /marriage. My idea  is to open one bank account for each one of them and place equal or different amount in each account. From my side I intend to consider these amounts as their money (that is in their milkiyyah). Suppose I need some  money later at any stage for day-to-day living of my family, I want to use it for this purpose. This is because of a hearsay (as I have no hadith to offer) that funds of children are funds of father. By the way, except one, my children have not  attained adult age. I know I will have to pay Zakat on these amounts. 

My questions are:- 

How to achieve what I have planned religiously? Is it allowed this way? 

Can I use the money as explained above.
Praise be to Allah.You 
          can open bank accounts for each of your children, but on the condition 
          that you treat them fairly, and do not prefer any of the males over 
          the others, or any of the  females over the others. So each male 
          should have the share of two females. This is an important matter which 
          must be paid attention to. If you need any of this money, then you may 
          take whatever you want, but you must make sure that you are fair so 
          that the amounts left are fair, and that the males have twice the share 
          of the females, and you do not show preference to one child over another.  
          
        You 
          must also pay attention to zakaah each time a year passes. Try to find 
          a bank that does not deal in ribaa (if there is one) so that you will 
          not be cooperating in disobeying Allaah. We ask Allaah to give you strength.