What do you do with your baby's hong baos? Spend, deposit into an account for baby, deposit into your account and keep a record, or another method?

I will deposit them into their savings account. My elder son will count the hong bao money together with me and we will go to the bank to deposit the money together. I feel that it is important to teach them about savings even at a young age. So that they knows it is important to save up instead of spending away all the money. I always tell him that if he saves up and along the years, he will have enough money to study, to buy car and to even buy a big house!