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 into their own personal savings account. It's good for them to know and cultivate the habit of savings from you. As they get older, they will learn that these savings from young will be beneficial for them when they get older (education,buying things which they truly want) You can also apply a kids account for them! There are many banks to open with. But here the link with POSB. The most common bank in Singapore. They have account opening goodies for kids accounts! https://www.posb.com.sg/personal/deposits/savings-accounts/posbkids