Is zakat due on money saved for children in a bank account, upon which a year has passed?

Zakat is obligatory on saved money if it reaches the nisab (minimum threshold) and a full lunar year (hawl) passes on it, even if it is for a specific purpose like marriage or buying a house, because zakat becomes due on the money itself. Accordingly, money saved for children is subject to zakat if each child's share reaches the nisab and a full lunar year passes on it. The nisab is equivalent to 85 grams of gold or 595 grams of silver.