If you're investing for your children I'd be thinking about more risky avenues due to the timeframe. You state 5 to 10 years. Defo stay out of bog standard deposit accounts. If you do have risk aversion, at least find a high interest account (money in many of these institutions is 100% safe for now).
If it was me, I'd be investing in equities (through funds if necessary)....this is not just me paying lip service....I have a 4 year old daughter and I have invested in various highish risk funds for her through RaboDriect. And I will continue to do so via drip-feed.