One option worth considering for children is a life insurance policy. I can't remember off the top of my head what the plan is called, but life insurance companies offer a plan where you can 'over pay' for the life insurance policy and the balance accuмulates in a fund in your childs name. When I was looking at them, the plans typically offered a pretty good rate of return (~8%/annum). Also your child would have the benefit of the life insurance policy as well. Then at a set age usually 18, 21, or 25 the balance of the fund is paid out to your child. They could use it for education, even seminary or to start a family or whatever. If you start them early when children are young, you can accuмulate a pretty decent chunk of change ($20-30K+ depending on your plan) for relatively cheap monthly premiums. If you take a look at any major life insurance companies website they should have information on these plans. This could be worth taking a look at, but the downside with these plans is that the money is 'locked' in and if you need to take it out before, you pay a severe penalty.
Luke