I did a Coverdell for both of my kids. I like them because you can use the money for any educational expense. I also want to open a roth for each. I believe you can use those for education and also for the down payment on a first house, though I have not really done much research. I know that as long as you do returns for them, you can pay them and put the money into their account. It is such a small amount they will not have to pay taxes on it or anything.
let me know if you find out anything different.
Tdonb