We have a high interest savings account for DS. All money he gets for pressies goes in there as well as the baby bonus. We also pop in $50 a fortnight for him. Like everyone else we will wait and see when he has access to it.
We've done this too except don't currently add the $50 a fortnight. She's got about 8.5K! Once DS has an account set up we will probably start adding a contribution for each of them per month.