I would make it a contest- see which one has more money after X time, then tell them they get to choose the investment for the other $300. I would keep this money in adults name in one brokerage account like scottrade or sharebuilder.
$300 is less than the minimum for most mutual funds.
Look at ETFs or stocks.
For stocks I would look at MSFT, GE, PG and maybe a few other blue chips. Stick with stocks in the Dow for starters to teach the kids- about the company, their products and how they make money.
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