I would reconsider your stance on 529 plans. You can get a 50% return on your money in the form of Target gift cards if you and your spouse open up a couple of these
scholarshare 529 accounts each. My spouse and I have made $400 in gift cards over the last two years doing this. There are also a number of youth savings accounts that pay above market rates. Here's a
link that has a number of special youth accounts you may be interested in. Of course, here is the best place to start for a small amount of savings -
10% kids savings account