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The best way to go may be an Education IRA. I believe that you can currently put $500 a year into such an IRA and that you open one in the name of the child. Thus, you should be able to open one for each of your children and put in $500 a year for each of your 3 children (for a total of $1500 a year). Also, anyone (for example, YOUR parents) can contribute to the Education IRA of the child, but the total contributions for any one child cannot be more than $500 a year. There are also bills before congress which propose raising the $500 limit on Education IRAs as well as the limits on regular and Roth IRAs.

For more information about all kinds of IRAs including Education IRAs and when you can withdrawl money from a Roth IRA, try "All about IRAs" on the fool website at:
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