You can open this type of account with anyone (not just your child) as a beneficiary, as per plan rules without being penalized. (smartasset.com)
Before opening this type of account, be sure to closely review the tax and financial aid considerations for you and your child. (bettermoneyhabits.bankofamerica.com)
Moreover, Ally's Savings account earns a strong 1.45 % APY, making it possible to keep a high rate if you open both types of accounts at Ally. (valuepenguin.com)