J.M.
Depending on the amount of money or what your intentions are for the future, have you considered opening a trust for her? I think there are different ways of setting it up so that she can access the money on her own at various ages depending on what you set (you don't have to wait until she's 18 or 21 to gain access to the money.) These typically offer a much higher interest rate if the money is properly invested (with a good company.)
Good luck!