<human>: My wife and I just had our first child and I'm not looking into various vehicles to begin savings for him. 
When I was a kid my dad had payroll deduct savings bonds for myself and my siblings and they provided me several $1,000 work of money when I wanted to buy my house years ago. From what I see now savings bonds don't double at maturity anymore but rather earn a variable (now abysmal) rate. 
My parents also had a custodial savings account for me and every Christmas and birthday I was allowed to buy something with half of any money I received as gifts and had to put the other in the account. 

I bank with Ally and see I can open a custodial account there which I will probably do In order to deposit any newborn or christening gifts we will receive. I'd like to keep this account but look into other vehicles for liquid-ish savings so welcome any suggestions.

I don't have they money right now to regularly contribute to a 529 so figured I'll put that off for  a few years until my student loans are paid off.

Condense the text into a few key points
<bot>: just had our first child, looking for advice on setting up savings for him in either a savings account or other vehicles.