This is portrayed as being a great tool for higher educational purposes because of its FDIC-Insurance and tax-free earnings. However, it does not specify the income eligibility nor indicate any interest rate percentages. It's my thought, since it is FDIC Insured, that not much growth will be earned using this tool. Plus, I will need to contribute much more than $2000/year per child to even touch their expenses. I am certain there are much better tools out there for the typical American parent trying to pay for their children's college expenses!

This is a great savings account from WF. It's tax deferred, allowing your savings to grow faster. Additionally, it's FDIC insured up to a certain amount. You get constant online account access in which you can transfer funds online from a Wells Fargo checking or savings account.