It's great that you are thinking of your child's education early. I would advise NOT to put it in an instrument where you can withdraw anytime because usually when you do this you will tend to withdraw.

When my daughter was born I put in RM2K into Amanah Saham Wawasan for her. I also bought an education plan for her that is investment linked but the money is not invested in aggressive funds but partially with a bond fund with the rest in a balanced fund. The capital is guaranteed.
I have not touched any of her money but have reinvested the returns every year.

As she just turn seven, I intend to purchase a property around RM150K-200K with 30% deposit with a ten year loan and MRTA (this 30% I have been saving since she was born). Hopefully when she is ready for university there will be approximately RM200K-RM300K for her to start off with.

However, I am a great believer in not spoiling my child and have created a trust for this amount. If she refuses to further her education, she will not receive any of the money as the proceeds will go to charity if I am already dead but if I am alive, I am taking the money for a nice long holiday!

Awie, you can open a ASD account in your baby's name and the returns are good too....average 5-6% per annum. Max investment is RM100K