If you want to set aside long-term money for your kids, you may want to consider putting up to RM3k a year in SSPN before putting into savings accounts. Tax break for the parents up to RM3k and annual return around 4% (last year was apparently 4.25%). But you can only withdraw up to RM500 or 10% of total savings until you have a letter of admission from a college/uni or your kid can write a letter saying he/she doesn't want to pursue further education.

Some more info: http://savemoney.my/skim-simpanan-pendidikan-nasional-sspn