Look into a Coverdale savings plan. Used to be called an Education IRA.
Here is some info on a few outside of the 529 that may help.
Covering Coverdales
Coverdale Education Savings Accounts are a good option if you don't have a lot of money to invest but many years until college funds are needed. These accounts allow investments of up to $2000 per year per student.
Earnings grow tax-free as long as they are used for eligible expenses, which include higher education as well as elementary or secondary school (tuition, uniforms, transportation, etc.) Contributors must earn less than $110,000 for single filers and $220,000 for married couples. Coverdale ESAs are considered assets of a student and may affect financial aid.
Ready for Roth?
Roth IRAs (maximum contribution $3,000 per year) offer no tax deduction for contributions but future earnings are sheltered from taxes. These accounts are a good option if you're saving for both retirement and college or if you will be older than 59 1/2 when withdrawing funds.
One advantage of Roth IRAs is the waived 10 percent early withdrawal penalty when funds are used for qualified higher-education expenses. But regular income tax applies for withdrawals prior to age 59 1/2. And not everyone can contribute. "Roth IRAs have income limitations," says Feyche. "Right now to make the maximum annual contribution singles must have an adjusted gross income of $95,000 or less and couples $150,000 or less."
Using Uniform Transfer to Minor's Accounts
These accounts allow minors to own stocks and bonds. "With a UTTM account, you're basically making a monetary gift to a minor," says Feyche. "If the child is under 14, the income is taxed at the parent's highest rate for income in excess of $1,500. But once the child is 14 (or over) funds are taxed at the child's own rate."
A UTTM account can be opened at a bank, mutual fund or brokerage firm. Singles can contribute up to $11,000 per year and married couples $22,000 without gift tax (or $55,000 and $100,000 respectively if no additional contributions are made for five years).
The big downside to a UTTM account is that the child controls the assets at age 18. Funds that were earmarked for college can now be used for a trip to Mexico, a new car, etc..