Some people do savings bonds. However if you know the parents are setting up a college account for the little one, a check would work just fine and let the parents invest.
For my nephews baptism, there were presents, toys, a children's bible.
We opted for money for his college education since we knew my brother was setting it up.
Plus, it was just after x-mas and he'd scored a mother load of toys and stuff from us then.
Connie