Yeah, to get bonuses (for you and for me), you'd have to deposit a min of $250. But, otherwise, there is no minimum required.
One nice feature of Cap One is the you can open several (there is probably a max number, but I don't know what it is) savings accounts and give each one a name. So it could be fun if you were to open a checking account for yourself and then create a savings account for each kid.
Just a thought. Have fun, whatever you do!