As a newly minted, non religious godparent, the (non religious) parents asked me to be more of a reliable non-parent adult figure in their daughter's life. Instead of being their good friend SeattleStache who comes around to visit, I'll be more of Aunt SeattleStache who is a regular presence in her life. I sort of wish there was another word for this other than "godparent" but I'm not sure what that would be.
I had considered setting up some sort of account for her, but her parents are already on the frugal/financially sound bandwagon and I'd rather give her the gift of time and presence. If I were to set up an account, I like that idea of starting an account in my name and setting her as the beneficiary, to be distributed at another time once she is grown up.
Congratulations to you and your wife on the new godchild, Guitarist!