college educational plans vs. savings bank accounts with high interest rates

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i have a 3-year-old daughter, and i want to provide her with the best weapon against the hardships brought about by high standards of living in most countries - a good college education. so i checked out the college educational plans that are available in the market, and the best offers that are available is a 5-year college educational plan. this means that i have to pay a monthly premium for 5 years straight, and, after completing the payments, my child is assured of a certain amount of money which she could use for her college education. but, as my 3-year-old daughter isn't due for college in another 15 years or so, the fixed amount that i would get from the 5-year college educational plan would eventually devaluate based on the annual devaluation rate, not to mention being topped off by the annual inflation rate of most countries. this would mean that the value i get after completely paying for her college educational plan after 5 years would not be worth approximately a year, or two semesters, after thirteen more years. thus, i have to shell out cash for her studies until she gets her degree. so the best possible way around this is to place your money in a savings bank account with a high interest rate. and, with this scheme, i could either cut in half, or even two-thirds, of the monthly premium i would have to pay if i obtained the 5-yearr college educational plan since it would not be another 15 years for my 3-year-old daughter to go to college. this way, you can use the other half, or even the other two-thirds, of your money for other investments. better yet, invest it in a rather foolproof business venture. so what do you think about this?