Possibly Off Topic Tax Question

Greetings, I have used Quicken for 12 years & maintain liability accounts for both my children tracking money they have accumulated through birthday gifts, etc. over the years. I hold the money in my own savings account & naturally pay taxes on the interest income. I was considering opening an on-line savings account for each one of them with INGDirect.com because of the attractive savings rate they offer(4%+) vs. less than 2% at local banks. ING requires any applicants under 18 years old open an account jointly with an adult. If I open a joint account with each of my two children, would I have the option to report the interest income solely as the income of the child & file income tax returns for them? Thanks & I apologize in advance to any internet newsgroup "police" who feel this post was a grievous violation of "off-topic" protocol. Rich