Whether or not a minor can be a joint owner of a deposit account, even a CD, is a question of state law and bank policy. For my money, a child of such tender age is not capable of contracting for anything more complicated than an ice cream cone for good behavior, and I would not make him or her a joint owner regardless of what state law might allow.
As for POD beneficiary, yes, a child (even an infant) can be a POD beneficiary.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8