In our church tradition (I'm Lutheran), I wouldn't necessarily expect gifts, and the gifts that are given can vary quite a bit. I think money in an account is a great idea, but I'd also do a card, so the child can remember your presence there later. I truly don't think the amount matters; give what is comfortable. I also don't think the godparents need to give more. My oldest son's godparents don't really do anything to commemorate his baptism; my second son's godmother sends gifts on both boys' baptism anniversaries, and that's great. It's something smallish (the biggest item being a Veggie Tales DVD) and Christian--often a book. But, it's great because it gives us the opportunity to remember their baptisms and to teach them about it. Any of those items would also be appropriate for a baptism, one-time-only gift.
Updated
In our church tradition (I'm Lutheran), I wouldn't necessarily expect gifts, and the gifts that are given can vary quite a bit. I think money in an account is a great idea, but I'd also do a card, so the child can remember your presence there later. I truly don't think the amount matters; give what is comfortable. I also don't think the godparents need to give more. My oldest son's godparents don't really do anything to commemorate his baptism; my second son's godmother sends gifts on both boys' baptism anniversaries, and that's great. It's something smallish (the biggest item being a Veggie Tales DVD) and Christian--often a book. But, it's great because it gives us the opportunity to remember their baptisms and to teach them about it. Any of those items would also be appropriate for a baptism, one-time-only gift.