Most parents choose their own bank where the already have a bank account to set up a blocked account for the Minor Child's Bodily Injury Settlement since the court order to deposit funds will mandate any U.S. federally insured bank.
Depending on the size of the settlement, some parents choose to deposit the settlement funds in a Triple AAA rated investment vehicle like an insurance annuity; also this can be done as a "hybrid" deposit meaning part of the settlement funds go into a U.S. bank, and part go into an investment vehicle. The point with all of this is to have a substantial "nest egg" for their child when they turn 18 years of age when they would have full access to the settlement funds.