No, it's not necessary to report it if your child's income consists only of the interest income.
Filing Requirement for a Child with Only Investment Income:
The rules for filing a tax return change when your dependent child receives income from sources other than employment, such as investment income including interest and dividend payments. When the 2023 total of this type of income exceeds $1,250, then a return needs to be filed for your dependent child. This threshold increases to $1,300 for 2024.
If your child has earned income from a job see the link below for details about filing requirements:
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