Niece - what's the best way to give a few £k

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My sister is having a baby in the next few weeks. My sister isn't poor, by any means, and my parents have made a significant contribution to their new house.

Is there any way I can set up some kind of account for my new niece and gift it to her - I get a bonus each year, I don't expect to have kids myself, so a couple of £k each year isn't an issue and perhaps it can help with what she might want to achieve in her life in the future.

I have no ideal of being a helpful or useful uncle apart from this - but perhaps this might be useful for her.

Otherwise I guess I can give the money directly to my sister which is fine.