Lump sum gift to grandchildren - what to do?

[TheInternet]

Grandparent wishes to gift lump sum to each of their grandchildren which is intended to be used to pay for education.

Grandchildren currently 0-5yrs, money will not be needed for 7 years minimum.

What is the best way to make a gift of this sort?

Whose name should any account be in (child/parent/grandparent)?

Any recommended trusts/investments/accounts to look at? Lower risk preferred, but not necessarily zero risk.

TIA, and a happy new year!

[TheInternet]

Grandparent in good health, thanks.

The money cannot be locked away until the grandchildren are 18 as it is to pay for school fees as opposed to university fees. In light of that presumably it needs to be in the parents name so they can spend it accordingly?