Your title refers to a deposit account, but your question in your post does not:
I am looking for advice on best place to put this lump sum please?
I'm going to take the liberty of answering that question.
If it's for your baby, implying a very long time horizon, you need to let the stock market work its magic on it.
I would open an account with Rabodirect, and invest in some index-tracking investment funds. There are cheaper options, but I am assuming you would be lodging more small amounts over the years to the same account, and Rabo makes that very cheap.