In some cases, difference in rates can be several per cent (see data below), meaning that over a period of years – accounts are typically held for longer term – end savings pot can vary significantly.

“High Street lenders are particularly aggressive when it comes to promoting their kids accounts as they hope to retain business as child turns into an adult,” said Moneynet chief executive Richard Brown.

“But as our data shows, with a difference of several per cent between best and worst paying accounts, parents should really do their homework before choosing a suitable account to hold longer term savings for their kids.”

One of best accounts, Scarborough Building Society’s Children’s Savings Bonds, delivers an attractive 5.75 per cent. A full one per cent above current Bank of England base rate, it is also 3.50 per cent higher than one of worst paying accounts, Norwich & Peterborough Building Society’s Easy Plus, which delivers a relatively meagre 2.25 per cent.

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