Which children's savings account is top of the class?

Children starting school now could have a collective £10.7 billion by the end of their schooldays if their parents start saving just £50 a month for them.

For less than the monthly child benefit, kids could be over £15,700 richer by the time they finish their A-levels.

Analysis by moneysupermarket.com shows the value of saving for a child's future as early as possible. Saving £50 per month for 14 school years means parents can build up a sizeable pot for their kids when they finish school, potentially earning them over £7,300 in interest alone. Any parents who manage to up this to £100 a month could increase the interest to over £13,850 - and the final balance to more than £30,000.

Kevin Mountford, head of savings at moneysupermarket.com, said: "All it takes is a monthly deposit of £50 and you could ensure your child has enough cash set aside to finance further university studies, or to help with a deposit for a first home.

"The value in starting early is down to the almost magical effect of compound interest. This means parents can nearly double their child's investments over 14 years if they are diligent in their monthly savings. And there is no reason to stop children adding to their savings pot themselves as they grow older.

"Everyone should be saving for their future, and we should all help kids get a head start. The sooner children learn the importance of regular saving the better."