Martin Lewis has offered some important advice to parents, with a warning to make sure they are not being short-changed.

The Money Saving Expert gave his tips for finding the best children’s savings accounts for your family.

Speaking on The Martin Lewis Money Show Live on ITV, Martin said: “Top children's savings accounts. Now, I can see the age of Kim's grandchildren there, some of them are a little bit older. Do not do this for them. Do it with them if they are old enough.

"Because it is great financial education. Talking about getting the best accounts, talking about interest, talking about how it all works."

Basingstoke Gazette:

He went on to run through “four of the best options” currently available to parents looking to help the child save money.

Martin said: "I will start with the Halifax saver, that is the highest payer at 5 per cent interest, fixed for a year, up to £100 a month. You can pop £10 in some months, £100 another month. That is the maximum.

"You cannot withdraw money unless you close the account and then you withdraw all the money at once."

As well as Halifax, Martin highlighted savings accounts with HSBC, whose My Savings account is available for 7 to 17-year-olds with a 3.75% variable rate and easy access up to £3,000.

The Money Saving Expert also highlighted Leeds Building Society’s Ronnie the Rhino Youngsavers account with 3.65% variable easy access on £10 to £1million.

While Saffron Building Society’s two-year children’s bond as a 4.4% fixed rate on £500 to £25,000 with no early withdrawals.