Parents could end up paying a difference of more than 200 per cent in school fees between various private schools and their children may not even enjoy better academic results, according to a new study.

Research by Halifax Financial Services took the top 100 private day schools rated on A-level achievement by the independent Schools Council and the figures revealed a wide disparity in fees despite similar exam grade results.

For the top 100 schools all achieved an average A-level score of at least 376 UCAS points, where an A grade is 120 points, B is 100 points, C equals 80 points, D is 60 points and E equals 40 points.

Previous research has shown girls achieve better results in general so figures for the Halifax study were split between girls, boys and co-education schools to prevent distortion.

For the girls, term fees ranged from £2,370 in Manchester to £5,775 in High Wycombe (144 per cent difference)

The boys' schools varied from £2,413 at Manchester to £7,442 at Winchester (over 200 per cent difference).

Fees for mixed schools with high academic records varied from £6,601 in Surrey to £2,070 at Atherstone – a difference of £4,531 (219 per cent).

"The cost of a private education has significantly outstripped the rise in inflation in recent years, and choosing the right school is often a decision that involves monetary considerations as well as academic performance," said Ray Milne from Halifax.

"Viewing the options in terms of value for money can be helpful in making these choices, especially given the need to plan ahead with professional financial advice."