Virgin Money has launched an easy-access savings accounts in partnership with Manchester United, paying savers 1.05% interest a year with a few extra perks – but it can be beaten.
Savers can deposit between £1 and £30,000, either in branch or via Virgin Money’s website.
As with the recently launched “Champions Bond”, all people who sign up for the “Red Devil” will join the United Rewards Scheme, which includes monthly prize draws for match day tickets, signed replica shirts and other prizes.
Additionally, for each Red Devil account opened by 7 August, the date of Man Utd’s Charity Shield match against league champions Leicester City, Virgin Money will donate £50 to the Manchester United Foundation, which runs coaching and education programmes for young people. To qualify for the donation, accounts must be credited with at least £100 before 21 August.
On rate alone, the Red Devil saver pays 1.05% interest, which can easily be beaten by other accounts.
RCI Bank is currently top of the table for instant access savings accounts, paying 1.45% AER. For more tax-efficient savings, the top easy-access cash Isa pays 1.3% from the Coventry Building Society.
If you’re willing to lock away your cash, the best one-year savings account pays 1.7%, from Turkish Bank UK, though that’s only available in branch. Alternatively, Ikano Bank pays 1.6%.
That said, the terms of the Red Devil account are relatively generous for savings accounts aimed at football fans. These accounts aren’t usually designed to reach the top of the best buy tables, but instead provide a way for savers to show their club loyalty.
West Brom fans, for example, can sign up for the Albion Advantage account, which pays 0.5% interest to savers, plus 0.75% to the football club. Fans also get a 5% discount in the club shop.
Manchester United fans might find the “Champions Bond”, also from Virgin Money, more appealing. It’s a one-year bond that pays 1.25% interest, doubling to 2.5% if Man Utd win the league.